An Overview of Cost of Living in Wylie, TX
Understanding the cost of living in Wylie 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 Wylie cost of living index is 121, which is 21% higher 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.
If you prioritize affordability when seeking a new place to live, Wylie may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Wylie falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs are a very significant part of the Wylie cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 46% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Wylie goods and services are 20.6% more expensive than the national average, leaving you with less money at the end of the month.
Is Wylie Affordable?
Is Wylie an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Wylie is 37% higher than the national average, while the average monthly rent prices are 67% higher than average. The affordability of any location can also be influenced by median income levels. Wylie has a median household income of $98,484, which is 78% higher than the national average.
What Factors can Influence the Cost of Living in Wylie?
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Wylie, the baseline sales tax rate begins at 6.25%, and income tax rates start at 0%.
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 Wylie, the housing index stands at 46% higher than the national average.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Wylie, the groceries index is 3% lower than the national average.
Where is the Data From?
The Wylie cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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