Lakeway 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.
IndexLakewayTexasNational
Cost of living index12891100
IndexLakewayTexasNational
Goods & Services index10597100
Groceries index8790100
Health care index10496100
Housing index19581100
Transportation index9695100
Utilities index9894100
An overview of the general cost of living index for Lakeway, TX is displayed above for your reference. Residents in Lakeway, TX enjoy a cost of living index of 128. This index is 41% higher than the Texas average, and 28% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Lakeway, TX, the average cost of goods and services is 8% higher than it is in Texas, and it is 5% higher than the national average.

Did you know?

  • The cost of living in Lakeway is 41% higher than the Texas average.
  • The cost of living in Lakeway is 28% higher than the national average.
  • The cost of housing in Lakeway is 95% higher 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 Lakeway, TX Cost of living To Other Cities

Salary Calculator

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Health care index
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Use the salary calculator to compare your current salary in Lakeway, TX to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Lakeway, TX, then you would need to earn more income in order to maintain the same standard of living. To use the Lakeway, TX salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$120,313$10,026$2,807$3,610
Renters$67,206$5,601$1,568$2,016
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Lakeway, TX as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Lakeway, TX homeowners, is $120,313. This would allow for a maximum of $2,807 per month to be spent on housing costs. For renters, the median monthly income is $67,206 which would result in a maximum of $1,568 to be spent on rental costs.

Texas Sales Tax

StateGeneral Sales TaxWith Max Surtax
Texas6.25%8.25%

Texas Income Tax

StateIncome Tax (Low)Income Tax (High)
Texas0%0%
When you are determining the total cost of living in Lakeway, TX you will want to make sure you consider both the Texas sales tax and the Texas income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Texas is 6.25%, with the highest surtax being 8.25%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Texas have a range from 0% to 0%.

Goods & Services

ItemLakewayNational avg.Difference
Haircut $20.00$14.5937.0%
Beauty Salon $48.80$34.6840.7%
Toothpaste $1.97$2.4720.3%
Shampoo $0.86$1.0215.9%
Movie $10.51$9.876.5%
Bowling $4.02$4.398.5%

Groceries

ItemLakewayNational avg.Difference
Ground Beef $4.20$4.486.2%
Fried Chicken $1.23$1.4616.0%
Milk $2.17$2.367.9%
Potatoes $3.64$3.0618.9%
Pizza $10.99$9.2418.9%
Beer $9.01$8.634.4%

Health Care

ItemLakewayNational avg.Difference
Optometrist $125.67$99.7825.9%
Doctor $103.75$105.031.2%
Dentist $93.33$88.705.2%
Ibuprofen $8.43$9.4110.4%
Lipitor $324.49$298.508.7%

Housing

ItemLakewayNational avg.Difference
Home Price $368,900.00$175,700.00110.0%
Avg. Mortgage Payment $846.73$1,081.0321.7%
Apartment Rent $1,464.00$920.0059.1%

Transportation

ItemLakewayNational avg.Difference
Gasoline $1.93$2.097.6%
Tire Balancing $48.00$45.296.0%

Utilities

ItemLakewayNational avg.Difference
All Electricity$155.85$170.808.7%
Phone $30.21$28.266.9%
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.
Jonestown, TX2,11594-6%
Leander, TX30,04097-3%
Lago Vista, TX6,34998-2%
Cedar Park, TX58,0881011%
San Leanna, TX5371077%
Lakeway, TX12,70912828%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Hampton Bays, NY12,71215252%
Shiloh, IL12,7061044%
Port Orchard, WA12,71512020%
Fruita, CO12,7021022%
Beaufort, SC12,7021099%
Lakeway, TX12,70912828%
Source: The Lakeway, TX cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.