Wolfforth cost of living index

Displayed above is a general overview of the Wolfforth, TX cost of living index. The overall cost of living index in Wolfforth, TX is 93, which is 3% higher than the Texas average and 7% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Wolfforth, TX are 1% higher than the Texas average and 6% lower than the national average.

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Salary Calculator

Use the salary calculator to compare your current salary in Wolfforth, TX to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Wolfforth, TX, then you would need to earn more income in order to maintain the same standard of living. To use the Wolfforth, TX salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

The affordability of the housing market in Wolfforth, TX as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Wolfforth, TX homeowners, the median income is $88,265. This indicates that a monthly maximum of $2,059 should be spent by homeowners on all housing related costs. Renters have a median income of $48,005. This indicates that renters should have a maximum of $1,120 used for their rent related monthly costs.

Texas Sales Tax

Texas Income Tax

One thing to keep in mind when considering the cost of living in Wolfforth, TX is the Texas sales tax and Texas income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Texas sales tax rate is 6.25% and the maximum surtax that can be charged is 8.25%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Texas income tax rates range from 0% to 0%.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Wolfforth, TX cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.