Texas Cost Of Living Statistics


Steve Goldstein
Steve Goldstein
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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]

Also Read

How Useful is Texas Cost of Living

Texas is known for a relatively low cost of living compared to other states in the US. This can be a key factor for people considering a move to the Lone Star State, as it can have a significant impact on personal finances and overall quality of life. Lower costs for housing, groceries, and entertainment options can make it easier for residents to stretch their dollars further and provide a better standard of living for themselves and their families.

Having a low cost of living can also attract businesses and create job opportunities for residents. Companies looking to expand or relocate may be drawn to Texas for its lower costs, which can result in a boost to the local economy and provide more employment options for residents. In turn, this can lead to an increase in income levels and overall prosperity for the community.

Despite the benefits of a low cost of living, there can be some drawbacks as well. While lower costs for necessities like housing and groceries can be beneficial, it may also indicate lower wages and potentially limited opportunities for career advancement. Individuals living in areas with a low cost of living may find it more difficult to secure well-paying jobs or earn salaries that are competitive with other regions.

Additionally, a lower cost of living may not necessarily equate to a higher quality of life. Residents may have to make trade-offs in terms of the amenities and services available in their community, as lower costs can sometimes be associated with fewer resources for infrastructure, education, healthcare, and other essential services. This can have a direct impact on the overall wellbeing and happiness of residents, as they may be forced to make sacrifices in order to afford a lower cost of living.

It is important for individuals considering a move to Texas or any other state to carefully weigh the pros and cons of the cost of living in that area. While a low cost of living can provide financial advantages for residents, it is essential to consider other factors that can contribute to overall quality of life and wellbeing. By conducting thorough research and carefully assessing personal priorities and goals, individuals can make informed decisions about where to live and how to best balance costs with benefits in order to achieve a fulfilling and sustainable lifestyle.

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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