Cost of Living in Roma, TX

An Overview of Cost of Living in Roma, TX

The cost of living in Roma affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Roma is 76, which is 24% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Roma is highly regarded for its affordability, with everyday expenses well below the national average. Roma is among the select few cities with a cost of living index at least 20% lower than the national average, showcasing its outstanding affordability compared to other areas.

Roma housing costs are 57.9% less than the national average, making this area an affordable place to live. Your net income can be heavily impacted by housing expenses, at times exceeding 30%. Fortunately, this area demonstrates that both homeownership and renting costs are significantly more budget-friendly than in the rest of the country. With such favorable housing affordability, Roma residents can earmark a more manageable portion of their income to housing.

Everyday basics like clothes, personal care items and entertainment factor into your overall living costs. But here's the good news: in Roma, these things are 12.5% more affordable than the national average. So, you can get what you need and have fun without emptying your wallet. With these savings, you can stash more money in your savings or put it towards other financial goals, ultimately improving your financial health.

With the cost of groceries currently outpacing inflation, it's becoming more and more difficult to find cities that offer affordable grocery items. Luckily, Roma has a 8.6% lower than average grocery index - meaning groceries are much more affordable in this area, when compared to other cities across the nation.

Is Roma Affordable?

Is Roma an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Roma, the median home price is 60.1% lower than what most folks pay across the country, and monthly rent prices are 52.9% lower than the usual rates. Income levels in Roma come in at $23,138, which is 58.2% lower than the national average.

What Factors can Influence the Cost of Living in Roma?

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Roma, the utilities index registers 5.5% higher than the national average.

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Roma, the groceries index registers 8.6% lower than the national average.

Where is the Data From?

The cost of living in Roma, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.