What Is the Cost of Living in Texas?
Home to the world-famous Alamo mission, Texas is a land of varying landscapes. From towns which are the business hub of the world to places where wages are at a rock-bottom level, Texas has it all. One looks for an expert’s financial advice before investing in any kind of property. Let us help you with that.
Having a varied landscape in terms of the cost of living, here are a few facts you should know before deciding to make the big move:
The average price of Texan home is low as compared to those in the States but is steadily on the rise since the past few years. If you are on a tight budget, chances are that you will not be able to book a property in the coming years in major towns across the state.
Rent Across Texas
For those who are looking for renting a property rather than owning one, the Texan real estate market is favorable. With prices less than the national average, their financial advice would be for you to rent a property if you are not looking for settling in the area.
Availability of Utilities
With something for every type of consumer, the Texan market is distributed between deregulated and monopolistic competitors who have captured markets of their own.
Food and Edibles
From the famous Tex-Mex to barbequed chicken, Texan recipes are famous all over the world. Similar to other states, the food cost for a person varies depending upon his location within the state and the size of their family. It is estimated that an average person would spend somewhere around $3000 on food for himself.
Surprisingly, the cost of primitive healthcare is consistent across the state of Texas. Even the difference between highly industrialized states like Austin and rural cities like El Paso is not more than $20.
Texas is a state income tax-free country. But like other states, they have a considerately high property tax which ranges from 1.9% – 2%.
Although the minimum wage in Texas is the same as the authorized federal minimum wage, the wage required to make a living in the state is higher than this minimum wage.
To help with people’s financial situation, the government of Texas has made sure to establish a reliable banking system which can offer loans at considerate interest rates to people who are looking for permanent or temporary residence in the city.
However, you can always talk to a consultant who can understand your situation and help you make a purchase without affecting your financial situation adversely. If you have got your goal narrowed down, it will be easier for them to help you make a choice.
So, purchasing or renting a property in Texas can be easy, given your readiness. However, one should also consider the living cost in the area before closing a deal. Stay focused on your goals, and your dream home might just be around the corner.