City-Data's 2008 Cost-of-living index (Dallas area) (West, Westlake: calculating, cost of, moving to)

[USA_Mom]

Originally Posted by bluescreen73

The Colony has the 2nd highest city property tax rate in Denton County. It's almost 25% higher than Little Elm's city tax rate.

But then that just means the taxes on homes are higher. When I lived in Frisco, I went to The Colony to shop because it was a lot cheaper there for food and gas (diapers at the time LOL). If they are just taking in what places have the lowest percentage of taxes then it shouldn't IMO be about cost of living but lowest real estate tax rates.

[bluescreen73]

Originally Posted by USA_Mom

But then that just means the taxes on homes are higher. When I lived in Frisco, I went to The Colony to shop because it was a lot cheaper there for food and gas (diapers at the time LOL). If they are just taking in what places have the lowest percentage of taxes then it shouldn't IMO be about cost of living but lowest real estate tax rates.

I think it's probably more than just property taxes, but that's one reason why the cost-of-living is high in The Colony. Usually with a cost-of-living comparison they factor in food, housing, utilities, transportation (gas, vehicle maintenance, tolls), healthcare costs, and entertainment costs (dining out, movies, etc).

[lpepping]

Isn't the avg home price pretty low in the Colony? If true, then having a higher property tax rate doesn't really make a huge difference right? Maybe a $1500 a year difference?

[USA_Mom]

Originally Posted by lpepping

Isn't the avg home price pretty low in the Colony? If true, then having a higher property tax rate doesn't really make a huge difference right? Maybe a $1500 a year difference?

I would think so. There are some higher end homes, but when I used to go out there I'd see about 20 homes, F&J from I'm guessing the late 70s, and under 1600 square feet on teensy lots.

[EmBee]

The homes in the Legends subdivision and Cascades are newer and average about 200 to 250k. The Peninsula are next to the lake and golf course and average a little higher than 250k.

[Acntx]

You have all made excellent points! I knew I wasn't the only one who felt that some of the numbers just didn't seem to make sense.

[aceplace]

Originally Posted by Acntx

You have all made excellent points! I knew I wasn't the only one who felt that some of the numbers just didn't seem to make sense.

Well, they do make sense, but only if you assume you will never set foot outside the city limits of The Colony, Frisco, or any of the other municipalities so included. You will never drive somewhere else to buy anything, you will never commute to a job out of the city limits that may pay more than you get locally.

If those extreme assumptions apply to you, then the numbers for a particular town will affect you. Otherwise, they won't.

[Robzherenow]

Yahoo! Personal Finance (broken link)


CNNMoney.com
New York is worst city to build wealth - survey
Monday June 30, 7:19 pm ET

If you'd like to build a nest egg with your paycheck, it may be time to give up New York and head for Plano, Texas.
A survey by pay experts at Salary.com evaluated 69 cities with more than 250,000 people and ranked the Big Apple last. Plano came in first among American cities in which to build personal wealth.
The survey, based on census data and Salary.com analysis, focused on local salaries, the cost of living and unemployment. Secondary factors, such as diversity of the local economy, residents' education, percentage of population below poverty level and commute time were also measured.

According to the survey, the top five cities are home to some of the nation's largest companies and have recorded strong periods of growth. Following first-place Plano came Aurora, Colo., Omaha, Neb., Minneapolis and Albuquerque N.M.

New York's diverse economy and highly-educated residents couldn't save it from sinking to the bottom due to its high cost of living and paychecks that just aren't "inflated" enough to make up the difference, the report stated.

Following last-ranked New York were Washington, D.C., Los Angeles, Honolulu and San Francisco.

[aceplace]

Originally Posted by Robzherenow

Yahoo! Personal Finance (broken link)


CNNMoney.com
New York is worst city to build wealth - survey
Monday June 30, 7:19 pm ET

If you'd like to build a nest egg with your paycheck, it may be time to give up New York and head for Plano, Texas.
A survey by pay experts at Salary.com evaluated 69 cities with more than 250,000 people and ranked the Big Apple last. Plano came in first among American cities in which to build personal wealth.
The survey, based on census data and Salary.com analysis, focused on local salaries, the cost of living and unemployment. Secondary factors, such as diversity of the local economy, residents' education, percentage of population below poverty level and commute time were also measured.

