Jessica Price Turner
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This article is featured in the Observer’s Dallas on a Dime print issue hitting newsstands this week.
Get more “bang for your buck,” they say. They always say that. But that’s easier said than done when it comes to picking a place to live in Dallas.
The wants and needs of a single young professional are going to differ greatly from what a family of five seeks. Indeed, making your buck bang means hitting that sweet spot, regardless of who is doing the house hunting or apartment picking.
The parts of town with the cheapest houses and apartments often do not have the services or easy access to the rest of the city many hope for, while many parts of Big D that are packed with shopping, nice roads, low crime rates and the best schools are simply too expensive for the average person or family.
Maybe you don’t work near the neighborhood you want to live in? Easy DART access could help that out, right? Maybe you picked the condo, house or apartment you’ve got your eye on because it happens to be within a short Uber trip to your favorite watering hole? Totally reasonable! Such conveniences certainly count for something when determining if an area delivers the proper amount of buck bang.
To be clear, the sweet spot we’re talking about here isn’t the cheapest, nor is it the most amenity-filled. It’s not a scientific equation. But because we’re the helpful types, we’ve taken a look around town and have listed why we think the Dallas neighborhoods below hit that sweet spot and deliver the most bang for your buck.
Lake Highlands
We’ve heard others describe this Northeast Dallas neighborhood as “urban-suburban,” which fits, given its surroundings of rolling hills and close proximity to White Rock Lake and Flag Pole Hill Park. Families like how Lake Highlands is located within the Dallas city limits while most of the area is served by the highly-rated Richardson Independent School District.
Of course, this section of town is home to popular dining and drinking spots including Vector Brewing, Goodfriend Beer Garden and Burger House and Resident Taqueria. The Lake Highlands DART rail station is just a couple of stops away from the SMU DART station where one can hop on trains on the Red and Orange Lines with the Blue Line train just another couple stops away.
The mix of mid-century ranch homes and more recently built, modern developments means a variety of houses and rentals covers a vast price range. According to a recent report commissioned by Extra Space Storage, not only is Lake Highlands is 41% safer than the rest of the city, but the $1,233 monthly median rent and $221,715 median purchase price puts it well below the overall rent and purchase averages for Dallas overall.
Pleasant Grove
Pleasant Grove in Southeast Dallas hasn’t always had the best reputation, but in recent years the spot just south of downtown has emerged as a legitimate “up-and-coming” area, especially for those hoping to get in early on a potentially high-impact investment. Currently undergoing a significant transformation anchored by the $100 million Palladium Buckner Station project, a transit-oriented development turning underutilized lots into a hub for mixed-income housing and retail directly on the DART Green Line, modern Pleasant Grove isn’t what it used to be.
Of course, some might suggest that a neighborhood that qualifies as “up and coming” has been down for some reason. We’re choosing to focus on the positive and point to how that means affordable housing options are in full bloom in Pleasant Grove right now. A recent report from Apartments.com lists the average 1-bedroom rent there at $1,402 per month, and the median list price for buying a home in Pleasant Grove at $240,000, both numbers well below the overall city averages. First-time buyers can find ranch-style homes on decently-sized, tree-lined lots not far from the Piedmont Ridge Trail for hiking and scenic views.
Lakewood
Before you roll your eyes at the notion of an affluent neighborhood delivering bang for your buck, stick with us. Some people still want their dollars to go a long way, even if they have more dollars than others to spend. It’s a relative thing, and relative to, say, nearby, ritzy Highland Park, Lakewood offers a high-end lifestyle for a bit less.
We’ll give you a couple of examples: In Highland Park, the median home value is around $2.8 million, while Lakewood’s median sits around $1.6 million. Also, with a $2 million budget, a home buyer in Lakewood can often land an updated 4,000-square-foot home with a big yard, but in Highland Park, that same amount will likely only buy a smaller 2,500-square-foot cottage that needs some repairs.
Like we mentioned earlier, sometimes you gotta pay for what makes up the sweet spot you’re seeking. And Lakewood is quite sweet in many ways. The Dallas Arboretum and White Rock Lake are right there. The schools in that neighborhood are highly rated and Extra Space Storage reports that the neighborhood is 56% safer than the rest of the city. On top of all that you’re a shot jaunt away from two of our favorite Dallas bars, Lakewood Landing and Cosmo’s.
Main Street District
You may have seen recent headlines suggesting downtown Dallas is in some sort of dire straits, and to be fair, there is some truth to that suggestion, but that is more from a major business and corporate perspective than anything else. As the debate between keeping City Hall intact or letting the Dallas Mavericks take over the land it sits on continues, it’s worth noting here that a specific stretch of downtown delivers considerably bang-for-the-buck living.
In fact, becoming a resident in the Main Street District is surprisingly accessible. Extra Space Storage reports that the monthly median rent is $1,522, which isn’t bad, although the monthly median purchase price is a bit high at $427,400. The Wilson Building and the Drakestone offer units with a sense of history and architectural flair, too. But like the other areas on this list, you’re paying for more than a roof. Living downtown means you’re blending immense connectivity, walkability and close proximity to major employers including Energy Transfer, the city of Dallas and CBRE Group.
Winnetka Heights
“Downtown? Just a few minutes that way. The Bishop Arts District? Just a few minutes that other way.” That’s how direction-giving goes when you live in Winnetka Heights in North Oak Cliff. Not only is the location near, but not too near, Interstate 35, great, but the attractive nature of the houses and the yards of your neighbors are tough to beat.
Impeccably maintained craftsman bungalows and gorgeous, large prairie-style homes that are often much less expensive than homes in other local historic districts like Munger Place or Swiss Avenue make Winnetka Heights an underrated gem. The Extra Storage Space report lists the median monthly rent at an affordable $991 and the median purchase price at merely $139,384.
The DART Rail connectivity for the neighborhood isn’t as easily accessible as it is in the other areas on thai list, but it’s not horrible either, with the 8th and Corinth station offering access onto both the Red and Blue Line trains. With local favorites including the Kessler Theatre and the tacos of El Si Hay so close, we would still recommend this neck of teh woods if the rent prices were double what they are.
