| Index | McKinney | Texas | National |
| Cost of living | 121 | 94 | 100 |
| Groceries | 100 | 98 | 100 |
| Health care | 99 | 98 | 100 |
| Housing | 171 | 83 | 100 |
| Transportation | 95 | 98 | 100 |
| Utilities | 108 | 103 | 100 |
| Lifestyle & Entertainment | 100 | 98 | 100 |
| Household Items | 100 | 98 | 100 |
| Education & Childcare | 93 | 98 | 100 |
Knowing the cost of living in McKinney allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in McKinney stands at 121, marking it 21% higher than the national average.
The cost of living in McKinney is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, McKinney falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs make up a big chunk of the cost of living in McKinney, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 70.8% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
The most insightful perspective on a city comes from its residents. We recently surveyed 27 locals to gauge their perception of the cost of living in McKinney. The feedback revealed that 48% of respondents found the cost of living to be reasonable, with prices on the decline, while 52% regarded it as notably expensive with prices that continue to rise.
Is McKinney an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in McKinney, the median home price is 79.3% higher than what most folks pay across the country, and monthly rent prices are 50.8% higher than the usual rates. Income levels in McKinney come in at $149,442, which is 83.7% higher than the national average.
Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including 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 offering fewer subsidies may experience a rise in their cost of living.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In McKinney, the transportation index is 5.3% lower than the national average.
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In McKinney, healthcare costs are 0.6% lower than the national average.
The McKinney cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $189,924 | $15,827 | $4,431 | $5,698 |
| Renters | $89,245 | $7,437 | $2,082 | $2,678 |
| State | General Sales Tax | With Max Surtax |
| Texas | 6.25% | 8.25% |
| State | Income Tax (Low) | Income Tax (High) |
| Texas | 0% | 0% |
| City | Population | Cost of Living Index | National Avg. |
| Bristol, TX | 462 | 99 | 1.1% |
| St. Paul CDP, TX | 608 | 80 | 19.8% |
| St. Paul, TX | 1,407 | 80 | 19.7% |
| Westminster, TX | 786 | 98 | 2.2% |
| Princeton, TX | 12,578 | 107 | 6.6% |
| McKinney, TX | 195,852 | 121 | 20.6% |
| City | Population | Cost of Living Index | National Avg. |
| Frisco, TX | 195,310 | 132 | 32.2% |
| Cape Coral, FL | 194,835 | 114 | 13.5% |
| Shreveport, LA | 197,125 | 95 | 5.3% |
| Mobile, AL | 197,324 | 91 | 8.8% |
| Burlington, ON | 197,435 | n/a | |
| McKinney, TX | 195,852 | 121 | 20.6% |
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