Sherman 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.
IndexShermanTexasNational
Cost of living index8291100
IndexShermanTexasNational
Goods & Services index8997100
Groceries index9190100
Health care index8796100
Housing index6581100
Transportation index10495100
Utilities index8194100
Displayed above is a general overview of the Sherman, TX cost of living index. The overall cost of living index in Sherman, TX is 82, which is 9% lower than the Texas average and 18% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Sherman, TX are 9% lower than the Texas average and 12% lower than the national average.

Did you know?

  • The cost of living in Sherman is 9% lower than the Texas average.
  • The cost of living in Sherman is 18% lower than the national average.
  • The cost of housing in Sherman is 35% 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 Sherman, 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
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Using the salary calculator lets you compare the salary you earn in Sherman, TX to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Sherman, TX, you have to earn a higher income in order to still have the same standard of living. To operate the Sherman, TX salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$51,541$4,295$1,203$1,546
Renters$32,143$2,679$750$964
The affordability of the housing market in Sherman, 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 Sherman, TX homeowners, the median income is $51,541. This indicates that a monthly maximum of $1,203 should be spent by homeowners on all housing related costs. Renters have a median income of $32,143. This indicates that renters should have a maximum of $750 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 you are determining the total cost of living in Sherman, TX you will want to make sure you consider both the Texas sales tax and the Texas income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Texas is 6.25%, with the highest surtax being 8.25%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Texas have a range from 0% to 0%.

Goods & Services

ItemShermanNational avg.Difference
Haircut $12.50$14.5914.3%
Beauty Salon $23.50$34.6832.2%
Toothpaste $2.39$2.473.4%
Shampoo $1.09$1.026.7%
Movie $8.75$9.8711.3%
Bowling $4.00$4.398.9%

Groceries

ItemShermanNational avg.Difference
Ground Beef $3.60$4.4819.6%
Fried Chicken $1.08$1.4626.2%
Milk $3.36$2.3642.6%
Potatoes $3.30$3.067.8%
Pizza $9.99$9.248.1%
Beer $8.50$8.631.5%

Health Care

ItemShermanNational avg.Difference
Optometrist $85.00$99.7814.8%
Doctor $85.00$105.0319.1%
Dentist $75.00$88.7015.4%
Ibuprofen $9.59$9.411.9%
Lipitor $272.49$298.508.7%

Housing

ItemShermanNational avg.Difference
Home Price $96,200.00$175,700.0045.2%
Avg. Mortgage Payment $815.00$1,081.0324.6%
Apartment Rent $807.00$920.0012.3%

Transportation

ItemShermanNational avg.Difference
Gasoline $2.00$2.094.4%
Tire Balancing $58.00$45.2928.1%

Utilities

ItemShermanNational avg.Difference
All Electricity$129.85$170.8024.0%
Phone $24.95$28.2611.7%
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.
Hendrix, OK6771-29%
Knollwood, TX36474-26%
Achille, OK49375-25%
Sadler, TX37976-24%
Savoy, TX54277-23%
Sherman, TX39,11982-18%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Bozeman, MT39,1231088%
Lancaster, OH39,10586-14%
Marlborough, MA39,14113535%
North Fort Myers, FL39,14388-12%
Brentwood, TN39,05914747%
Sherman, TX39,11982-18%
Source: The Sherman, TX cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.