D
24%
Overall NAT. AVG.
21%
Goods & Services NAT. AVG.
55%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Little Elm Texas National
Cost of living12492100
Goods & Services12196100
Groceries9796100
Health care11094100
Housing15583100
Transportation9492100
Utilities115104100

An Overview of Cost of Living in Little Elm, TX

Knowing the cost of living in Little Elm allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Little Elm stands at 124, marking it 24% higher than the national average.

If you value affordability in your search for a new place to live, Little Elm may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Little Elm falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs are a major factor in the Little Elm cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 55% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Little Elm, these items will cost you 20.6% more than what most folks pay, making it a bit more expensive to live here.

Is Little Elm Affordable?

Is Little Elm an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Little Elm is 46.5% higher than the national average, while the average monthly rent prices are 74.9% higher than average. The affordability of any location can also be influenced by median income levels. Little Elm has a median household income of $94,446, which is 70.7% higher than the national average.

What Factors can Influence the Cost of Living in Little Elm?

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Little Elm, the transportation index is 6.4% lower than the national average.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Where is the Data From?

The Little Elm cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Little Elm is 34% higher than the Texas average
  • The cost of living in Little Elm is 24% higher than the national average
  • Little Elm housing is 55% higher than the national average
  • Texas general sales tax is 22% higher than the national average
  • Texas state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Little Elm

See all the best places to live around Little Elm

Compare Little Elm, TX Cost of Living

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      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

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$106,777$8,898$2,491$3,204
      Renters$63,469$5,289$1,481$1,904
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Little Elm, 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 Little Elm homeowners, is $106,777. This would allow for a maximum of $2,491 per month to be spent on housing costs. For renters, the median monthly income is $63,469 which would result in a maximum of $1,481 to be spent on rental costs.

      Texas Sales Tax

      State General Sales Tax With Max Surtax
      Texas 6.25% 8.25%

      Texas Income Tax

      State Income Tax (Low) Income Tax (High)
      Texas 0% 0%

      Goods & Services

      Item Little Elm National avg. Difference
      Haircut $23.57$24.262.8%
      Beauty Salon $35.11$45.5622.9%
      Toothpaste $3.51$3.705.1%
      Shampoo $1.22$1.284.7%
      Movie $11.85$12.132.3%
      Bowling $16.96$18.005.8%

      Groceries

      Item Little Elm National avg. Difference
      Ground Beef $5.44$5.846.9%
      Fried Chicken $1.32$1.5716.1%
      Milk $4.63$4.670.9%
      Potatoes $4.15$4.9316.0%
      Pizza $11.96$12.091.0%
      Beer $10.27$10.411.4%

      Health Care

      Item Little Elm National avg. Difference
      Optometrist $96.63$125.6823.1%
      Doctor $131.00$135.783.5%
      Dentist $86.73$113.2923.4%
      Ibuprofen $10.40$10.652.4%
      Lipitor $484.49$468.603.4%

      Housing

      Item Little Elm National avg. Difference
      Home Price $270,600.00$184,700.0046.5%
      Avg. Mortgage Payment $1,562.33$2,346.6933.4%
      Apartment Rent $1,660.00$949.0074.9%

      Transportation

      Item Little Elm National avg. Difference
      Gasoline $3.47$3.460.3%
      Tire Balancing $66.47$59.9210.9%

      Utilities

      Item Little Elm National avg. Difference
      All Electricity $145.64$193.9924.9%
      Phone $208.71$192.258.6%
      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 Population Cost of Living Index National Avg.
      Bristol, TX45011111.0%
      Lincoln Park, TX1918811.7%
      Sanger, TX8,5351109.7%
      Lake Dallas, TX8,00411212.4%
      Aubrey, TX4,35211414.0%
      Little Elm, TX49,79212424.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Kannapolis, NC49,788936.8%
      Poway, CA49,78017776.7%
      Twin Falls, ID49,819955.3%
      North Bethesda, MD49,71916060.3%
      Mishawaka, IN49,6758416.1%
      Little Elm, TX49,79212424.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.