A+
18%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
42%
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 Hereford Texas National
Cost of living8292100
Goods & Services9296100
Groceries9496100
Health care8494100
Housing5883100
Transportation9292100
Utilities97104100

An Overview of Cost of Living in Hereford, TX

Getting a feel for the cost of living in Hereford 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 Hereford is 82, which is 18% 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.

Housing costs often consume a significant share of your take-home income, often surpassing 30%. Fortunately, Hereford distinguishes itself by reporting housing expenses that are 42.2% 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 Hereford can allocate more of their income to housing, enhancing their financial flexibility.

Is Hereford Affordable?

Is Hereford 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 Hereford is 52.1% lower than the national average, while the average monthly rent prices are 19.1% lower than average. The affordability of any location can also be influenced by median income levels. Hereford has a median household income of $46,961, which is 15.1% lower than the national average.

What Factors can Influence the Cost of Living in Hereford?

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 Hereford, the utilities index stands at 3.1% lower than the national average.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Hereford, healthcare costs are 15.9% lower than the national average.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Hereford, the transportation index is 8.4% lower than the national average.

Where is the Data From?

The cost of living data in Hereford 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 Hereford is 11% lower than the Texas average
  • The cost of living in Hereford is 18% lower than the national average
  • Hereford housing is 42% 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 Hereford

See all the best places to live around Hereford

Compare Hereford, 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$51,022$4,252$1,190$1,531
      Renters$44,556$3,713$1,040$1,337
      To approximate the cost of living and the housing affordability in Hereford, TX, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Hereford have a median income of $51,022. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,190 per month to avoid calamity and poverty. The renters in the city have an income of about $44,556, which would make their monthly maximum allowable rental costs $1,040.

      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 Hereford National avg. Difference
      Haircut $28.33$24.2616.8%
      Beauty Salon $49.67$45.569.0%
      Toothpaste $3.63$3.702.0%
      Shampoo $1.25$1.282.6%
      Movie $10.19$12.1316.0%
      Bowling $16.11$18.0010.5%

      Groceries

      Item Hereford National avg. Difference
      Ground Beef $5.84$5.840.1%
      Fried Chicken $1.32$1.5716.1%
      Milk $4.51$4.673.5%
      Potatoes $4.15$4.9315.9%
      Pizza $10.10$12.0916.4%
      Beer $9.99$10.414.0%

      Health Care

      Item Hereford National avg. Difference
      Optometrist $77.00$125.6838.7%
      Doctor $114.00$135.7816.0%
      Dentist $91.00$113.2919.7%
      Ibuprofen $10.21$10.654.1%
      Lipitor $450.42$468.603.9%

      Housing

      Item Hereford National avg. Difference
      Home Price $88,500.00$184,700.0052.1%
      Avg. Mortgage Payment $1,449.46$2,346.6938.2%
      Apartment Rent $768.00$949.0019.1%

      Transportation

      Item Hereford National avg. Difference
      Gasoline $3.19$3.467.7%
      Tire Balancing $54.00$59.929.9%

      Utilities

      Item Hereford National avg. Difference
      All Electricity $173.26$193.9910.7%
      Phone $209.24$192.258.8%
      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.
      Hereford, TX14,6928217.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Callaway, FL14,691955.4%
      Mount Washington, KY14,699972.7%
      Carthage, MO14,6998316.8%
      Hampton Bays, NY14,68415352.7%
      Lynden, WA14,70013433.8%
      Hereford, TX14,6928217.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.