Richardson 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.
IndexRichardsonTexasNational
Cost of living index9790100
IndexRichardsonTexasNational
Goods & Services index8594100
Groceries index8689100
Health care index10595100
Housing index11181100
Transportation index10193100
Utilities index9895100
Here we can see a simple outline of the cost of living in Richardson, TX. As you can see, with the average cost of living in Richardson, TX being 97, that puts it 8% 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 Richardson, 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 Richardson is 8% higher than the Texas average.
  • The cost of living in Richardson is 3% lower than the national average.
  • The cost of housing in Richardson is 11% 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.

Find Real Estate Listings In Richardson

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Richardson

Compare Richardson, TX Cost of living To Other Cities

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
Use the salary calculator to compare your current salary in Richardson, 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 Richardson, TX, then you would need to earn more income in order to maintain the same standard of living. To use the Richardson, 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$94,219$7,852$2,198$2,827
Renters$47,577$3,965$1,110$1,427
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Richardson, TX, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Richardson, TX has a median income of about $94,219 for people who own homes. Based on that number, a person should spend a maximum of $2,198 on expenses related to housing. Renters have a slightly different median income, which is $47,577. Based on this average, renters should spend no more than $1,110 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Texas Sales Tax

StateGeneral Sales TaxWith Max Surtax
Texas6.25%8.25%

Texas Income Tax

StateIncome Tax (Low)Income Tax (High)
Texas0%0%
When assessing the complete cost of living in Richardson, TX, the Texas income tax and the Texas sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Texas maximum surtax is 8.25%, and the Texas sales tax is 6.25%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 0% to 0% in Texas.

Goods & Services

ItemRichardsonNational 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

ItemRichardsonNational 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

ItemRichardsonNational 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

ItemRichardsonNational avg.Difference
Home Price $190,400.00$175,700.008.4%
Avg. Mortgage Payment $1,150.90$1,133.231.6%
Apartment Rent $1,081.00$920.0017.5%

Transportation

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

Utilities

ItemRichardsonNational 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.
Horseshoe Bend, TX70380-20%
Cockrell Hill, TX4,26792-8%
Mesquite, TX142,55296-4%
Garland, TX232,30597-3%
Dallas, TX1,240,98597-3%
Richardson, TX103,75297-3%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Daly City, CA103,89716868%
Centennial, CO104,21312020%
Pompano Beach, FL103,2341000%
Palm Bay, FL104,34294-6%
Burbank, CA104,48416060%
Richardson, TX103,75297-3%
Source: The Richardson, TX cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.