A+
7%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
33%
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 Mineral Wells Texas National
Cost of living9392100
Goods & Services10896100
Groceries10096100
Health care10894100
Housing6783100
Transportation8992100
Utilities111104100

An Overview of Cost of Living in Mineral Wells, TX

Understanding the cost of living in Mineral Wells can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Mineral Wells cost of living index is 93, which is 7% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

In Mineral Wells, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Mineral Wells will resemble that of an average city, contributing to a manageable cost of living.

Is Mineral Wells Affordable?

Wondering if Mineral Wells is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Mineral Wells, for example, the median home price is 42.9% lower than what folks pay nationally, and monthly rent is 11.5% lower than the usual rates. Plus, income levels matter too, with Mineral Wells boasting a median household income of $52,038, which is 5.9% lower than the national average.

What Factors can Influence the Cost of Living in Mineral Wells?

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Mineral Wells, the prevailing sales tax rate starts at 6.25%, and income tax rates kick off at 0%.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Mineral Wells, the utilities index is 11.4% higher than the national average.

Where is the Data From?

The cost of living in Mineral Wells, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Mineral Wells is 1% higher than the Texas average
  • The cost of living in Mineral Wells is 7% lower than the national average
  • Mineral Wells housing is 33% lower 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 Mineral Wells

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Compare Mineral Wells, 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$61,604$5,134$1,437$1,848
      Renters$45,000$3,750$1,050$1,350
      A good indicator of the general affordability of housing in Mineral Wells, TX, 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, the median monthly income is $61,604 for those who own their own homes. Under the standard rule, that income level would allow for $1,437 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $45,000, per the median income in the area. That would allow for renters to spend up to $1,050 on monthly rental expenses.

      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 Mineral Wells National avg. Difference
      Haircut $33.29$24.2637.2%
      Beauty Salon $65.85$45.5644.5%
      Toothpaste $3.57$3.703.6%
      Shampoo $1.30$1.281.3%
      Movie $14.60$12.1320.3%
      Bowling $24.53$18.0036.3%

      Groceries

      Item Mineral Wells National avg. Difference
      Ground Beef $5.23$5.8410.4%
      Fried Chicken $1.74$1.5710.8%
      Milk $4.65$4.670.5%
      Potatoes $4.93$4.930.0%
      Pizza $11.30$12.096.5%
      Beer $10.93$10.415.0%

      Health Care

      Item Mineral Wells National avg. Difference
      Optometrist $143.73$125.6814.4%
      Doctor $140.69$135.783.6%
      Dentist $130.53$113.2915.2%
      Ibuprofen $10.62$10.650.3%
      Lipitor $499.87$468.606.7%

      Housing

      Item Mineral Wells National avg. Difference
      Home Price $105,500.00$184,700.0042.9%
      Avg. Mortgage Payment $2,258.00$2,346.693.8%
      Apartment Rent $840.00$949.0011.5%

      Transportation

      Item Mineral Wells National avg. Difference
      Gasoline $3.09$3.4610.7%
      Tire Balancing $52.04$59.9213.2%

      Utilities

      Item Mineral Wells National avg. Difference
      All Electricity $219.02$193.9912.9%
      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.
      Palo Pinto, TX1748019.5%
      Graford, TX6899010.2%
      Millsap, TX305946.2%
      Cool, TX150991.2%
      Mineral Wells, TX15,130937.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Henderson, NC15,1278416.3%
      Weston, WI15,1399010.4%
      Laurinburg, NC15,1188812.1%
      New Cassel, NY15,14414241.9%
      Hollins, VA15,113982.1%
      Mineral Wells, TX15,130937.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.