What Is the Cost of Living in North Central Texas in 2023?
Welcome to a new year! Have you started making your lists, goals and New Year’s resolutions? If so, is moving to Texas on that list? The start of a new year is a great time to think through the year ahead and where you would like to be at the end of 2023.
If you are considering a change or move in the new year to find more career opportunities or capitalize on a lower cost of living while you work remotely, consider Texas as one of your options.
From 2020 to 2021, in particular, individuals and families moved to Texas because they finally could. With remote-work models, many people have the flexibility to move to the location they want.
If Texas has made it to the top of your list, keep reading to learn more about 1) the cost of living in Texas, 2) if you should build or buy a home in Texas and 3) which Texas city you should live in.
What Is the Cost of Living in Texas?
The average cost of living in Texas is just under $40,000 per year - averaging about $3,300/month. A study by MERIC found that Texas has the 15th lowest cost of living in the United States.
Upnest offers a great breakdown of the cost of living in Texas. It is as-follows:
How much does it cost to buy a home in Texas?
The average home costs $241,000. To build a new home in Texas with Hedgefield Homes, most customers pay anywhere from $170,000 - $345,000, not including the cost of land or site development.
How much are utility bills in Texas?
You would think Texas utility bills would be higher with its hot summer months, but Texans pay less than the national average. You can expect to pay around $400 for your utility bills each month (this includes things like: cable, water, electricity and natural gas).
How much money should I budget for food in Texas?
For single individuals living in Texas, you should budget $400 - $500/month for groceries and eating out. Families should plan to spend anywhere from $800 - $1,000/month if you like to eat out and less than that if you pay mostly for groceries to cook at home.
How much money will I spend on transportation?
Contrary to many other places in the country, Texas is a state where a car is a must. Fortunately, gas prices are lower than other areas of the country and you can find affordable deals on vehicles, but you’ll want to keep that in mind as an added expense if you don’t already have a car.
How much money should I make working in Texas?
If you are moving to Texas to find a new job, you should try to find a job making at least $30,000 or more as a single person, and around $60,000 if you have a family.
While this is highly dependent on the type of work you do and the business you apply for, the average salary in North Central Texas (Dallas-Fort Worth area) is between $55,000 and $80,000/year.
As you look at this breakdown of expenses, remember that not every city in Texas is the same. Cities like Houston and Austin are going to have higher costs of living than moving to North Central Texas cities like Fort Worth, Willow Park, Weatherford, Bridgeport or Decatur.
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Should I Buy or Build a Home in Texas?
The average home cost in Texas is anywhere from $200,000 to $500,000 depending on where you live. Most homeowners pay around $241,000 for a home, unless you are looking to live in a more expensive city like Austin or Frisco.
And while Texans actually have less-than-average energy bills, another way to maximize on these savings is to build a new home in Texas.
In our last article, we went through the benefits of building a new house in 2023:
You can create the space you want for you and your family
There’s a need for newer homes in Texas
You can earn instant equity when you build versus buy a home
Build where you want to live
Plan for the future as you design your home
And as mentioned previously, our customers pay anywhere from $170,000 - $345,000 for their home, not including the cost of land or site development.
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Where Is the Best Place to Live in Texas?
Texas is a big place, which means you have a lot of options to choose from. In our opinion, North Central Texas is one of the best places to live in Texas.
Cost of living is affordable, the weather is good, and you have a great choice between rural and urban living. If you want to live in or near a large city, you have both Dallas and Fort Worth as options. If you’d like to live in more of a rural setting that’s driving distance to a large city, there are some great options north and west of Fort Worth.
Check out some of the North Central Texas cities that made the PODS list of best places to live in Texas.
Once you’ve landed on a city to live in, it’s time to look for a home or land in a good area of the city or beyond. Not only do you want to find a place that is close to amenities you and your family need/want, but you also want to be careful to consider the type of land you purchase if you are purchasing it to build a home. In this guide, we talk about what to consider when purchasing land for a new house.
Why Did Our Customers Decide to Relocate to Texas?
Ben and Tara Schenk recently relocated from Washington to Texas and are currently in the construction process in Parker County, Texas. The following is Ben's response to why they moved to Texas, why they chose Hedgefield Homes and their experience with the homebuilding experience.
Tara and I have been taking yearly vacations to Texas dating back to about 6 years ago. Any excuse we could find we would fly down from Washington to escape and explore - we took! We always had in the back of our mind that we may want to put roots down and grow our family tree here. We have driven all over but we would always came back to Parker County as being a great place to be. We love the people, the values, and the proximity to Fort Worth. So after our circumstances changed in Washington, we finally decided to jump. We got an apartment in Weatherford and moved down in July. We instantly knew this was the place for us and bought property out in Springtown.
We interviewed about five home builders in the area but felt like Hedgefield was the one that overall gave us the best value and felt like we could trust their team to build our Texas home. Matt was honest and forthcoming about pricing and timelines. Brian felt very trustworthy and caring and the experience he has is extremely comforting when jumping into building a home for the first time. Gisela is so knowledgeable and is very efficient in communication and responds very quickly to any questions we have had. Ryan is on the ball and routinely updates us with how the project has been going. So far everyone has been so easy to work with and have felt like friends through this process. We are excited for framing and roofing to go up within the next couple weeks.
Moving to a new state is a big change, but it’s one that could make a huge difference to your livelihood and the overall well-being of you and your family.
If you have questions about what it would look like for you and your family to start the home-building process in Texas, please reach out! We’d love to talk you through the home building process and provide you with a pricing estimate for your dream home.
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