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Old 06-19-2019, 02:37 PM
 
4,409 posts, read 4,995,831 times
Reputation: 2923

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For those of you who moved to DFW from major cities on either coast (preferably the NYC tri-state area, which is where I live)... I have been told that the cost of living in DFW is lower and thus a major reason people have been moving to DFW in large numbers for the past several years.

I looked up this Moderator cut: link removed, competitor site online salary calculator[/url] which compares cities. According to this website, a person earning a $90k salary in New York City would need the following to live a comparable lifestyle in the following DFW localities:

$65,130 in Flower Mound
$60,011 in Plano
$54,633 in McKinney
$52,069 in Irving
$63,928 in Coppell
$59,785 in Frisco
$81,528 in Southlake
$55,306 in Carrollton

If your move to DFW included keeping your salary from your job in your previous city OR included landing a new job whose salary is similar to your former salary, just how farther does your dollar go in DFW?

Considering as well Texas has no state income taxes? Assuming you've kept your previous spending and saving habits in your new DFW life, are you finding it considerably easier to save money every month?

A post in a thread about why "everyone" is moving to DFW stated that one of the great things about DFW is that "money goes further" and "home ownership is a realistic ambition."

How true has this been for you?

Can you kindly give some examples (i.e, saved enough to pay a given amount up front on a new car in 6 to 12 months whereas it would've taken you 18 to 24 months or more in your previous city, etc)

Last edited by Yac; 07-01-2019 at 03:04 AM..
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Old 06-19-2019, 02:44 PM
 
Location: Allen, TX
213 posts, read 161,874 times
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We just moved from Norway, so a little on the side of your question. In our case we both kept our Norwegian salaries (approximately), so cash out more due to less taxes. BUT we're spending USD3k+/month on pre-school, which in Norway was about USD 850 for all 3 kids, so that plus health insurance probably puts us in the negative. We also just moved, so naturally had more expenses last few months than normal.

But I realize this would be the case in all US cities, so probably no help to you. Sorry! :-P
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Old 06-19-2019, 02:57 PM
 
4,973 posts, read 5,680,099 times
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Quote:
If your move to DFW included keeping your salary from your job in your previous city OR included landing a new job whose salary is similar to your former salary, just how farther does your dollar go in DFW?
I personally don't think you should look at one of those calculators to determine your equivalent salary. The median household income in Plano is about $80k, Frisco $100k, Southlake about $200k, Flower Mound over $100k, and I'm not sure about the rest but they are almost all closer to $80-$90k than $65k. So I'm not sure why you'd accept the lower, cost of living-adjusted salary to move here. That means if you are earning $90k in NYC, you shouldn't be willing to accept less than $90k to move here and live in Frisco, for example.


It also means you aren't going to be living large in Frisco on $60k, you are going to be struggling unless your spouse is also a high earner.
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Old 06-19-2019, 03:00 PM
 
Location: Plano, TX
158 posts, read 159,806 times
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Quote:
Originally Posted by TexanByMarriage View Post
BUT we're spending USD3k+/month on pre-school, which in Norway was about USD 850 for all 3 kids, so that plus health insurance probably puts us in the negative. We also just moved, so naturally had more expenses last few months than normal.
$3k+ for 3 kids sounds like a reasonable cost for the DFW area, IMO. If you go to the left coasts, you should easily double that for a fair comparison.

On a lighter note, do you get a group discount if you send all the kids to the same daycare? Asking for a friend
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Old 06-19-2019, 03:01 PM
 
4,409 posts, read 4,995,831 times
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Quote:
Originally Posted by TheOverdog View Post
I personally don't think you should look at one of those calculators to determine your equivalent salary. The median household income in Plano is about $80k, Frisco $100k, Southlake about $200k, Flower Mound over $100k, and I'm not sure about the rest but they are almost all closer to $80-$90k than $65k. So I'm not sure why you'd accept the lower, cost of living-adjusted salary to move here. That means if you are earning $90k in NYC, you shouldn't be willing to accept less than $90k to move here and live in Frisco, for example.
Agreed, repped, and thank you.

What I also meant was that a $90k salary in NYC would be equivalent to those lower salaries to maintain a similar standard of living, as costs in DFW are lower. I also simply wanted to know just how much farther salaries go in DFW, for those whose salaries stayed the same rather than were reduced (as you say, lower, cost of living-adjusted).
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Old 06-19-2019, 03:10 PM
 
Location: Texas
44,253 posts, read 61,274,264 times
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$90k in NYC and $60k in Plano are both pretty bareboned lifestyles.
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Old 06-19-2019, 03:42 PM
 
Location: DFW
1,074 posts, read 544,411 times
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OP- does the salary calculator thing consider things like: in DFW one would have to have the air conditioner on 7 months out of the year, as opposed to 3 (?) in the northeast, and in DFW one would be hard pressed to live without a vehicle, whereas may be easier to not have any, or share only one, vehicle in the northeast?
Does it ask how many in your household? It seems the salaries you listed may work for husband and wife, but I cannot imagine living on that when kids come into the mix.
All in all, DFW is an easy place to live, and why I keep ending up back here as much as I may b!tc! about it sometimes
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Old 06-19-2019, 05:27 PM
 
80 posts, read 62,587 times
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Moved here about 11 months ago from the West Coast. Am earning more here, with potential for additional income increases so it made sense. The cost of living is considerably lower here for almost everything I can think of and I am saving more as a result. I had a house back home, but am renting here, so it's hard to compare in that sense. However, a friend of mine rents a 1 bedroom in SF for 3k; my apartment here is half that, and it's newer with better amenities and parking. Although home purchase incentives are included with my relo, I'm on the fence as I don't know how long I'll stay. It's a tough decision, but can be a good one in certain circumstances! Best of luck!
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Old 06-19-2019, 06:44 PM
 
3,478 posts, read 6,167,924 times
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Quote:
$3k+ for 3 kids sounds like a reasonable cost for the DFW area, IMO. If you go to the left coasts, you should easily double that for a fair comparison.
Pre-K or Full time daycare? Definitely reasonable for full time daycare. Ridiculous for a standard Pre-K program not meant to take the place of daycare.
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Old 06-19-2019, 08:38 PM
 
Location: Plano, TX
158 posts, read 159,806 times
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Quote:
Originally Posted by mSooner View Post
Pre-K or Full time daycare? Definitely reasonable for full time daycare. Ridiculous for a standard Pre-K program not meant to take the place of daycare.
Yes, I meant full time daycare. Without intending to hijack this thread, how is a standard Pre-K program different from a daycare?
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