Highland Park is one of the best places to live in Dallas. This gorgeous neighborhood is located south of University Park and north of downtown. Containing several recreational areas, such as Jester Park, Fairfax Park, and Lakeside Park, Highland Park is known for its beauty and luxury. Visitors often stop by for shopping and dining because Highland Park has a bit of everything. Its restaurants span the globe, featuring icons like Al Biernat’s and Cafe Pacific.
If you are considering moving to Highland Park, you may be asking yourself whether or not you can afford to live in this luxuriously lovely neighborhood. Let us break down some actual numbers and get a clearer picture of the cost of living in Highland Park.
Housing Prices in Highland Park, Texas
Highland Park is a small town in the middle of metropolitan Dallas. The southwestern area of town is more affordable, being closer to the Dallas Love Field Airport. As you move toward the center of Highland Park, real estate values rise dramatically. The homes in the center of Highland Park tend to be large or medium-sized single-family homes, high-rise apartments, and condos. There is plenty to do in the bustling suburban neighborhood, and the close-knit layout makes for an easily walkable experience with an array of restaurants, bars, coffee shops, boutiques, and parks.
Renting in Highland Park
16% of Highland Park residents are renters. The average rental cost of a one-bedroom home in this neighborhood is $1,790 per month, while renting a two-bedroom home averages $2,115 per month. You can rent a three-bedroom house for $2,663 per month, while a four-bedroom averages $3,479 per month. Whether you are seeking an apartment, condo, or home for rent, these properties are some of the highest value in Texas, and you can be sure that you will get your money’s worth.
Buying in Highland Park
Most of the residents in Highland Park own their own homes, and the median home value is $2.9 million. Highland Park homes are extremely competitive, as homes are highly sought-after and desired by both Texas residents and real estate seekers moving from other states, with the most influx coming from cities like San Francisco and Los Angeles. Those buyers are bringing a significant sum of money, so it’s important to be prepared to compete against other strong offers.
Cost of Utilities in Highland Park
When purchasing a home, it’s important to consider additional Highland Park costs of living, such as electricity and natural gas resources.
Electricity
Highland Park is on par with the rest of Texas as far as electricity rates are concerned. The average electricity rate for a residential home in Highland Park is 10.98 cents per kilowatt hour. An average residential electricity bill in Texas runs $128 per month. This rate is fifth in the nation and is 19.63% higher than the national average of $107 per month.
Natural gas
Highland Park residents are paying an average of $26.54 per thousand cubic feet for natural gas as of October 2022. This rate is 42% higher than the United States average rate, which is $18.63 per thousand cubic feet. This price has increased by 13.95% in the past year for Highland Park citizens.
Food
Food is another necessity to factor into the cost of living in Highland Park. Restaurants in this neighborhood command a higher price than many other neighborhoods surrounding the Dallas-Fort Worth metropolitan area.
The main reason for this is the high-end, chef-driven culinary experiences brought to life in the local restaurant scene. While restaurant dining may be slightly more expensive, groceries in Highland Park run less than the national average.
Transit
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Another factor that people must consider about Highland Park before moving is transportation costs, and 86.1% of commuters drive to their place of business from Highland Park. This is reasonably similar to the nationwide average of 85.5%. Of these workers, 83.7% are commuting outside of the immediate neighborhood, which is expected, seeing as Highland Park is part of the Dallas-Fort Worth metroplex.
The average commute for Highland Park residents is 17.5 minutes, which is shorter than the national average of 26.6 minutes long. Considering gas prices, car maintenance, and public transportation costs, a single commuter in Highland Park spends approximately $8,723 per year on transportation alone. This number is less than the United States average, which currently stands at $9,760.
Healthcare
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Healthcare costs, whether out-of-pocket costs or insurance premiums, are lower in Highland Park than both nationwide and Texas averages. Single adults are averaging care costs at $3,596 per year. Texans overall pay an average of $3,948, while the national average is sitting at $4,266. On a state level, $6,998 was spent per capita on personal healthcare.
Childcare
Childcare can be one of the most expensive costs for families, no matter your choice of home. In Highland Park, childcare costs run about $500 more for two children per comparable rates across Texas. However, the same comparisons nationwide average approximately $3,703 higher, putting Highland Park below the national average.
Salaries
The largest industries in Highland Park are in the sectors of scientific, professional, and technical services, financial and insurance, and healthcare and social assistance. The highest-paying industries are management, finance, and insurance, followed by healthcare and social assistance. The median household income for homes in Highland Park is $218,611 as of 2020, which grew by 3.54% from the previous year. This number is $64,994 higher than the national average. The unemployment rate is 3.3%, according to the Bureau of Labor Statistics.
Are you looking to make a move to Highland Park?
Highland Park is an exciting and chic place to live in the metropolitan Dallas area. You need a discerning eye and relentless dedication on your side to ensure you get exactly what you want out of your Highland Park real estate ventures. Before you make your move, contact the experienced agents at The Bellm | Corley Group.
