What is Cost of Living?
Cost of living is a measure of how much it costs for a person to maintain a certain standard of living in a particular area. Given that the cost of housing, food, transportation, health care, taxes, and other necessities across the country varies, this type of information is helpful in comparing the cost of living in one place relative to another, especially if you are considering moving to another city or state.
Places with higher costs of living typically have strong economic conditions which help offset some of the high costs with high incomes and low unemployment. Housing costs are the leading driver of living expenses, often accounting for 20% or more of total living expenses in any location. In Fort Bend County, Texas, the monthly cost of living is $3,480, and the unemployment rate is 4%. Monthly housing costs in this county total $1,005, which is 28.9% of total expenses. Median household income is $93,645 ($7,804 per month). Fort Bend County is included in the Houston–The Woodlands–Sugar Land Metropolitan Statistical Area, and is one of the fastest growing counties in the nation.
2020 Cost of Living Index in Fort Bend, TX
The cost of living index is a theoretical price index that measures the relative cost of living in a particular location over a specific period of time. When comparing the cost of living index of two or more places, the primary location’s indexes are always set at 100, while the indexes for the other location/s that are being compared to it may be higher or lower, depending on the actual costs of the basic goods and services in these places.
|COST OF LIVING||Fort Bend||Texas||USA
If you are considering relocating to Fort Bend and would like to know whether your expected income will suffice based on the cost of goods and services in this county, the table below shows useful data that can help you make your decision. This table shows the most recent cost of living indexes for Fort Bend, as well as the ones for the state of Texas and the United States. In this table, the primary location is the United States and the locations being compared to it are Fort Bend and Texas, so all of the values under the column for the United States are constant at 100, while the ones for Fort Bend and Texas are more or less than 100, based on the actual costs of the basic expenses in these locations.
As you can see from the table above, the overall cost of living index in Fort Bend County is 108.7 – slightly higher than the state and national indexes. The highest expense in this location is transportation, at 125.6, followed by housing and utilities, at 110.6 and 101, respectively. The cost of groceries and health care are lower than the national average, at 98.7 and 91.5.
Cost of Groceries and Dining Out
Dining out in Houston is slightly pricier than the national average. Based on a February 2020 report from Numbeo, a meal at an inexpensive restaurant costs $10-$25 and a meal for two at a mid-range restaurant would be around $40-$80. For reference, the U.S. average for a meal at an inexpensive food place is $14 and a meal for two at a mid-range restaurant is $50. In terms of grocery items, the price of a liter of milk ranges from $0.53-$1.27; a loaf of white bread, $1.65-$3.31; a dozen tray of eggs, $1.25-$3.00; a kilo of apples, $2.20-$661; a kilo of chicken breast fillet, $4.39-$13.33; and a kilo of beef round, $6.00-$13.23.
The median home value in Fort Bend County is $267,893 and home values in this area have gone up 1.3% over the past year. The median list price per square foot is $121. This is lower than the Houston-The Woodlands-Sugar Land Metro average of $124. The median price of homes listed in this county is $310,990, while the median rent price is $1,800, which is higher than the Houston-The Woodlands-Sugar Land Metro median of $1,599. The Fort Bend County Housing Finance Corporation Down Payment Assistance (DPA) Program offers down payment and closing cost assistance to first-time homebuyers. The amount of assistance is $5,000 per qualifying household.
Cost of Utilities
According to the same report from Numbeo, a basic utilities package for an 85-square foot apartment in Houston will cost you $141.82 a month. This includes electricity, heating, cooling, water, and garbage, at an overall rate that’s below the national average of $152.13. Adding internet to your monthly bill, will be an extra $59.92.
The average one-way commute in Fort Bend County takes around 33 minutes, slightly longer than the US average of 26.4 minutes. 82% of residents drive their own car alone when going to work, while 9.7% carpool with others and 1.6% take mass transit. About 4.9% of residents work from home.
Did you know that in Texas, there is no state income tax? Yes, that’s right. So, what does this mean to individuals working in Texas? If you are working in this state, this would mean that your paycheck will be free of taxes other than the federal income taxes. In effect, your take-home pay would be higher. However, Texas does impose a statewide 6.25% sales tax. While many counties in Texas levy a countywide sales tax, Fort Bend County does not. The state sales tax of 6.25% applies countywide, and some cities and local governments in the county collect additional local sales taxes, which can be as high as 2%. Fort Bend County collects 2.48% of a property’s assessed fair market value as property tax on average. The average property tax paid by Fort Bend County residents every year amounts to approximately 4.66% of their annual income.
Moving to Fort Bend County, Texas
If you are considering relocating to Fort Bend County, Texas, knowing the cost of living in this area would greatly help you in deciding whether it would be beneficial for you to make the move or not. If, after having examined the information, you have determined that you would be able to comfortably live in this county, the next step is to plan for your new home. I will be more than happy to show you all your best options in Fort Bend. Feel free to give me a call at 832-641-3727 or send me an email at email@example.com if you have any questions or if you would like to schedule an appointment.