McKinney 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.
IndexMcKinneyTexasNational
Cost of living index9790100
IndexMcKinneyTexasNational
Goods & Services index8594100
Groceries index8689100
Health care index10595100
Housing index11381100
Transportation index10193100
Utilities index9895100
Here we can see a simple outline of the cost of living in McKinney, TX. As you can see, with the average cost of living in McKinney, TX being 97, that puts it 9% higher than the average of Texas and 3% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of McKinney, TX, the price of goods and services are 9% lower than the average of Texas as well as 15% lower than the nation's average.

Did you know?

  • The cost of living in McKinney is 9% higher than the Texas average.
  • The cost of living in McKinney is 3% lower than the national average.
  • The cost of housing in McKinney is 13% 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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Salary Calculator

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Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Use the salary calculator to compare your current income in McKinney, TX to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of McKinney, TX, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the McKinney, TX salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$101,353$8,446$2,365$3,041
Renters$50,033$4,169$1,167$1,501
The affordability of the housing market in McKinney, 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 McKinney, TX homeowners, the median income is $101,353. This indicates that a monthly maximum of $2,365 should be spent by homeowners on all housing related costs. Renters have a median income of $50,033. This indicates that renters should have a maximum of $1,167 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%
When considering the overall cost of living expenses in McKinney, 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

ItemMcKinneyNational avg.Difference
Haircut $16.91$15.568.6%
Beauty Salon $31.54$36.1112.6%
Toothpaste $1.63$2.4734.1%
Shampoo $0.81$0.9615.9%
Movie $10.02$10.131.1%
Bowling $5.08$4.747.3%

Groceries

ItemMcKinneyNational avg.Difference
Ground Beef $3.16$3.9820.6%
Fried Chicken $0.90$1.4135.9%
Milk $1.63$2.0621.0%
Potatoes $2.83$2.985.1%
Pizza $8.96$9.475.5%
Beer $8.79$8.790.0%

Health Care

ItemMcKinneyNational avg.Difference
Optometrist $95.62$101.045.4%
Doctor $120.28$107.4412.0%
Dentist $94.43$90.424.4%
Ibuprofen $8.64$9.286.8%
Lipitor $445.61$426.504.5%

Housing

ItemMcKinneyNational avg.Difference
Home Price $192,900.00$175,700.009.8%
Avg. Mortgage Payment $1,150.90$1,133.231.6%
Apartment Rent $1,112.00$920.0020.9%

Transportation

ItemMcKinneyNational avg.Difference
Gasoline $1.85$1.997.2%
Tire Balancing $55.11$45.7620.4%

Utilities

ItemMcKinneyNational avg.Difference
All Electricity$160.65$163.811.9%
Phone $27.93$28.391.6%
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, StatePopulationCost of Living IndexNational Avg.
Westminster, TX70381-19%
Princeton, TX7,52086-14%
Anna, TX9,10890-10%
Bristol, TX34391-9%
The Colony, TX38,69092-8%
McKinney, TX144,06697-3%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Naperville, IL144,10812727%
Syracuse, NY144,64887-13%
Hollywood, FL145,1281022%
Mesquite, TX142,55296-4%
Lakewood, CO145,88011010%
McKinney, TX144,06697-3%
Source: The McKinney, TX cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.