A
7%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
12%
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 DeSoto Texas National
Cost of living10792100
Goods & Services10896100
Groceries10096100
Health care10894100
Housing11283100
Transportation8992100
Utilities111104100

An Overview of Cost of Living in DeSoto, TX

The cost of living in DeSoto affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in DeSoto is 107, which is 7% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

In DeSoto, 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 DeSoto will resemble that of an average city, contributing to a manageable cost of living.

What Do Locals Say About the Cost of Living in DeSoto?

Nobody knows their city better than the people who actually live there. So, we asked 24 local residents how they would rate the cost of living in DeSoto and this is how they responded. 58% of people said that the cost of living was affordable, with prices decreasing, while 42% of people said that the cost of living was very expensive and prices continue to rise.

Is DeSoto Affordable?

Is DeSoto affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take DeSoto, for instance, where the median home price falls 6.1% higher than the national average, and monthly rent rates are 27.3% higher than usual. Additionally, median income levels contribute to the equation, with DeSoto flaunting a median household income of $71,124, 28.6% higher than the national norm.

What Factors can Influence the Cost of Living in DeSoto?

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In DeSoto, the transportation index is 11.4% lower than the national average.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In DeSoto, healthcare costs are 8.3% higher than the national average.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Where is the Data From?

The DeSoto 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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Cost Of Living Quick Facts

  • The cost of living in DeSoto is 15% higher than the Texas average
  • The cost of living in DeSoto is 7% higher than the national average
  • DeSoto housing is 12% higher 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 DeSoto

See all the best places to live around DeSoto

Compare DeSoto, 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$88,660$7,388$2,069$2,660
      Renters$42,416$3,535$990$1,273
      A good indicator of the general affordability of housing in DeSoto, 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 DeSoto, the median monthly income is $88,660 for those who own their own homes. Under the standard rule, that income level would allow for $2,069 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $42,416, per the median income in the area. That would allow for renters to spend up to $990 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 DeSoto 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 DeSoto 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 DeSoto 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 DeSoto National avg. Difference
      Home Price $195,900.00$184,700.006.1%
      Avg. Mortgage Payment $2,258.00$2,346.693.8%
      Apartment Rent $1,208.00$949.0027.3%

      Transportation

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

      Utilities

      Item DeSoto 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.
      Wilmer, TX4,698909.9%
      Hutchins, TX5,804928.1%
      Cockrell Hill, TX4,200936.9%
      Palmer, TX2,540963.9%
      Balch Springs, TX25,123963.7%
      DeSoto, TX53,1701076.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Wheaton, IL53,15712727.2%
      St. Cloud, FL53,1321044.4%
      Palm Desert, CA53,08713433.7%
      Hoboken, NJ53,28319291.9%
      Brandon, MB53,334n/a 
      DeSoto, TX53,1701076.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.