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A.) You don't even live here.
B.) That's a BIG if.
You do, though. They're rolled into your rent. Just because you can't see it doesn't mean it's not there.
Wrong. Temperatures here do not plunge as soon as the summer heat breaks. I can go a couple of months between the end of summer and the first cold front without running the AC or heater.
Insurance is high here, but it's higher in CA and FL. Also, paying HOA fees here is a choice. You don't have to live in an HOA neighborhood. I don't.
All of this...all of it...is optional. I do not commute on toll roads and I fill up my tank every other week.
Blind leading the blind.
Well, is the OP planning to move to the suburbs or a more urban neighborhood?
If he or she is moving to DFW with his or her family, then chances are good they're moving to the suburbs.
OK, so here are some quick basics on my current liabilities just for some perspective..
2012-
MA State Income tax paid $9557
Property Tax- $4500
Homeowners Ins.- $1059
Auto Ins- $1078 (for two used cars)
Excise Tax-small enough that it's not worth calculating
Commute expense- Wife is 100% remote, I commute 2.5 hours a day work from home 1 day. I pay tolls, I will have to look into what that costs a year can't find the statements
Income is somewhere above $200k, so we're not rich by any means. Let's assume that income stays the same with a move to Tx. Considering all that how does the picture look now? I am still dubious..
OK, so here are some quick basics on my current liabilities just for some perspective..
2012-
MA State Income tax paid $9557
Property Tax- $4500
Homeowners Ins.- $1059
Auto Ins- $1078 (for two used cars)
Excise Tax-small enough that it's not worth calculating
Commute expense- Wife is 100% remote, I commute 2.5 hours a day work from home 1 day. I pay tolls, I will have to look into what that costs a year can't find the statements
Income is somewhere above $200k, so we're not rich by any means. Let's assume that income stays the same with a move to Tx. Considering all that how does the picture look now? I am still dubious..
Well, TX has neither a state income tax nor an excise tax on automobiles.
As an aside, most people from states with no excise tax on automobiles will have absolutely no idea what you're talking about. Moreover, only people from CT, MA, and RI refer to the vehicle property tax as an "excise tax." I learned that through firsthand experience.
Through my research, I've come to the conclusion that the cost-of-living in Dallas is relatively in expensive if you rent, avoid toll roads, and live within your means.
However, that being said, I don't think the cost-of-living in Dallas is that much less expensive, from a national standpoint, if you live a large suburban home and have a long round-trip commute on toll roads five days a week.
First of all, property taxes in Texas are outrageously high. That's a given. However, if you rent, you can avoid, to a certain extent, paying the notoriously high property taxes. At least when you rent, you don't pay property taxes outright.
Obviously, utilities in Dallas are very expensive whether you live in a large or small home because summers in North Texas are long, hot, and humid. On the same note, winters can be very cold and windy, although not nearly as cold and snowy as winters in Massachusetts, so utilities can run high in the winter as well. In Dallas, you switch to heat shortly after you turn off your A/C for the season. That's not the case in Florida or Arizona.
Furthermore, HOA fees can run high. Coming from MA, you most likely don't pay HOA fees every month because there are very few HOA neighborhoods in Massachusetts. I know this because I'm from Rhode Island. HOA fees will most likely be a new expense for you. Also, to my understanding, homeowners insurance runs quite high in Texas due to the multitude of things that can damage or completely destroy your home.
My biggest qualm with Dallas is the toll roads. If you work downtown and live in the more desirable suburbs, it seems as though the toll roads are unavoidable. Some posters on the Dallas forum have admitted they spend anywhere from $1,000-$1,500 annually in tolls! Yikes! Moreover, endless suburban sprawl seems to be the theme in Dallas, so everything is going to be very spread out, especially if you're coming from New England, so chances are good you're going to end up filling up your tank more often in North Texas than in Massachusetts. Lastly, you're going to putting more miles on your car in North Texas with all of the driving living in a suburban Sun Belt community entails, which, in the long run, will offset the wear and tear to your vehicle from New England winters.
If you're a suburban Northeasterner and not quite sold on Texas, you might want to look into Florida. I'm beginning to draw the conclusion that Dallas is great for frivolous West Coasters and native Texans because these folks don't tend to be as frugal and thrifty as New Englanders like you and me. There's a reason why all those Jewish, Italian, Greek, and Portuguese-Americans from the Northeast move to Florida instead of Texas! LOL
Remember, at the end of the day, Texas, like Arizona, is for West Coast tax fugitives and Midwestern weather fugitives; New Englanders are supposed to go to Florida.
You need to completely re-do your research.
For example with the possible exception of Tampa, which appears to have a COL about equal to Dallas, all of the larger cities in Fla. are more expensive than Dallas - most significantly so.
OK, so here are some quick basics on my current liabilities just for some perspective..
2012-
MA State Income tax paid $9557
Property Tax- $4500
Homeowners Ins.- $1059
Auto Ins- $1078 (for two used cars)
Excise Tax-small enough that it's not worth calculating
Commute expense- Wife is 100% remote, I commute 2.5 hours a day work from home 1 day. I pay tolls, I will have to look into what that costs a year can't find the statements
Income is somewhere above $200k, so we're not rich by any means. Let's assume that income stays the same with a move to Tx. Considering all that how does the picture look now? I am still dubious..
