Do I have enough saved to move to Dallas? (Fort Worth: apartments, rent)

[ShipOnShipOut]

Perhaps some of you have been in a similar situation and can offer me some insight as to what I should or shouldn't do next.

I am 29 years old and have always lived with my parents/family. While they tell me they are fine with me living at home (traditional family), I am not exactly happy with where I am in life. I have been considering moving out for the past year, but haven't pulled the trigger until I knew I could get my finances in order to support myself. My siblings and I were pretty sheltered as kids, and I feel like I need to move on in order to keep growing as a person. I love my family and feel lucky to be in a position where I can make such a decision, but simultaneously feel stuck in this small town. I am currently working full-time making $15/hr with insurance benefits/PTO. I've not seen a raise since I've been at my current company (2+ yrs). That's another issue entirely. Anyway. Here are some of my stats:

Savings: $18,000
Credit Cards: 2 (Fico score 720)
Student Loans: $33,338
Credit Card debt: $0 (pay it off every month, and use it sparingly)
Car: Driving a beater at the moment. In the process of trying to sell it, and purchase another car that is reasonably priced. (Parents have agreed to partially help with this purchase)
Phone: $80/month
Groceries: $70/week
Gym membership: ~$270/yr
Degree: Associate's Degree

I have extended family in the South (DFW area), and that's where I'm looking to put down some roots for the next few years. I've visited a few times already, and like the area and the opportunities it has to offer. It's thousands of miles from where I currently reside, so it's a huge change. I'm still relatively young, so I don't know if I'd be there permanently, but I figured it would be good to have a support system there since I don't really know anyone else in the area. Ideally, I'd like a 1BR 1Bath starter apt in the range of $650-$750 and in a safe area. I'd have to accrue furniture, etc. a little at a time as well.

Here are my options:
1) Apply to jobs in the DFW area while currently still employed and mention to potential employers that I will be relocating. Then find an apt close to that job and make arrangements to move.
2) Temporarily stay with extended family in DFW, bust my behind to find a stable job while I'm there, and work to save more while looking for apartments. They have plenty of room, but I just don't want to be a burden on them.

I know the smart thing to do would be to find a job in the area first, and then move down once that's finalized. I plan on revising my resume and applying to jobs within the next week. If things go accordingly, I'd like to be in the DFW by the end of this year/early next year.

So ... am I overshooting here or do I have a good enough foundation to go for it? Thanks again.

[TurtleCreek80]

What is your profession? Have you researched if jobs in your industry pay more in Dallas than where you currently reside?

I ask because living on $31k/year with $33k in student loans is going to be close to impossible here. Dallas is not as cheap as it was 5-10 years ago and the days of safe $650/mo apartments have pretty much passed (even in the suburbs). You are going to need to find roomates to survive here financially.

[ShipOnShipOut]

Originally Posted by TurtleCreek80

What is your profession? Have you researched if jobs in your industry pay more in Dallas than where you currently reside?

I ask because living on $31k/year with $33k in student loans is going to be close to impossible here. Dallas is not as cheap as it was 5-10 years ago and the days of safe $650/mo apartments have pretty much passed (even in the suburbs). You are going to need to find roomates to survive here financially.

I work as a data processor. I think the industry pay is about the same in Dallas, depending on experience. I have seen job listings for less than what I currently make as well, here and over in Dallas.

I have looked at apartments near the Arlington / Fort Worth area. My family lives north about 30 minutes north of Dallas. I realize DFW is huge, and am not specifically looking to live in Downtown Dallas, but I figured that price range would be more accessible in the areas surrounding DFW, or am I completely off?

[mm4]

Originally Posted by TurtleCreek80

... the days of safe $650/mo apartments have pretty much passed (even in the suburbs). You are going to need to find roomates to survive here financially.

I disagree. There are plenty of ordinary 1 br. in the suburbs for around $650.

[ChristieP]

You need to plan to stay with family until you have found a job, get an apartment rented, and possibly find a roommate. 30 minutes north of Dallas is likely near Plano, and there are plenty of jobs in that area. If you move here without a job lined up, you could possibly end up with a very long commute, which would make your budget even tighter.

[WorldKlas]

Can you come down and stay with family while you interview for jobs? Perhaps create a resume, use your relatives' address on the resume but on the cover letter explain you are relocating and can be available for interviews. Then, if you can line up a few job interviews, fly down and rent a car or just drive down. Maybe you will land a job before you actually move. Then you can stay with relatives for a short time and make the move into an apartment quickly.

