Canyon cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexCanyonTexasNational
Cost of living index8991100
IndexCanyonTexasNational
Goods & Services index9297100
Groceries index9890100
Health care index10096100
Housing index8181100
Transportation index8995100
Utilities index8594100
Displayed above is a general overview of the Canyon, TX cost of living index. The overall cost of living index in Canyon, TX is 89, which is 2% lower than the Texas average and 11% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Canyon, TX are 5% lower than the Texas average and 8% lower than the national average.

Did you know?

  • The cost of living in Canyon is 2% lower than the Texas average.
  • The cost of living in Canyon is 11% lower than the national average.
  • The cost of housing in Canyon is 19% lower than the national average.
  • Texas general sales tax is 23% higher than the national average.
  • Texas state income tax is 100% lower than the national average.

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Compare Canyon, TX Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
The salary calculator is meant to help you compare your salary in Canyon, TX to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Canyon, TX, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Canyon, TX salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$75,607$6,301$1,764$2,268
Renters$21,987$1,832$513$660
If you want to find a good determining factor for the cost of living and the general affordability of housing in Canyon, TX, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Canyon, TX, the median monthly income is $75,607 for those who own their own homes. Under the standard rule, that income level would allow for $1,764 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $21,987, per the median income in the area. That would allow for renters to spend up to $513 on monthly rental expenses.

Texas Sales Tax

StateGeneral Sales TaxWith Max Surtax
Texas6.25%8.25%

Texas Income Tax

StateIncome Tax (Low)Income Tax (High)
Texas0%0%
When considering the overall cost of living expenses in Canyon, TX, it's important to take into account the sales tax for Texas, as well as the rate for income tax in Texas. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Texas is 8.25%, and the sales tax in the state of Texas is 6.25%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Texas starts from 0% and goes up to 0%.

Goods & Services

ItemCanyonNational avg.Difference
Haircut $15.80$14.598.3%
Beauty Salon $26.40$34.6823.9%
Toothpaste $2.33$2.475.8%
Shampoo $0.85$1.0216.8%
Movie $8.88$9.8710.0%
Bowling $4.23$4.393.7%

Groceries

ItemCanyonNational avg.Difference
Ground Beef $3.21$4.4828.3%
Fried Chicken $1.40$1.464.4%
Milk $2.64$2.3612.0%
Potatoes $3.57$3.0616.6%
Pizza $10.00$9.248.2%
Beer $9.15$8.636.0%

Health Care

ItemCanyonNational avg.Difference
Optometrist $75.05$99.7824.8%
Doctor $112.00$105.036.6%
Dentist $84.20$88.705.1%
Ibuprofen $8.58$9.418.8%
Lipitor $329.29$298.5010.3%

Housing

ItemCanyonNational avg.Difference
Home Price $144,400.00$175,700.0017.8%
Avg. Mortgage Payment $734.86$1,081.0332.0%
Apartment Rent $724.00$920.0021.3%

Transportation

ItemCanyonNational avg.Difference
Gasoline $1.82$2.0912.9%
Tire Balancing $42.33$45.296.5%

Utilities

ItemCanyonNational avg.Difference
All Electricity$139.95$170.8018.1%
Phone $25.01$28.2611.5%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Palisades, TX22781-19%
Amarillo, TX194,93086-14%
Timbercreek Canyon, TX3841055%
Lake Tanglewood, TX72112424%
Canyon, TX13,88289-11%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Wood Dale, IL13,88211313%
Franklin Park, PA13,88212222%
Sun Lakes, AZ13,8851077%
Pierre, SD13,88592-8%
Mountain Home, ID13,87188-12%
Canyon, TX13,88289-11%
Source: The Canyon, TX cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.