Hey skids,
What's your current home worth roughly? And will you'all (get used to saying that) have a hardish budget for a Dallas area home? If so what will that be? No kids IIRC?
ETA:
TX state income tax =$0
TX property taxes in Dallas Co. are roughly 80% of 2.73% (Homestead Exemption) so property taxes on a $500K home would be $10,920 + or - a few dollars assuming no greater exemptions (I'm fairly sure the co. calculates the final rate differently so my figure isn't precise but it's close).
TX homeowners ins. will likely be a bit higher than your current rates.
TX auto ins will likely be a push.
TX no excise tax.
TX gas is almost always a cheaper here than there. If you drive less, pay less for gas, situate yourself so as to minimize tolls your commute costs should fall very significantly and you should be able to free up hours per week for yourself.
You won't have high coal, home heating oil, gas, electric bills (however you heat) in the winter months for heat. My gas bill in the winter is never more than $95, usually around $70. For reference our house is old and about 4,300sf.
My biggest qualm with Dallas is the toll roads. If you work downtown and live in the more desirable suburbs, it seems as though the toll roads are unavoidable.
I live in the suburbs, in one of the desirable school districts (Lewisville ISD/Flower Mound schools), and I can get downtown without any toll roads. If I'm in a rush, I'll take a *very* quick jog on 121 to get to 35E, but I think the toll is 50 cents or something and I can take an alternate route if I don't want to pay.
Actually, most of the desirable suburban school districts are the same. Coppell is the same. (I am right on the Coppell border.) Southlake, you can take 114 straight to 35E, no tolls. Plano, you can take 75 rather than the tollway. Park Cities, well, you're right there.
This also ignores the fact that many, many companies aren't located downtown. My husband's office is in Las Colinas, so it's a short, easy, and toll-free commute for him from Flower Mound. There are also a ton of companies located in Plano, so many people can live and work there.
I moved here from the D.C. Metro area. Housing costs are much lower, but the amount I used to pay in mortgage (no mortgage here, because we bought a much cheaper house) is largely eaten up by increased electricity (twice the cost per kwh, plus you just use more because it's so hot) homeowners dues (had none before), homeowners insurance (2 times the cost), auto insurance (1.5 times the cost), pool maintenance (never had a pool before), and pest control (never had so many pests before). Property tax is twice as high but home values are lower, so actual amount paid is about 1.5 times as high. That said, we were still able to pay off our old mortgage and our new one here AND bank $70k when we moved due to the much lower housing costs (and we still got a bigger, better, newer house with good schools). So, while it may not be cheaper to live here overall, the act of moving here increased our net worth. Also, we do spend a lot less in gas (lower prices and shorter commutes than the east coast) and trash collection (about 1/4 price compared to where we used to live). People told me groceries were cheaper, but they are about the same - as is eating out - maybe because of sales tax. No state income tax though. That's a bump of about 4 percent for us.
If you make over $200k you can't say you "aren't rich by any means." You are in the top five percent of all income earners in the U.S. You will definitely come out ahead IF you buy a house for less than you sell your house for. You can get the same size house, same quality neighborhood, same quality house, and spend 50 percent less. But if you go and buy the house you can afford, just because you can afford it, it will be much bigger and in a fancier neighborhood and cost more to maintain and keep up with the Jonses.
Hey skids,
What's your current home worth roughly? And will you'all (get used to saying that) have a hardish budget for a Dallas area home? If so what will that be? No kids IIRC?
ETA:
TX state income tax =$0
TX property taxes in Dallas Co. are roughly 80% of 2.73% (Homestead Exemption) so property taxes on a $500K home would be $10,920 + or - a few dollars assuming no greater exemptions (I'm fairly sure the co. calculates the final rate differently so my figure isn't precise but it's close).
TX homeowners ins. will likely be a bit higher than your current rates.
TX auto ins will likely be a push.
TX no excise tax.
TX gas is almost always a cheaper here than there. If you drive less, pay less for gas, situate yourself so as to minimize tolls your commute costs should fall very significantly and you should be able to free up hours per week for yourself.
You won't have high coal, home heating oil, gas, electric bills (however you heat) in the winter months for heat. My gas bill in the winter is never more than $95, usually around $70. For reference our house is old and about 4,300sf.
EDS..Current home purchased for $400k, selling now for anywhere from $330k to $395, mine should be able command on the higher end of that range since it's got some square footage added and some nicer finishes. Although that means squat as far as pure value, just lets me stick to my price if anything.
As far as gas bills, we heat with natural gas, and I haven't had one over $225 ever. It is harder to cool a home than heat one, so in that respect colder climates win. As long as you don't use heating oil that is..Most homes up here are transitioned over now. Mine is only 10 years old so it came with it.
I have 3 kids 6 years old and under..Needless to say I am perpetually tired, but blissfully happy.
To the poster from RI who suggested Florida, you need to know I really do NOT like Florida, and thats being nice. As I have mentioned before, I would rather live in RI than Florida, and that isn't saying much since RI is just downright weird.
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