Lakewood, with its charming neighborhoods, scenic views of White Rock Lake, and welcoming community vibe, is an increasingly popular choice for families looking to settle in the Dallas area. Known for its mix of historic homes and modern conveniences, Lakewood offers a unique lifestyle—but what does it cost to live here? As a relocation expert, I’ve crafted this guide to help families understand the financial aspects of moving to Lakewood.
Housing Costs
Housing is often the biggest expense for families, and Lakewood is no exception.
Home Prices: Lakewood boasts a variety of homes, from restored historic properties to contemporary builds. The median home price is competitive for Dallas but can range widely, from $500,000 for smaller or older properties to over $1 million for larger, updated homes near the lake.
Renting: Renting in Lakewood is a viable option for families not ready to buy. Expect monthly rents to range from $2,500 to $4,000 for a family-sized home, depending on the location and amenities.
Education Expenses
Lakewood is a favorite among families due to its proximity to highly regarded schools.
Public Schools: The area is served by the Dallas Independent School District (DISD), with several highly rated elementary schools like Lakewood Elementary drawing families. Public schooling is free, but parents should budget for supplies, field trips, and extracurricular activities.
Private Schools: Families seeking private education have several excellent options nearby, with tuition ranging from $10,000 to $25,000 per year.
Utilities and Household Expenses
Utility costs in Lakewood align with the Dallas average, but the size and age of your home can influence these expenses.
Electricity: Cooling a home during Texas summers can drive electricity bills to $150–$250 per month or more for larger homes.
Water and Gas: Combined water and gas bills typically range from $100 to $200 monthly, with costs higher for homes with extensive landscaping or pools.
Transportation
Lakewood offers a mix of walkable areas and car-dependent neighborhoods.
Gas Prices: Texas enjoys relatively low gas prices, but daily commutes and trips to other parts of Dallas can add up.
Public Transportation: While public transit options like buses are available, many residents rely on cars for convenience. However, the area's proximity to downtown Dallas can help reduce overall commuting times and costs.
Groceries and Dining
Lakewood residents enjoy access to a mix of local shops, farmers' markets, and upscale grocery stores.
Groceries: A family of four can expect to spend $150 to $200 per week on groceries, with specialty items and organic options pushing costs higher.
Dining Out: Lakewood boasts a lively dining scene, from family-friendly eateries to fine dining. A meal out for a family of four typically costs $50 to $80, with higher-end options costing more.
Healthcare
Access to healthcare is excellent in Lakewood, with numerous clinics and hospitals in the nearby Dallas area.
Costs: Families with private insurance should budget for premiums and copays similar to state averages. The presence of top-tier medical facilities like Baylor Scott & White in Dallas ensures quality care.
Recreation and Lifestyle
Lakewood’s vibrant community and proximity to White Rock Lake make it a haven for outdoor enthusiasts.
Parks and Activities: White Rock Lake offers miles of trails, kayaking, and fishing, all at minimal cost. Local parks and playgrounds also provide affordable recreational opportunities for families.
Fitness and Clubs: Many families enjoy memberships to local fitness centers or rowing clubs, which can cost $50 to $150 per month.
Taxes
Property Taxes: Texas has no state income tax, but property taxes can be significant, often exceeding 2% of a home’s assessed value annually in Lakewood.
Sales Tax: The combined state and local sales tax rate is 8.25%, which applies to most purchases.
Tips for Budgeting
Moving to Lakewood can be a financial adjustment, but it’s worth it for the quality of life. Here are some tips to make the transition smoother:
Research Housing Options: Whether renting or buying, explore different neighborhoods within Lakewood to find a home that fits your budget and lifestyle.
Plan for Education Costs: Even with public schooling, extracurriculars and other expenses can add up.
Take Advantage of Free Amenities: White Rock Lake and community events offer plenty of free or low-cost entertainment.
Why Choose Lakewood?
Lakewood’s charm lies in its blend of natural beauty, historic character, and modern amenities. While the cost of living reflects its desirability, many families find the investment worthwhile for the excellent schools, outdoor activities, and welcoming atmosphere.
Final Thoughts
Relocating to Lakewood can be a dream come true for families who prioritize community and lifestyle. By understanding the costs and planning your budget, you can make a seamless transition to one of Dallas’ most beloved neighborhoods.
Ready to start your journey to Lakewood? Let’s make your move stress-free and successful!
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Call us at 469-269-6541 for more information about Lakewood real estate!
About us: Lakewood New Construction Expert Real Estate Agent
As a Top Real Estate Professional in Lakewood, I understand the challenges that arise when buying a new construction home. There are over 100 builders in the DFW area. I work with most of the new home builders in Lakewood and understand how various builders operate. I am familiar with the options they offer, current incentives and I frequently visit the upcoming communities they are building. I guide my clients through all steps of the new home construction process and aggressively protect their interests in the transaction.
As a holder of top real estate industry certifications and designations like CRS, ABR & GRI, I can offer my clients experience as a Buyer's Agent and REALTOR®, top Industry Customer Service, in-depth, up-to-the-minute and comprehensive market knowledge; honesty, integrity, dedication, and professionalism in my business.
Whether you are a first time buyer in Lakewood looking to buy a home in Fields or whether you are relocating to Lakewood from California or moving your entire family from areas like San Francisco, Fremont, Palo Alto, Los Angeles, San Diego in California due to job transfer with your company, I can help you find a new construction home in Lakewood. Our relocation team eases the transition - whether you are moving across town or across the globe. We will work with you to find an area that best suits your professional, family and lifestyle needs. We have all the tools you need to help your home search. Whether it is video previews of homes, extended work hours, digital signatures for documents or more, we can make this process as comfortable as possible no matter where you are located.
What is most important to you in your new construction home in Lakewood? Send us an email at info@NitinGuptaDFW.com or give us a call at (469) 269-6541 to schedule a no obligation consultation. We’ll give you honest advice about Fields community that you can use to help make your home buying decision.