Your phone bill, by the way, is quite high. Have you considered changing carriers (perhaps look at Consumer Cellular)?

The thing about living in an apartment for $750.... You may find some in the burbs in some of the older, worn out areas. You neighbors might not be scary, but likely not up and coming young professionals either. You might get a bit depressed.

[chipper21]

I applaud your initiative as a 29 year old millennial to move out of your parents home. But you need to be rent free and eliminate your student debt before you think about moving on to the next phase of your life.

[TurtleCreek80]

Originally Posted by ShipOnShipOut

I work as a data processor. I think the industry pay is about the same in Dallas, depending on experience. I have seen job listings for less than what I currently make as well, here and over in Dallas.

I have looked at apartments near the Arlington / Fort Worth area. My family lives north about 30 minutes north of Dallas. I realize DFW is huge, and am not specifically looking to live in Downtown Dallas, but I figured that price range would be more accessible in the areas surrounding DFW, or am I completely off?

Did you finish college? If so, what did you major in? Just wondering why you are 29 and still working in a job that requires no more than a high school diploma.

As for living costs, it really depends on where your job is. Ie, If your job is downtown, you can find an apartment in far out suburbs for close to your budget, BUT you will spend up to 1.5-2.5 hours per day in your car which costs money (low mpg in stop-n-go traffic, will wear your tires and other parts out faster with a high mileage commute, etc) and in some cases, unavoidable tolls ($80-120/mo). You could have a $700 apartment but be spending $250/mo commuting between gas and tolls. Ideally, you would find work in lower cost suburbs like Hurst, Euless, Bedford, Arlington, etc. But as a single 29-year-old, you'll probably be bored and have troubles finding a friend group as most upper 20's suburb residents are at least married, and most likely have kids.

[TurtleCreek80]

Originally Posted by chipper21

I applaud your initiative as a 29 year old millennial to move out of your parents home. But you need to be rent free and eliminate your student debt before you think about moving on to the next phase of your life.

My initial instinct was to tell OP to live at home for 2 more years and throw every dollar at paying off the student loans. I might be inclined to agree if Op is a male.

If OP is a female and desires marriage and kids, she is better off moving out (whether in her current city or here) and starting the process of finding a husband. Unfortunately, the "ticking clock" is a real thing when it comes to female fertility and for many, it's difficult (or very costly) to get pregnant once in the mid-30's.

[RJ312]

Originally Posted by TurtleCreek80

My initial instinct was to tell OP to live at home for 2 more years and throw every dollar at paying off the student loans. I might be inclined to agree if Op is a male.

If OP is a female and desires marriage and kids, she is better off moving out (whether in her current city or here) and starting the process of finding a husband. Unfortunately, the "ticking clock" is a real thing when it comes to female fertility and for many, it's difficult (or very costly) to get pregnant once in the mid-30's.

If OP is male, OP needs to move out because women look down on a man living at home more so than men look down on a woman living at home.

A woman can find a husband living at home no sweat.

Originally Posted by ShipOnShipOut

Savings: $18,000
Credit Cards: 2 (Fico score 720)
Student Loans: $33,338
Credit Card debt: $0 (pay it off every month, and use it sparingly)
Car: Driving a beater at the moment. In the process of trying to sell it, and purchase another car that is reasonably priced. (Parents have agreed to partially help with this purchase)
Phone: $80/month
Groceries: $70/week
Gym membership: ~$270/yr
Degree: Associate's Degree

Here are my options:
1) Apply to jobs in the DFW area while currently still employed and mention to potential employers that I will be relocating. Then find an apt close to that job and make arrangements to move.
2) Temporarily stay with extended family in DFW, bust my behind to find a stable job while I'm there, and work to save more while looking for apartments. They have plenty of room, but I just don't want to be a burden on them.

I know the smart thing to do would be to find a job in the area first, and then move down once that's finalized. I plan on revising my resume and applying to jobs within the next week. If things go accordingly, I'd like to be in the DFW by the end of this year/early next year.

Good FICO score, but too much debt relative to the quality of the degree. $15/hr salary wouldn't be bad if you were 22-25, but at 29, it's tough.

If you are to move to Dallas, you should do option #2.

If you move out of your parents' place either at home or in Dallas, you are going to need to take on at least one roommate. It is feasible but not ideal. Think 2 bedroom apartment with your half being $650. That can happen.

I would be more inclined in your position to make things work where you currently live and move out of your parents house there while finding a roommate.