Plano, Texas Cost Of Living

Buy Rent

F

14%

Overall NAT. AVG.

16%

Goods & Services NAT. AVG.

32%

Housing NAT. AVG.

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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	Plano	Texas	National
Cost of living	114	92	100
Goods & Services	116	97	100
Groceries	95	91	100
Health care	82	95	100
Housing	132	83	100
Transportation	94	94	100
Utilities	114	103	100

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Key findings

The cost of living in Plano is 24% higher than the Texas average
The cost of living in Plano is 14% higher than the national average
Plano housing is 32% higher 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	$111,693	$9,308	$2,606	$3,351
Renters	$55,699	$4,642	$1,300	$1,671

A good way to judge both the affordability of the housing and the cost of living in Plano is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Plano has a median income of about $111,693 for people who own homes. Based on that number, a maximum of $2,606 should be spent on expenses related to housing. Renters have a slightly different median income, which is $55,699. Based on this average, renters should spend no more than $1,300 on all rental costs if they want to maintain a non-impoverished standard of living.

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	Plano	National avg.	Difference
Haircut	$18.50	$20.27	8.7%
Beauty Salon	$66.42	$40.39	64.4%
Toothpaste	$1.84	$2.36	22.0%
Shampoo	$1.41	$1.08	31.0%
Movie	$12.46	$10.99	13.4%
Bowling	$20.00	$15.49	29.1%

Groceries

Item	Plano	National avg.	Difference
Ground Beef	$3.97	$4.30	7.6%
Fried Chicken	$1.22	$1.40	13.1%
Milk	$1.88	$2.20	14.7%
Potatoes	$2.92	$3.22	9.2%
Pizza	$11.72	$10.74	9.2%
Beer	$10.15	$9.60	5.8%

Health Care

Item	Plano	National avg.	Difference
Optometrist	$123.89	$109.73	12.9%
Doctor	$69.33	$118.34	41.4%
Dentist	$90.70	$100.94	10.1%
Ibuprofen	$9.43	$9.93	5.1%
Lipitor	$336.15	$469.53	28.4%

Housing

Item	Plano	National avg.	Difference
Home Price	$248,800.00	$184,700.00	34.7%
Avg. Mortgage Payment	$1,607.02	$1,229.62	30.7%
Apartment Rent	$1,196.00	$949.00	26.0%

Transportation

Item	Plano	National avg.	Difference
Gasoline	$2.48	$2.71	8.6%
Tire Balancing	$50.31	$51.86	3.0%

Utilities

Item	Plano	National avg.	Difference
All Electricity	$211.35	$170.84	23.7%
Phone	$188.86	$187.18	0.9%

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.
Horseshoe Bend, TX	748	79	21.5%
St. Paul CDP, TX	594	86	13.6%
Bristol, TX	372	95	5.5%
Garland, TX	234,810	98	2.2%
Princeton, TX	8,278	99	0.9%
Plano, TX	279,088	114	14.4%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Newark, NJ	280,139	111	11.0%
Henderson, NV	277,872	109	9.4%
Toledo, OH	280,854	84	16.4%
Saskatoon, SK	281,340	n/a
Greensboro, NC	282,177	90	9.5%
Plano, TX	279,088	114	14.4%

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; this is the most current data available.