According to the survey, the top five cities are home to some of the nation's largest companies and have recorded strong periods of growth. Following first-place Plano came Aurora, Colo., Omaha, Neb., Minneapolis and Albuquerque N.M.

New York's diverse economy and highly-educated residents couldn't save it from sinking to the bottom due to its high cost of living and paychecks that just aren't "inflated" enough to make up the difference, the report stated.

Following last-ranked New York were Washington, D.C., Los Angeles, Honolulu and San Francisco.

It's an old joke. How do you move to New York and end up with a small fortune?

Go there with a large fortune.

[Acntx]

The cost-of-living figures have been revised down for most cities. It is usually a decrease of 0.7. For the cities where the changes occurred, the original number posted is in the brackets. Both Dallas and Fort Worth changed categories from "near average cost-of-living" to "less than average cost-of living".

High cost-of-living
120.8 McLendon-Chisholm (Rockwall Co.)

More than average cost-of-living
118.3 [119.1] Highland Village
111.8 Trophy Club
111.3 Oak Leaf (Ellis Co.)
110.8 [111.6] Flower Mound
110.1 [110.9] University Park
109.2 [110.0] Corinth
108.7 [109.5] The Colony
108.5 Murphy
108.0 [108.8] Hickory Creek
107.4 [108.1] Coppell
106.6 Parker
106.5 [107.2] Heath
105.8 [106.6] Rowlett

Near average cost-of-living
104.2 [105.0] Allen
102.7 [103.5] Lucas
102.5 [103.3] Colleyville
103.1 Dalworthington Gardens
102.3 [103.0] Keller
102.0 [102.7] Farmers Branch
102.0 [102.7] Richardson
101.9 [102.6] Southlake
102.4 Hebron
102.3 Lowry Crossing
101.7 [102.2] Carrollton
101.5 Glenn Heights
101.3 [102.1] Grapevine
100.9 [101.6] Sachse
100.6 [101.4] Cedar Hill
100.5 [101.2] Addison
100.4 [101.1] Rockwall
100.3 [101.0] Duncanville
100.3 [101.0] Plano
99.9 [100.6] Highland Park
99.8 [100.5] Fate
99.8 [100.5] Lewisville
99.6 [100.3] Frisco
99.5 Fairview
99.5 [100.2] Wylie
99.3 [100.0] Euless
99.3 [100.0] Roanoke
99.1 [99.8] Bedford
98.9 Garland
98.9 Pantego
98.9 Sunnyvale
98.6 Crandall
98.6 [99.3] DeSoto
98.6 [99.3] Grand Prairie
98.3 [99.0] Lancaster
98.2 Lake Dallas
98.1 [98.8] Mesquite
97.8 [98.5] McKinney
97.8 [98.5] Melissa
97.7 Balch Springs
97.7 [98.4] Irving
97.5 [98.2] Kennedale
97.5 [98.2] Mansfield
97.1 Combine
97.0 [97.7] Celina
97.0 [97.7] Hurst
96.8 Seagoville
96.8 [97.5] Shady Shores
96.6 [97.3] Palmer
96.5 [97.2] Waxahachie
96.4 [97.1] Arlington
96.3 [97.0] Prosper
96.3 [97.0] Red Oak
96.1 [96.8] Royse City
95.9 [96.6] Forney
95.9 [96.6] Little Elm
95.4 [96.1] Aubrey
95.4 Ovilla
95.3 [96.0] Denton

Less than average cost-of-living
95.2 Terrell
95.0 [96.1] Dallas
94.9 Hutchins
94.8 [95.9] Fort Worth
94.5 [95.2] Ennis
94.0 [94.7] Anna
93.8 [94.5] Cockrell Hill
93.8 [94.4] Midlothian
93.8 [94.4] Princeton
93.5 Rendon
93.4 [94.1] Ferris
93.2 Wilmer
92.4 [93.1] Kaufman
87.7 Lavon

Low cost-of-living
80.8 [81.4] Westlake