Mineral Wells, Texas Cost Of Living

Buy Rent

B+

Overall 13%

Goods & Services 5%

Housing 48%

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; 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	Mineral Wells	Texas	National
Cost of living	87	92	100
Goods & Services	105	97	100
Groceries	100	91	100
Health care	96	95	100
Housing	52	83	100
Transportation	93	94	100
Utilities	110	103	100

Key findings

The cost of living in Mineral Wells is 5% lower than the Texas average
The cost of living in Mineral Wells is 13% lower than the national average
Mineral Wells housing is 48% lower than the national average
Texas general sales tax is 23% higher than the national average
Texas state income tax is 100% lower than the national average

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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	$47,541	$3,962	$1,109	$1,426
Renters	$24,816	$2,068	$579	$745

A good indicator of the general affordability of housing in Mineral Wells, TX, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Mineral Wells, the median monthly income is $47,541 for those who own their own homes. Under the standard rule, that income level would allow for $1,109 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $24,816, per the median income in the area. That would allow for renters to spend up to $579 on monthly rental expenses.

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	Mineral Wells	National avg.	Difference
Haircut	$29.60	$20.27	46.0%
Beauty Salon	$63.06	$40.39	56.1%
Toothpaste	$2.16	$2.36	8.4%
Shampoo	$1.26	$1.08	17.1%
Movie	$11.00	$10.99	0.1%
Bowling	$19.20	$15.49	23.9%

Groceries

Item	Mineral Wells	National avg.	Difference
Ground Beef	$4.55	$4.30	5.9%
Fried Chicken	$1.45	$1.40	3.9%
Milk	$2.01	$2.20	8.6%
Potatoes	$3.19	$3.22	0.9%
Pizza	$10.15	$10.74	5.5%
Beer	$9.56	$9.60	0.4%

Health Care

Item	Mineral Wells	National avg.	Difference
Optometrist	$97.41	$109.73	11.2%
Doctor	$92.61	$118.34	21.7%
Dentist	$106.16	$100.94	5.2%
Ibuprofen	$9.92	$9.93	0.1%
Lipitor	$468.95	$469.53	0.1%

Housing

Item	Mineral Wells	National avg.	Difference
Home Price	$77,600.00	$184,700.00	58.0%
Avg. Mortgage Payment	$939.06	$1,229.62	23.6%
Apartment Rent	$725.00	$949.00	23.6%

Transportation

Item	Mineral Wells	National avg.	Difference
Gasoline	$2.45	$2.71	9.7%
Tire Balancing	$50.46	$51.86	2.7%

Utilities

Item	Mineral Wells	National avg.	Difference
All Electricity	$201.01	$170.84	17.7%
Phone	$188.11	$187.18	0.5%

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.
Graford, TX	643	85	15.2%
Palo Pinto, TX	225	86	13.6%
Millsap, TX	356	88	12.4%
Cool, TX	244	98	1.9%
Mineral Wells, TX	15,691	87	12.7%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
La Grange, IL	15,688	137	37.2%
Elkton, MD	15,687	110	10.0%
Conyers, GA	15,682	92	8.1%
Seagoville, TX	15,701	90	9.5%
West Hants, NS	15,678	n/a
Mineral Wells, TX	15,691	87	12.7%

Source: This data reflects 2021 and was released from C2ER in January, 2022; this is the most current data available.