A+
20%
Overall NAT. AVG.
10%
Goods & Services NAT. AVG.
52%
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 Vernon Texas National
Cost of living8092100
Goods & Services9096100
Groceries9596100
Health care9794100
Housing4883100
Transportation9492100
Utilities98104100

An Overview of Cost of Living in Vernon, TX

Getting a feel for the cost of living in Vernon is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Vernon is 80, which is 20% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

The cost of living in Vernon is highly regarded for its affordability, with everyday expenses well below the national average. Vernon is among the select few cities with a cost of living index at least 20% lower than the national average, showcasing its outstanding affordability compared to other areas.

Housing costs often consume a significant share of your take-home income, often surpassing 30%. Fortunately, Vernon distinguishes itself by reporting housing expenses that are 51.8% below the national average. This indicates that both owning a home and renting in this area are notably more budget-friendly compared to the rest of the nation. With such favorable housing affordability, residents of Vernon can allocate more of their income to housing, enhancing their financial flexibility.

Is Vernon Affordable?

Wondering if Vernon 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 Vernon, for example, the median home price is 62.4% lower than what folks pay nationally, and monthly rent is 27.1% lower than the usual rates. Plus, income levels matter too, with Vernon boasting a median household income of $43,315, which is 21.7% lower than the national average.

What Factors can Influence the Cost of Living in Vernon?

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Vernon, the housing index stands at 51.8% lower than the national average.

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 Vernon, the prevailing sales tax rate starts at 6.25%, and income tax rates kick off at 0%.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Vernon, the utilities index stands at 2.1% lower than the national average.

Where is the Data From?

The cost of living data in Vernon displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Vernon is 14% lower than the Texas average
  • The cost of living in Vernon is 20% lower than the national average
  • Vernon housing is 52% 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 Vernon

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Compare Vernon, TX Cost of Living

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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

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$47,005$3,917$1,097$1,410
      Renters$36,042$3,004$841$1,081
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Vernon, TX, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Vernon homeowners, is $47,005. This would allow for a maximum of $1,097 per month to be spent on housing costs. For renters, the median monthly income is $36,042 which would result in a maximum of $841 to be spent on rental costs.

      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 Vernon National avg. Difference
      Haircut $18.44$24.2624.0%
      Beauty Salon $40.04$45.5612.1%
      Toothpaste $3.53$3.704.6%
      Shampoo $1.24$1.283.3%
      Movie $11.19$12.137.7%
      Bowling $16.67$18.007.4%

      Groceries

      Item Vernon National avg. Difference
      Ground Beef $6.10$5.844.5%
      Fried Chicken $1.39$1.5711.6%
      Milk $4.54$4.672.8%
      Potatoes $4.93$4.930.1%
      Pizza $12.10$12.090.1%
      Beer $9.83$10.415.6%

      Health Care

      Item Vernon National avg. Difference
      Optometrist $119.30$125.685.1%
      Doctor $100.35$135.7826.1%
      Dentist $102.46$113.299.6%
      Ibuprofen $10.38$10.652.6%
      Lipitor $511.35$468.609.1%

      Housing

      Item Vernon National avg. Difference
      Home Price $69,400.00$184,700.0062.4%
      Avg. Mortgage Payment $2,086.56$2,346.6911.1%
      Apartment Rent $692.00$949.0027.1%

      Transportation

      Item Vernon National avg. Difference
      Gasoline $3.10$3.4610.5%
      Tire Balancing $62.19$59.923.8%

      Utilities

      Item Vernon National avg. Difference
      All Electricity $182.99$193.995.7%
      Phone $193.02$192.250.4%
      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.
      Davidson, OK2897426.3%
      Chillicothe, TX7717822.3%
      Vernon, TX10,0788020.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      St. Albans, WV10,0788911.0%
      Bernalillo, NM10,077954.8%
      Woodburn, VA10,08116262.3%
      Harrisonville, MO10,0849010.2%
      Española, NM10,071946.5%
      Vernon, TX10,0788020.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.