An Overview of Cost of Living in Murphy, TX
Are you thinking about relocating, but curious about the potential cost of living in Murphy? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Murphy stands at 141, making it 41% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Murphy is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Murphy falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs are a very significant part of the Murphy cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 109.7% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Murphy, you you will have to spend 20.6% more than average when compared to the typical prices for these items, making it a more expensive place to live.
Is Murphy Affordable?
Wondering if Murphy is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Murphy, for example, the median home price is 102.5% higher than what folks pay nationally, and monthly rent is 126.6% higher than the usual rates. Plus, income levels matter too, with Murphy boasting a median household income of $140,828, which is 154.6% higher than the national average.
What Factors can Influence the Cost of Living in Murphy?
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Murphy, the utilities index registers at 15.1% higher than the national average.
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 Murphy, the groceries index registers 3% lower than the national average.
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Murphy, the baseline sales tax rate begins at 6.25%, and income tax rates start at 0%.
Where is the Data From?
The Murphy cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.