While New York hasn't lost its sparkle for the thousands of hopefuls moving there each year, many people are leaving the city in search of a calmer environment and a lower cost of living. One of the top destinations? Dallas, Texas.

Between 2010 and 2016, Dallas has seen the largest growth in population due to domestic migration, welcoming more than 300,000 new residents. People are moving to Dallas for the jobs, relatively low cost of living, and swinging Texas culture. But how much will you save if you trade the Big Apple for the Big D? Read on for our breakdown.

 

Renting an Apartment

As of August 2017, the average rent for an apartment in Dallas is $1240, with one bedrooms renting for $1052 per month and two bedrooms going for $1438 on average.

Compare that to New York City, where rental prices are nearly three times higher. The average monthly rent for a NYC apartment is $3105, with one-bedroom apartments costing $2703 on average, and the average price for a two bedroom coming in at $3437.

Not only are rental costs lower in Dallas, you also get more bang for your buck. Apartments in Dallas tend to have much more expansive square footage than their NYC equivalents. The sprawling structure of Dallas gives you a bit more room to spread out; you may even be able to score a yard, which is unheard of in New York.

Despite Dallas's new surge of popularity, rental prices in the Texas city have remained stable, with the average rental price increasing 0% between 2016 and 2017. In contrast, rental prices in NYC have actually been dropping, with average rent down 4.77% since last year. However, in such a crazy real estate market, New York rents will have to drop a lot more than 4.77% to be competitive with Dallas.

Eating and Drinking

Real estate aside, living is cheaper in Dallas. Numbeo calculated that groceries are 36% cheaper in Dallas. Chicken in Dallas goes for $2.86 a pound, more than two dollars less than in NYC, where a pound of skinless chicken breasts will cost you $4.92. Produce is also cheaper in Texas, with bananas half the price of New York City's at $0.55 per pound, in comparison to $1.11 per pound.

Eating out yields similar results. Numbeo found restaurant prices to be 34% lower in Dallas. A meal at an inexpensive restaurant in Dallas costs around $12, dramatically less than the expected price at a similar restaurant in NYC, which was $20. Prices are similarly marked up for a mid-range restaurant. You can expect a meal for two at a mid level restaurant in NYC to cost you $75, 40% more than a similar meal in Dallas, which would cost around $45. Even fast food is more expensive in the Big Apple. Numbeo reported that a meal at McDonald's was marked up 12.5% between Dallas and NYC.

Transit and More

One of the big differences between New York and Dallas is transportation. Though both gas prices and transit tickets are slightly more expensive in New York, the city's incredible subway system and pedestrian friendly infrastructure eliminates the need for a car. Dallas also has a public transit system, but the sprawling geography makes driving the optimal way of navigating the city. Between car payments, auto insurance, gas, and repairs, transportation costs in Dallas can add up fast.

Child care, entertainment, and consumer products like clothing are all 20% to 50% higher in New York.

A Booming Dallas Job Market

Though the cost of living is dramatically lower in Texas, you won't necessarily have to take a pay cut if you move west. According to the US Census, the average income in Dallas is $61,644, which is only slightly less than the average household income in Manhattan, which is $66,739. And earnings in Dallas are actually higher than in Brooklyn, where the average household income is around $44,850.

The local economy is thriving in Dallas. Between 2010 and 2016, 661,000 jobs have been created in the metro Dallas area. Since 2008, the Dallas-Fort Worth area has accounted for 8% of the job growth in America. Many corporations are building new offices in nearby Plano, drawn to the city by a busy international airport and low tax rates. The most popular industries are trade, transportation, utilities, professional services, and finance.

With only an 8% drop in income between Manhattan and Dallas, and housing costing 60% less in Dallas, moving to Texas will result in a fatter wallet. If you are hoping to build up your savings, or invest in the future, Dallas may be a good place to go.

While you will inevitably save boatloads of money trading your life in NYC for a new one in Dallas, the biggest difference between the two cities isn't your bank account, it's the culture. Deciding which city suits you will depend on your priorities and lifestyle. If you hate driving and love the rush of big city life, you might want to stay in New York. But if you are intrigued by barbeque, country music, and a slower lifestyle, you might want to check out Dallas, you'll save tons of money if you do.

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