A
6%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
29%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Canyon Lake Texas National
Cost of living10692100
Goods & Services9996100
Groceries9596100
Health care10594100
Housing12983100
Transportation9392100
Utilities85104100

An Overview of Cost of Living in Canyon Lake, TX

Getting a feel for the cost of living in Canyon Lake is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Canyon Lake is 106, which is 6% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Everyday expenditures like food, housing, goods and services, transportation and health care in Canyon Lake are priced in a manner consistent with other areas. This means that residents of Canyon Lake can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Housing costs significantly influence the Canyon Lake cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 28.8%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Canyon Lake Affordable?

Is Canyon Lake affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Canyon Lake, for instance, where the median home price falls 31.7% higher than the national average, and monthly rent rates are 22% higher than usual. Additionally, median income levels contribute to the equation, with Canyon Lake flaunting a median household income of $77,946, 40.9% higher than the national norm.

What Factors can Influence the Cost of Living in Canyon Lake?

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Canyon Lake, the groceries index is 5.5% lower than the national average.

Where is the Data From?

The Canyon Lake cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Canyon Lake is 14% higher than the Texas average
  • The cost of living in Canyon Lake is 6% higher than the national average
  • Canyon Lake housing is 29% higher than the national average
  • Texas general sales tax is 22% higher than the national average
  • Texas state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Canyon Lake

See all the best places to live around Canyon Lake

Compare Canyon Lake, TX Cost of Living

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      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$79,946$6,662$1,865$2,399
      Renters$32,453$2,704$757$974
      To approximate the cost of living and the housing affordability in Canyon Lake, TX, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Canyon Lake have a median income of $79,946. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,865 per month to avoid calamity and poverty. The renters in the city have an income of about $32,453, which would make their monthly maximum allowable rental costs $757.

      Texas Sales Tax

      State General Sales Tax With Max Surtax
      Texas 6.25% 8.25%

      Texas Income Tax

      State Income Tax (Low) Income Tax (High)
      Texas 0% 0%

      Goods & Services

      Item Canyon Lake National avg. Difference
      Haircut $20.78$24.2614.4%
      Beauty Salon $43.67$45.564.2%
      Toothpaste $3.60$3.702.7%
      Shampoo $1.06$1.2817.2%
      Movie $9.50$12.1321.7%
      Bowling $13.70$18.0023.9%

      Groceries

      Item Canyon Lake National avg. Difference
      Ground Beef $4.93$5.8415.6%
      Fried Chicken $1.57$1.570.1%
      Milk $4.57$4.672.2%
      Potatoes $4.55$4.937.7%
      Pizza $11.32$12.096.3%
      Beer $10.50$10.410.8%

      Health Care

      Item Canyon Lake National avg. Difference
      Optometrist $132.00$125.685.0%
      Doctor $171.14$135.7826.0%
      Dentist $108.33$113.294.4%
      Ibuprofen $10.16$10.654.7%
      Lipitor $481.60$468.602.8%

      Housing

      Item Canyon Lake National avg. Difference
      Home Price $243,300.00$184,700.0031.7%
      Avg. Mortgage Payment $1,951.07$2,346.6916.9%
      Apartment Rent $1,158.00$949.0022.0%

      Transportation

      Item Canyon Lake National avg. Difference
      Gasoline $3.03$3.4612.4%
      Tire Balancing $57.20$59.924.5%

      Utilities

      Item Canyon Lake National avg. Difference
      All Electricity $217.71$193.9912.2%
      Phone $201.97$192.255.1%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Blanco, TX2,670955.5%
      New Braunfels, TX84,6221065.6%
      Bulverde, TX5,27911212.2%
      Woodcreek, TX1,92211211.9%
      Wimberley, TX3,16811515.0%
      Canyon Lake, TX26,3381065.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Ewa Gentry, HI26,35817776.8%
      East St. Louis, IL26,3597723.4%
      Fremont, NE26,362919.1%
      Cabot, AR26,376963.6%
      Auburn, NY26,383919.1%
      Canyon Lake, TX26,3381065.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.