El Paso cost of living index

Here we can see a simple outline of the cost of living in El Paso, TX. As you can see, with the average cost of living in El Paso, TX being 85, that puts it 6% lower than the average of Texas and 15% 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 El Paso, TX, the price of goods and services are 3% lower than the average of Texas as well as 10% lower than the nation's average.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in El Paso, 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 El Paso, TX, you have to earn a higher income in order to still have the same standard of living. To operate the El Paso, 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

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in El Paso, 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 El Paso, TX homeowners, is $56,192. This would allow for a maximum of $1,311 per month to be spent on housing costs. For renters, the median monthly income is $28,709 which would result in a maximum of $670 to be spent on rental costs.

Texas Sales Tax

Texas Income Tax

When assessing the complete cost of living in El Paso, 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

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The El Paso, TX cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.