An Overview of Cost of Living in Plano, TX
Are you thinking about relocating, but curious about the potential cost of living in Plano? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Plano stands at 130, making it 30% 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 you're in pursuit of an economical living environment, Plano may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Plano falls within this bracket.
Housing costs are a very significant part of the Plano 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 75.3% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Plano goods and services are 20.6% more expensive than the national average, leaving you with less money at the end of the month.
What Do Locals Say About the Cost of Living in Plano?
The real experts on a city are its residents. That's why we reached out to 53 locals to get their views on the cost of living in Plano. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 45% found it budget-friendly with decreasing prices, while 55% said it's simply not affordable as prices have continued to rise.
Is Plano Affordable?
Wondering if Plano 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 Plano, for example, the median home price is 85.1% higher than what folks pay nationally, and monthly rent is 52.5% higher than the usual rates. Plus, income levels matter too, with Plano boasting a median household income of $96,348, which is 74.2% higher than the national average.
What Factors can Influence the Cost of Living in Plano?
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 Plano, healthcare costs are 9.8% higher than the national average.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Plano, the transportation index is 6.4% lower than the national average.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Plano, is 75.3% higher than the national average.
Where is the Data From?
The cost of living data in Plano displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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