Laredo cost of living index

A general summary of the cost of living index in Laredo, TX is shown above. Compared to the state average of Texas the cost of living index in Laredo, TX is 77, which is 15% lower than the average in Texas and compared to the national average it is 23% lower than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Laredo, TX goods and services come in at 16% lower than the average in Texas and are 22% lower than compared to the nationwide average.

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Salary Calculator

The salary calculator is meant to help you compare your salary in Laredo, TX to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Laredo, TX, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Laredo, TX salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Laredo, TX, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Laredo, TX has a median income of about $52,692 for people who own homes. Based on that number, a person should spend a maximum of $1,229 on expenses related to housing. Renters have a slightly different median income, which is $22,867. Based on this average, renters should spend no more than $534 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Texas Sales Tax

Texas Income Tax

When considering the overall cost of living expenses in Laredo, TX, it's important to take into account the sales tax for Texas, as well as the rate for income tax in Texas. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Texas is 8.25%, and the sales tax in the state of Texas is 6.25%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Texas starts from 0% and goes up to 0%.

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 Laredo, TX cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.