When it comes to retiring in Texas, Rockwall is not really visible on the list of dream destinations. However, the city has drawn the attention of many retirees in recent years due to its lakeside location and small-town atmosphere which is so close to Dallas. Nevertheless, Rockwall is still prone to some financial drawbacks that might not be initially visible to an outsider which could potentially increase the overall living cost of retirement in the area.
Is Rockwall Really Affordable for Retirees?
Many people look at the prospect of moving to a quiet lakeside town as an ideal place for senior years. The view of the town next to Lake Ray Hubbard provides seniors a great deal of joy, as Rockwall becomes their promise for a life full of energy thanks to the closeness of the amenities of a large city. The truth is however that the cost of living has soared so much that the residents living in those surrounding areas cannot afford it anymore.
The High Cost of Living
Although the natural beauty of Rockwall is beyond doubt, the cost of living in Rockwall has been rising continuously. The median house price of the locality stands at $386,000, a figure that exceeds the averages of both the state and the entire nation. Such high prices are mainly driven by the big demand for houses near the waterfront, and that left many retirees unprepared financially. Besides, with a budget oriented toward a serene and budget-friendly retirement, growing housing costs can be a honey pot to overcome.
Moreover, those living in Rockwall also have to endure the relatively higher property tax rate. If a property owner’s asset is worth more, he/she will be taxed more, which a retired person with fixed income may find very hard to cope with. Not to mention a combined property and sales tax rate of 8.25% would take a huge bite out of an already tight retirement budget.
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Limitations of a Few Options in Healthcare
In Rockwall, you will be able to receive general medical services, however, for the more technical treatment, elderly people will be required to go to Dallas, a neighboring city. The availability of a major city nearby also brings the necessity for such a person to consider the financial and temporal impact of travel as well as the possibility of not getting the medical help they need on time. That may be a key point to think through for those who are suffering from a chronic health problem or expect to visit a doctor a few times a week.
Location Advantage to Dallas: A Mixed Affair
It is a two-sided situation when Rockwall’s situation with Dallas is concerned. On the one hand, the elderly are free to live in a less crowded place, which gives them great pleasure, and on the other hand, the ease of the journey to Dallas enables them with the opportunity to enjoy the wide range of cultural and entertainment activities that a big city can offer. Still, the living costs in Dallas have a direct bearing on its suburbs like Rockwall. As the number of people moving to Rockwall, a beautiful suburb with the convenience of lakefront homes and accessible city life, increases, the higher the demand for the land and the higher the prices.
Is It Worth the Money?
Rockwall, when one factors in its scenic surroundings, homely atmosphere, and the busy street of Dallas, is unquestionably an attractive place to go for many retirees. However, the fact that the place may be hiding costs, particularly by way of overpriced housing and the heavy tax burden, may become a blow for those who haven’t done their homework on the financial side. Retirees who would like to relax by the lake in Texas but are living on a fixed amount of money each month may want to think over and compare the costs before making up their minds.
For a few, the higher cost of living might be a boon for living standards and fantastic locations. Others may consider looking at locations with more reasonable costs for retirement within Texas would be a smarter move from a financial standpoint.
