An Overview of Cost of Living in Irving, TX
Getting a feel for the cost of living in Irving 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 Irving is 107, which is 7% higher 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 Irving closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Irving can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.
What Do Locals Say About the Cost of Living in Irving?
The most insightful perspective on a city comes from its residents. We recently surveyed 17 locals to gauge their perception of the cost of living in Irving. The feedback revealed that 47% of respondents found the cost of living to be reasonable, with prices on the decline, while 53% regarded it as notably expensive with prices that continue to rise.
Is Irving Affordable?
Is Irving 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 Irving, for instance, where the median home price falls 6.4% higher than the national average, and monthly rent rates are 25.6% higher than usual. Additionally, median income levels contribute to the equation, with Irving flaunting a median household income of $66,567, 20.3% higher than the national norm.
What Factors can Influence the Cost of Living in Irving?
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Irving, the groceries index registers 0.1% higher than the national average.
Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Irving, the utilities index is 11.4% higher than the national average.
Where is the Data From?
The cost of living in Irving, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.