Mineral Wells 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.
IndexMineral WellsTexasNational
Cost of living index8990100
IndexMineral WellsTexasNational
Goods & Services index11394100
Groceries index9289100
Health care index9895100
Housing index5181100
Transportation index10393100
Utilities index9895100
A general overview of the cost of living index for Mineral Wells, TX is displayed above. In Mineral Wells, TX, the overall cost of living index is 89, which is 1% lower than the Texas average and 11% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Mineral Wells, TX, the city's goods and services are 20% higher than the Texas average and 13% higher than the U.S. average.

Did you know?

  • The cost of living in Mineral Wells is 1% lower than the Texas average.
  • The cost of living in Mineral Wells is 11% lower than the national average.
  • The cost of housing in Mineral Wells is 49% 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 Mineral Wells, TX Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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The salary calculator is used in order to provide a comparison of your current salary in Mineral Wells, TX to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Mineral Wells, TX, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Mineral Wells, TX salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$44,239$3,687$1,032$1,327
Renters$25,127$2,094$586$754
If you want to find a good determining factor for the cost of living and the general affordability of housing in Mineral Wells, 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 Mineral Wells, TX, the median monthly income is $44,239 for those who own their own homes. Under the standard rule, that income level would allow for $1,032 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $25,127, per the median income in the area. That would allow for renters to spend up to $586 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%
For those who live in Mineral Wells, TX and want to know what the true cost of living is, they ought to look at both the Texas income tax rate and the Texas sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Texas, the sales tax is 6.25%, while the most you'll pay in surtax is 8.25%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Texas, the income tax rate ranges between 0% to 0%.

Goods & Services

ItemMineral WellsNational avg.Difference
Haircut $20.20$15.5629.8%
Beauty Salon $53.87$36.1149.2%
Toothpaste $2.28$2.477.8%
Shampoo $0.85$0.9611.9%
Movie $10.48$10.133.5%
Bowling $9.19$4.7494.0%

Groceries

ItemMineral WellsNational avg.Difference
Ground Beef $3.53$3.9811.3%
Fried Chicken $1.15$1.4118.0%
Milk $1.66$2.0619.4%
Potatoes $2.79$2.986.6%
Pizza $9.15$9.473.4%
Beer $9.17$8.794.2%

Health Care

ItemMineral WellsNational avg.Difference
Optometrist $81.35$101.0419.5%
Doctor $102.94$107.444.2%
Dentist $89.92$90.420.6%
Ibuprofen $8.36$9.289.9%
Lipitor $450.98$426.505.7%

Housing

ItemMineral WellsNational avg.Difference
Home Price $70,800.00$175,700.0059.7%
Avg. Mortgage Payment $895.60$1,133.2321.0%
Apartment Rent $700.00$920.0023.9%

Transportation

ItemMineral WellsNational avg.Difference
Gasoline $1.93$1.993.1%
Tire Balancing $54.04$45.7618.1%

Utilities

ItemMineral WellsNational avg.Difference
All Electricity$167.30$163.812.1%
Phone $26.67$28.396.0%
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.
Cool, TX21286-14%
Millsap, TX40887-13%
Graford, TX74688-12%
Palo Pinto, TX28689-11%
Mineral Wells, TX16,59389-11%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Tifton, GA16,58990-10%
Springfield, TN16,59892-8%
Wolf Trap, VA16,57719393%
White Settlement, TX16,57190-10%
Pecan Grove, TX16,6191000%
Mineral Wells, TX16,59389-11%
Source: The Mineral Wells, TX cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.