Everything else equal, I think we can all agree that living in a cheaper place is better than living in a more expensive place.
I’d much rather pay $500/mo in rent than $1,000. And I’d rather pay $2 for coffee than $5.
And while every neighbhorhood in Dallas might be more expensive than living in rural Texas, there are certain neighborhoods that are definitely cheaper.
So what exactly are those Dallas neighborhoods where your dollar goes a little further — you can get that one bedroom instead of the studio?
Instead of relying on public opinion and speculation, we wanted to get the facts straight and find out which neighborhoods in Dallas are the cheapest.
What’s the cheapest neighborhood to live in Dallas for 2020? According to the most recent census data, Lake Highlands looks to be the cheaptest Dallas neighborhood to live in.
At this point we should make it clear that you do get what you pay for — some of these neighborhoods might not be the best places to live in Dallas. You could be sacrificing location or crime rates in return for more space and cheaper groceries.
Read on to see how we determined the places around Dallas that deserve a little bragging rights or maybe you’re interested in the worst neighborhoods in Dallas.
Once you’re done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.
For more Texas reading, check out:
- Best Places To Live In Texas
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- Cheapest Cities To Live In America
- Cheapest States To Live In America
How We Determined The Cheapest Dallas Hoods In 2020
In order to rank the cheapest places to live in Dallas, we had to determine what criteria defines “cheap”.
- Overall Cost Of Living
- Rent To Income Ratio
- Median Home Value To Income Ratio
We then ranked each neighborhood with scores from 1 to 32 in each category, where 1 was the cheapest.
Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.
And finally, we crowned the neighborhood with the lowest cheapest neighborhood index the “Cheapest City Neighborhood In Dallas.” We’re lookin’ at you, Lake Highlands.
Read on below to learn more about what it’s like to live in the cheapest places Dallas. Or skip to the end to see the list of all the neighborhoods in the city from cheapest to most expensive.
The 10 Cheapest Neighborhoods To Live In Dallas For 2020
The median income in Lake Highlands comes in at $50,989 and the median home value is $69,620 for 2020.
The median income in Wolf Creek comes in at $37,023 and the median home value is $69,264 for 2020.
The median income in Love Field Area comes in at $41,582 and the median home value is $68,588 for 2020.
South Dallas is an area in Dallas, Texas. It is south of Downtown Dallas, bordered by Highway 67 on the west and Highway 175 down to the Trinity River on the east. In recent years the City of Dallas and organizations including Dallas Area Habitat for Humanity and Rebuilding Together Dallas have begun revitalizing the area in an effort to make the area more attractive to homeowners and foster economic development.
The median income in South Dallas comes in at $34,588 and the median home value is $60,262 for 2020.
The median income in West End Historic District comes in at $69,306 and the median home value is $111,150 for 2020.
The median income in Northeast Dallas comes in at $64,134 and the median home value is $183,362 for 2020.
The median income in Cedar Crest comes in at $26,592 and the median home value is $55,183 for 2020.
The median income in Southwest Dallas comes in at $46,755 and the median home value is $97,790 for 2020.
South Boulevard-Park Row Historic District is located in the southern part of Dallas, Texas.
It was added to the National Register in February 5, 1979.
The median income in South Boulevard-Park Row comes in at $30,213 and the median home value is $64,083 for 2020.
East Dallas, also referred to by the East Dallas Chamber of Commerce as the Lake & Garden District, is an expansive area of numerous communities and neighborhoods in Dallas, Texas that border nearby suburban cities to the east. Such as Garland, Mesquite, and Balch Springs, Texas.
The median income in Near East comes in at $72,418 and the median home value is $112,600 for 2020.
Summing Up The Cheapest Places In Dallas
If you’re measuring the neighborhoods in Dallas where prices are low and it’s cheap to live, this is an accurate list.
As we mentioned earlier, the neighborhoods in Dallas aren’t all cheap. Farmers Market District takes the title of the most expensive neighborhood to live in Dallas.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
For more Texas reading, check out:
- Cheapest Places To Live In Texas
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- Best Places To Retire In Texas
- Richest Cities In Texas
- Safest Places In Texas
- Worst Places To Live In Texas
Detailed List Of The Cheapest Neighborhoods To Live In Dallas For 2020
|Rank||Neighborhood||Cost Of Living Index|
|3||Love Field Area||86|
|5||West End Historic District||95|
|9||South Boulevard-Park Row||85|
|13||City Center District||101|
|22||Five Mile Creek||87|
|27||Main Street District||116|
|31||Convention Center District||141|
|32||Farmers Market District||132|