Cost of Living in DeSoto, TX

An Overview of Cost of Living in DeSoto, TX

The cost of living in DeSoto 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 DeSoto is 107, which is 7% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

In DeSoto, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in DeSoto will resemble that of an average city, contributing to a manageable cost of living.

What Do Locals Say About the Cost of Living in DeSoto?

Nobody knows their city better than the people who actually live there. So, we asked 24 local residents how they would rate the cost of living in DeSoto and this is how they responded. 58% of people said that the cost of living was affordable, with prices decreasing, while 42% of people said that the cost of living was very expensive and prices continue to rise.

Is DeSoto Affordable?

Is DeSoto 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 DeSoto, for instance, where the median home price falls 6.1% higher than the national average, and monthly rent rates are 27.3% higher than usual. Additionally, median income levels contribute to the equation, with DeSoto flaunting a median household income of $71,124, 28.6% higher than the national norm.

What Factors can Influence the Cost of Living in DeSoto?

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In DeSoto, the transportation index is 11.4% lower than the national average.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In DeSoto, healthcare costs are 8.3% higher than the national average.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Where is the Data From?

The DeSoto 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.