Cost Of Living In Texas 2023 | Bankrate (2024)

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Cost Of Living In Texas 2023 | Bankrate? ›

Average Cost of Living in Texas: $45,114 per year.

According to the Bureau of Economic Analysis (BEA), the average cost of living per person in Texas was $39,661 per year in 2020, making it America's 20th least expensive place to live.

Housing costs

The median sale price of a home in the state increased 0.6 percent in the first quarter of 2023 compared with the same time a year ago, putting the price at $326,800. Despite the year-over-year increase, that's still more than $50K cheaper than the nationwide median.

A family of four estimated monthly costs are 4,061.9$ without rent. A single person estimated monthly costs are 1,148.1$ without rent. Dallas is 21.8% less expensive than New York (without rent). Rent in Dallas is, on average, 45.3% lower than in New York.

Overall, the cost of living in Austin is 119.3, which is 19.3% higher than the U.S. average of 100. This means that it costs residents of Austin $119.30 to buy the same amount of goods and services that cost $100 in the U.S. on average.

$13.11 is the 25th percentile. Wages below this are outliers. $26.43 is the 75th percentile.

Low Income and Household Size in Texas

As of 2022, the federal poverty line sets $1,510 a month, or $18,120 a year, as the threshold for low-income adults who live alone. This rises with an increasing household size, to $18,310 for a family of two and $23,030 for three people in the same household.

Warm and tax-friendly, living in Texas is a great idea. With many diverse cities and endless job opportunities, Texas is a popular destination for young professionals, families, and retirees. Compared to living in Florida, Texas is slightly cheaper and just as warm as the sunshine state.

Average Cost of Living in Texas: $45,114 per year

So how much does it cost to live in Texas? According to 2021 data from the Bureau of Economic Analysis the average total personal consumption cost in Texas is $45,114 per year. Here's how that breaks down. That's $3,760 a month, per person, on average.

Is Texas expensive to live in? No, Texas is veyr affordable relative to other states in the U.S. In fact, the average cost of living there is 8% lower than the national average, according to a Cost of Living Index.

Is it cheaper to live in Dallas or Austin? ›

Austin is ranked 71 on a list of 500 U.S. metro areas when it comes to the cost of living. Dallas on the other hand boasts a cost of living that is higher than the national average and Austin.

According to the study, a North Texas resident without children would need to make $64,742 after taxes to live comfortably. The study is based on the MIT Living Wage Calculator, which uses the cost housing, food, transportation, medical care and more.

Under the Federal Minimum Wage policy, Texas employers should not pay their employees under $7.25 per hour unless you or your occupation is specifically exempted from the minimum wage under the state or federal law.

As of Jun 2, 2023, the average annual pay for a Well+Good in Austin is $56,229 a year. Just in case you need a simple salary calculator, that works out to be approximately $27.03 an hour. This is the equivalent of $1,081/week or $4,685/month.

In Austin, the study found that a single adult would need to be making $55,186 after taxes. If you were in a couple and only 1 adult worked, you would need to make $87,314. The income increases per child and per partner situation.

Texas ranks number 10 out of 50 states nationwide for 21 An Hour job salaries.

As of May 24, 2023, the average annual pay for a 25 Hr in Texas is $38,018 a year. Just in case you need a simple salary calculator, that works out to be approximately $18.28 an hour. This is the equivalent of $731/week or $3,168/month.

Texas ranks number 46 out of 50 states nationwide for $16 An Hour job salaries.

The nation's median household income was $70,784 in 2021, according to census data. In Texas, you need to make between $44,865 and $133,926 to fall into middle class.

What yearly salary is considered poor? ›

For a single person in the continental United States, the 2022 federal poverty level is $13,590. For each additional person in the household, the federal poverty level increased by $4,720. (So for a household of three, for example, the 2022 federal poverty level is $23,030.)

What salary do you need to live in Texas? A single person needs a salary of at least $30,780 to cover all of their bills in Texas. If you have a working spouse to split living expenses with, you'll only need to earn $23,155 per year. Families with kids need a slightly higher income to get by.

Renters are seeing their housing costs jump as population increases, strict zoning regulations and rising home sales push up rent prices.

Key Takeaways. The average monthly cost for utility bills in Texas is around $396/month. Many factors impact your utility bill, including the size of your property, the number of people living with you, how often you use your appliances, and your Internet/cable plan.

Cedar Park. According to the study, Cedar Park was considered the most affordable place to live in the south, and in the United States as a whole, ranking at No. 1. “It has excellent wages, with a median income 22.2% higher than the U.S. median income.

What's the best state to live in financially? ›

Not only is Texas 8% cheaper than Florida overall, but housing, utilities and groceries all cost significantly less in the Lone Star State. (Utility costs in the two states are about equal.) Overall, living in Texas is more affordable than living in Florida.

The cost of living in San Antonio, TX is -13.9% lower than in Dallas, TX. You would have to earn a salary of $51,640 to maintain your current standard of living. Employers in San Antonio, TX typically pay -2.9% less than employers in Dallas, TX.

Dallas tends to be more expensive, urban and busy. Most visitors and residents don't have the same “Texas feel” in downtown Dallas as they might in Fort Worth. Both cities have great shopping, restaurants and nightlife.

The reality is that 80K in Texas is considered to be a very good salary for any kind of Texas resident. 80K is considered to be a very livable wage if you live in the state of Texas and have a family.

$13.28 is the 25th percentile. Wages below this are outliers. $29.65 is the 90th percentile.

A good salary in Dallas, TX is anything over $44,000. That's because the median income in Dallas is $44,000, which means if you earn more than that you're earning more than 50% of the people living in Dallas. The average salary in Dallas is $57,293.

Average Annual Per-Capita Cost in Texas

That's $3,760 a month, per person, on average.

80K is considered to be a very livable wage if you live in the state of Texas and have a family. It is estimated that a family of four can comfortably live off of this kind of salary without any additional income or funding.

Is $20 an hour good for a single person? ›

In the abstract, as a single person you could probably live alone off of $20 as a full time hourly wage with an modest studio apartment, using public transportation or having a modest and paid for car, and avoiding much entertainment or dining out, as long as your employer subsidized your health insurance costs.