Lake Worth 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.
IndexLake WorthTexasNational
Cost of living index9291100
IndexLake WorthTexasNational
Goods & Services index11597100
Groceries index9090100
Health care index10296100
Housing index6581100
Transportation index9595100
Utilities index9794100
Displayed above is a general overview of the Lake Worth, TX cost of living index. The overall cost of living index in Lake Worth, TX is 92, which is 2% higher than the Texas average and 8% 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 Lake Worth, TX are 18% higher than the Texas average and 15% higher than the national average.

Did you know?

  • The cost of living in Lake Worth is 2% higher than the Texas average.
  • The cost of living in Lake Worth is 8% lower than the national average.
  • The cost of housing in Lake Worth is 35% 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 Lake Worth, TX Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
The salary calculator allows you to compare how much your current salary in Lake Worth, TX would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Lake Worth, TX, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Lake Worth, TX salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$60,000$5,000$1,400$1,800
Renters$43,285$3,607$1,010$1,299
The affordability of the housing market in Lake Worth, TX as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Lake Worth, TX homeowners, the median income is $60,000. This indicates that a monthly maximum of $1,400 should be spent by homeowners on all housing related costs. Renters have a median income of $43,285. This indicates that renters should have a maximum of $1,010 used for their rent related monthly costs.

Texas Sales Tax

StateGeneral Sales TaxWith Max Surtax
Texas6.25%8.25%

Texas Income Tax

StateIncome Tax (Low)Income Tax (High)
Texas0%0%
The Texas sales tax and Texas income tax rates should definitely be considered when determining the overall cost of living in Lake Worth, TX. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Texas sales tax is 6.25% and the maximum surtax is 8.25%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Texas income tax rates range from 0% to 0%.

Goods & Services

ItemLake WorthNational avg.Difference
Haircut $19.00$14.5930.2%
Beauty Salon $58.00$34.6867.2%
Toothpaste $2.02$2.4718.3%
Shampoo $1.22$1.0219.4%
Movie $9.96$9.870.9%
Bowling $5.25$4.3919.5%

Groceries

ItemLake WorthNational avg.Difference
Ground Beef $4.32$4.483.5%
Fried Chicken $1.39$1.465.1%
Milk $2.00$2.3615.1%
Potatoes $3.22$3.065.2%
Pizza $8.55$9.247.5%
Beer $8.82$8.632.2%

Health Care

ItemLake WorthNational avg.Difference
Optometrist $89.67$99.7810.1%
Doctor $106.00$105.030.9%
Dentist $95.67$88.707.9%
Ibuprofen $8.78$9.416.7%
Lipitor $305.36$298.502.3%

Housing

ItemLake WorthNational avg.Difference
Home Price $86,300.00$175,700.0050.9%
Avg. Mortgage Payment $832.74$1,081.0323.0%
Apartment Rent $936.00$920.001.7%

Transportation

ItemLake WorthNational avg.Difference
Gasoline $1.94$2.097.2%
Tire Balancing $45.00$45.290.6%

Utilities

ItemLake WorthNational avg.Difference
All Electricity$181.35$170.806.2%
Phone $24.00$28.2615.1%
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.
Lakeside, TX28384-16%
Pelican Bay, TX1,90885-15%
Sansom Park, TX4,76989-11%
White Settlement, TX16,57190-10%
Everman, TX6,21390-10%
Lake Worth, TX4,67192-8%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Oak Park Heights, MN4,67111010%
Wilton, CA4,67013535%
Prairie Grove, AR4,67089-11%
Mount Ephraim, NJ4,66911212%
Yosemite Lakes, CA4,66811717%
Lake Worth, TX4,67192-8%
Source: The Lake Worth, TX cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.