Texas Cost Of Living Statistics


Steve Goldstein
Steve Goldstein
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Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

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Texas Cost Of Living Statistics 2023: Facts about Cost Of Living in Texas reflect the current socio-economic condition of the state.

texas

LLCBuddy editorial team did hours of research, collected all important statistics on Texas Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Texas LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Texas Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Texas Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 13 Texas Cost Of Living Statistics on this page 🙂

Texas Cost Of Living “Latest” Statistics

  • Texas has a 7% cheaper average cost of living than the rest of the country.[1]
  • When compared to the typical U.S. city, certain Texas communities’ costs range from 23% cheaper to 12% higher.[1]
  • Texas’s average monthly housing costs range from $900 to $1,641.[2]
  • According to the C2ER Cost of Living Index Q3 ‘22, Houston has the second lowest cost of living among the most populated U.S. metro regions.[3]
  • Numbeo.com figures for 2022 show that in Austin, a gallon of milk and a pound of apples cost $3.81 and $2.18 respectively.[4]
  • According to U.S. Energy Information Administration (EIA) statistics from 2020, Texas’s average monthly energy cost in 2021 was $132.59.[4]

Texas Cost Of Living “Living” Statistics

  • The MIT living wage calculator estimates that a single adult without children living in Texas should budget $3,428 for food per year.[4]

Texas Cost Of Living “Other” Statistics

  • The state sales tax rate in Texas is 6.25%, or 8.19% if you include it in the average local rate.[1]
  • With regard to overall sales tax, Texas is ranked as having the 14th highest percentage in the nation.[1]
  • In Texas, the gas tax is 20 cents per gallon, and the sales tax varies from 6.25% to 8.25%.[4]
  • According to the most recent U.S. Census Bureau, only 37,063 Texans relocated to California whereas 82,235 Californians moved to Texas in 2019.[1]
  • According to statistics from the Bureau of Economic Analysis for 2020, texas’s average total annual expenditure for personal consumption is $39,661.[2]
  • According to NAHB, 63.6% of houses sold in Austin are accessible to families making more than the city’s median family income, which is higher than the country’s average affordability rate of 58.3%.[5]

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How Useful is Texas Cost of Living

When considering the cost of living in Texas, it is important to take into account various factors that can significantly impact one’s overall financial well-being. While it is true that housing prices may be lower in Texas compared to states like California or New York, other expenses such as healthcare, education, and groceries also play a significant role in determining the cost of living.

One of the benefits of living in Texas is its lack of a state income tax, which can be a significant savings for residents. However, this is offset by higher property taxes in the state, which can impact homeowners who are already struggling to make ends meet. Additionally, the cost of healthcare in Texas can be higher than in other states, potentially negating any savings from not having to pay state income tax.

For families with children, the cost of education is another crucial factor to consider when evaluating the usefulness of the cost of living in Texas. While the state has a reputation for having lower overall costs, quality education can come with a hefty price tag in certain areas. Private school tuition or additional costs for extracurricular activities and tutoring can quickly add up, making it more difficult for some families to provide their children with a well-rounded education.

Another important consideration when assessing the usefulness of the cost of living in Texas is the availability of public transportation. While owning a car may seem like a necessity in the state, the cost of insurance, registration, and maintenance can quickly add up. Additionally, long commutes can be a drain on both time and finances, potentially outweighing any savings from lower housing costs.

Ultimately, the usefulness of the Texas cost of living is a complex and multifaceted issue that varies depending on individual circumstances. While the state may offer certain cost-saving advantages in terms of housing and taxes, it is important to consider the overall financial landscape to determine if living in Texas is truly a viable and sustainable option for individuals and families.

In conclusion, while the perception of the Texas cost of living as being lower may be true in some respects, it is essential to carefully evaluate all aspects of one’s financial situation to truly understand the usefulness of living in the state. By taking into account various factors such as healthcare costs, education expenses, and transportation needs, individuals can make informed decisions about whether the cost of living in Texas aligns with their financial goals and priorities.

Reference

  1. ramseysolutions – https://www.ramseysolutions.com/real-estate/cost-of-living-in-texas
  2. sofi – https://www.sofi.com/cost-of-living-in-texas/
  3. houston – https://www.houston.org/houston-data/cost-living-comparison
  4. smartasset – https://smartasset.com/mortgage/what-is-the-true-cost-of-living-in-texas
  5. austinchamber – https://www.austinchamber.com/economic-development/austin-profile/cost-of-living/overview

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