C
20%
Overall NAT. AVG.
21%
Goods & Services NAT. AVG.
39%
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 The Colony Texas National
Cost of living12092100
Goods & Services12196100
Groceries9796100
Health care11094100
Housing13983100
Transportation9492100
Utilities115104100

An Overview of Cost of Living in The Colony, TX

Knowing the cost of living in The Colony allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in The Colony stands at 120, marking it 20% higher than the national average.

Housing costs are a very significant part of the The Colony cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 39.4% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, The Colony goods and services are 20.6% more expensive than the national average, leaving you with less money at the end of the month.

Is The Colony Affordable?

Is The Colony an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in The Colony is 32.3% higher than the national average, while the average monthly rent prices are 56.1% higher than average. The affordability of any location can also be influenced by median income levels. The Colony has a median household income of $87,748, which is 58.6% higher than the national average.

What Factors can Influence the Cost of Living in The Colony?

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in The Colony starts at 6.25% and the income tax rates start at 0%.

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.

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.

Where is the Data From?

The The Colony 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 The Colony is 29% higher than the Texas average
  • The cost of living in The Colony is 20% higher than the national average
  • The Colony housing is 39% 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 The Colony

See all the best places to live around The Colony

Compare The Colony, TX Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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$104,408$8,701$2,436$3,133
      Renters$72,534$6,045$1,692$2,176
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in The Colony, TX, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In The Colony, homeowners have a median income of $104,408. Using that number, a maximum of $2,436 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $72,534, which means there is a maximum of $1,692 to be spent on the costs of renting a home or apartment.

      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 The Colony National avg. Difference
      Haircut $23.57$24.262.8%
      Beauty Salon $35.11$45.5622.9%
      Toothpaste $3.51$3.705.1%
      Shampoo $1.22$1.284.7%
      Movie $11.85$12.132.3%
      Bowling $16.96$18.005.8%

      Groceries

      Item The Colony National avg. Difference
      Ground Beef $5.44$5.846.9%
      Fried Chicken $1.32$1.5716.1%
      Milk $4.63$4.670.9%
      Potatoes $4.15$4.9316.0%
      Pizza $11.96$12.091.0%
      Beer $10.27$10.411.4%

      Health Care

      Item The Colony National avg. Difference
      Optometrist $96.63$125.6823.1%
      Doctor $131.00$135.783.5%
      Dentist $86.73$113.2923.4%
      Ibuprofen $10.40$10.652.4%
      Lipitor $484.49$468.603.4%

      Housing

      Item The Colony National avg. Difference
      Home Price $244,400.00$184,700.0032.3%
      Avg. Mortgage Payment $1,562.33$2,346.6933.4%
      Apartment Rent $1,481.00$949.0056.1%

      Transportation

      Item The Colony National avg. Difference
      Gasoline $3.47$3.460.3%
      Tire Balancing $66.47$59.9210.9%

      Utilities

      Item The Colony National avg. Difference
      All Electricity $145.64$193.9924.9%
      Phone $208.71$192.258.6%
      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.
      Bristol, TX45011111.0%
      Lincoln Park, TX1918811.7%
      Lake Dallas, TX8,00411212.4%
      Aubrey, TX4,35211414.0%
      Farmers Branch, TX42,65911010.4%
      The Colony, TX43,79112019.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Riverton, UT43,79312928.7%
      Sierra Vista, AZ43,7561033.2%
      Lombard, IL43,75511716.8%
      Urbandale, IA43,8791022.2%
      El Centro, CA43,88111111.5%
      The Colony, TX43,79112019.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.