A Favorable cost of Living Affords Major Advantages for The Heart of Texas
The Heart of Texas Region is an extremely affordable place to do business, to live and to visit. The Cost of Living in the Heart of Texas area is below the state and national averages, both in the Waco Metropolitan Statistical Area and throughout the smaller, more rural communities and unincorporated areas. According to BestPlaces, the Heart of Texas’ largest city, Waco has an Overall Cost of Living Rating of 77. The Index is based on a number of factors, such as Housing, Healthcare and other factors.
Additionally, the Cost of Living in the Heart of Region is extremely favorable versus comparable cities of Cleburne (91.9), College Station (92.8), Waxahachie (102.9) and Austin (119.3) have more expensive ratings.
| Cost of Living | Waco | Texas | USA |
|---|---|---|---|
| Overall | 77 | 93.9 | 100 |
| Grocery | 92.7 | 93.7 | 100 |
| Health | 92.3 | 95.4 | 100 |
| Housing | 50.3 | 84.3 | 100 |
| Utilities | 97.9 | 99.2 | 100 |
| Transportation | 76.4 | 103.3 | 100 |
| Misc. Spending | 93.3 | 96.4 | 100 |
Source: BestPlaces
| Location | Cost of Living |
|---|---|
| U.S. | 100 |
| Texas | 93.9 |
| Bosque County | 82.9 |
| Falls County | 75 |
| Freestone County | 79 |
| Hill County | 76.6 |
| Limestone County | 76.1 |
| McLennan County | 81.7 |
| Waco | 77 |
| Austin | 119.3 |
| Cleburne | 91.9 |
| College Station | 98.8 |
| Waxahachie | 102.9 |
Source: BestPlaces
Common Heart of Region Expenses
Housing
The median home cost in Waco is $116,267, according to BestPlaces, compared to $195,000 for Texas and $231,200 for the entire U.S.
Taxes
(Source: Tax Foundation)
- Texas does not have an individual income tax
- 7.6% average State and Local Tax Burden
- 6.25% State Sales Tax Rate
- 1.94% Average Local Sales Tax Rate
Transportation
Per Payscale, transportation prices are 3% lower than the national average.
Groceries
Per Payscale, grocery prices in Waco are 17% lower than the national average.
Utilities
According to Electricity Local, residential electricity rates in Waco are approximately 7.65% less than the Texas average and 14.65% less than the national average. Commercial electricity rates in Waco are approximately 11.76% greater than the Texas average but 9.61% less than the national average. Industrial electricity rates in Waco are approximately 1.44% less than the Texas average and 17.69% less than the national average.