What Is the Real Cost of Living in Southlake?

What Is the Real Cost of Living in Southlake?

Located in the heart of the Dallas-Fort Worth metroplex, Southlake is known for its excellent schools, upscale shopping, and luxurious homes. Its 30,000-odd residents enjoy the city's peaceful neighborhoods, world-class amenities, and proximity to major highways and airports.
As a luxury homebuyer, Southlake might be at the top of your list of potential locations for your dream home. Before making a decision, it is crucial to understand the actual cost of living in Southlake. The cost of living in this city can vary significantly from other areas of Texas. It is essential to understand the expenses you can expect before investing.
This blog will provide a comprehensive guide on the cost of living in Southlake. We will explore the different factors contributing to the cost of living, including housing, utilities, food, and transportation. We will also look at the average salary in the city and compare it to other areas in Texas.

Housing: Rental prices

The latest comps show lease prices in Southlake to be from $2,500 to $10,000 per month, with an average of just over $5,000 per month. Housing represents the most substantial budget category for most Southlake residents. Besides location, the main variables in the rent equation are property size and amenities. Properties in highly desirable neighborhoods and those with luxury features such as swimming pools and fitness centers tend to command higher rents.

Housing: Home purchase price

Various online estimates put the average home price in Southlake between $1 million and $2 million, with prices varying greatly depending on the size and location of the property. For example, homes in Timarron or the prestigious Estes Park are more expensive than properties in other neighborhoods.
Our online database shows about three-fourths of available homes are listed at $1 million or more in Southlake. Larger properties with more land command higher price tags. We recommend you work with a real estate agent who understands the area and can guide you to finding a luxury home that fits your budget and lifestyle.

Utility costs

Utility costs are essential when assessing the actual cost of living in Southlake. On average, utility costs in Southlake are 1% higher than the national average. Southlake's utility costs are 2% higher than other cities in Texas. Electricity is one of the most significant utility expenses in Southlake, with an average monthly bill of around $215 per household. Expect higher costs during the summer months when you need to cool down.
While utility costs may seem minor, they add up over time, particularly in larger homes. In addition to these utility costs, some residents in Southlake may also need to pay for services such as trash and recycling collection, internet and cable, and home security systems.

Food cost

On average, groceries in Southlake are 9.5% more expensive than the national average. This is due to the city's higher standard of living and the prevalence of high-end grocery stores. Southlake's food costs are about 8% higher than other cities in Texas.
However, the town offers various grocery options, including specialty stores and popular national chains. While the cost of groceries and dining out in Southlake may be slightly higher than in other Texas cities, residents can expect top-quality products and a range of options.Dining out at local restaurants can range from cost-friendly options to higher-end establishments with prices to match. For example, a meal for two at a mid-range restaurant can cost anywhere from $30 to $60. In contrast, a fine-dining experience can cost $100-plus per person.

Transit cost

For homebuyers who prioritize convenience and accessibility, it's crucial to consider transportation costs when considering the actual cost of living in Southlake. The cost of transportation in Southlake, including gas and public transit, is 15% higher than the national average.
Southlake has a walkability score of 15, indicating that the city is car-dependent and not very walkable. Southlake is primarily a residential area with large homes and spacious lots, possibly contributing to the lower walkability score. Residents rely on cars for most errands and daily activities.

Average salary

The average salary and wage in Southlake are both higher than the national average. According to the U.S. Census Bureau, the median household income in Southlake was $239,833 in 2021, which more than quadrupled the national median household income of $70,784. Per BestPlaces, the average salary in Southlake is approximately $170,742 per year, which is also well above the national average.
These figures suggest that many residents enjoy a high standard of living and may have greater financial security than those in other areas. The high salaries and wages in Southlake reflect the area's thriving local economy and can help attract and retain top talent in various industries.

Ready to find your next home?

While living in Southlake may come with a higher price tag than in some other areas, the city offers a high quality of life that is hard to beat. From excellent schools to beautiful parks, top-notch shopping and dining options, and a robust local economy, Southlake has much to offer its residents. For those who prioritize a high standard of living and a strong sense of community, Southlake is undoubtedly worth the investment.
Now that you understand the actual cost of living in Southlake, it's essential to consider all the factors and work with a local real estate agent who understands the local housing market. Selling Southlake is one of the leading real estate agents in Southlake,TX, with a track record of helping clients find the perfect luxury homes. Contact us today to learn more about real estate options in Southlake!

*Header photo courtesy of Selling Southlake


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