So no matter where you decide to live, personal finance is the same. While there are a lot of differences between regions, states, and cities in the U.S., we all use the same financial system. If you want to live in the Lone Star State but without the hefty price tag, these are the most affordable cities in Texas: Texas is one of nine states that that doesn’t have them, a big reason some people choose to settle there. One expense you won’t have in Texas is individual income tax. Here are some of the most common monthly expenses broken down: The average monthly cost of living in Texas is $3,305, which is $39,661 per year. Compare that to Hawaii, which has the highest COL index at 193.3, and Mississippi, with the lowest COL index at 83.3. If the COL index is above 100, it’s more expensive than the national average.įor 2022, Texas’s COL index is 94.2, making it the 15th lowest COL state in the U.S. If a place has a COL index below 100, that means it’s less expensive than the national average. This number can tell you how expensive or inexpensive a place is in relation to the national average. Necessary expenses include:Ī good way to compare the COL between places is to look at the COL index. The state with the highest cost of living is Hawaii, and the lowest is Mississippi.Ĭost of living represents the amount of money needed to cover necessary expenses to maintain a certain standard of living in a particular place and time. Like a lot of things, the cost of living varies between states. We’ll explain what cost of living (COL) is, some common monthly expenses, and where you can find the lowest COL in Texas. So we thought it would be helpful to take a look at the average monthly cost of living in Texas. It’s estimated that nearly two million immigrants call Texas home.Īnd while Texas may be a gateway to other states, many of the newly arrived choose to make the Lone Star State their new home. Texas shares a border with Mexico, so it’s no surprise that the state has a significant population of immigrants from its neighboring country and others.
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