Cost of Living in Bellmead, TX

An Overview of Cost of Living in Bellmead, TX

Understanding the cost of living in Bellmead can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Bellmead cost of living index is 85, which is 15% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

Housing expenses can absorb a substantial portion of your net income, sometimes exceeding 30%. Thankfully, Bellmead stands out by reporting housing costs that are 46.1% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more budget-friendly compared to the rest of the country. With such favorable housing affordability, residents of Bellmead can allocate a more reasonable portion of their income to housing, allowing for greater financial flexibility.

Is Bellmead Affordable?

Is Bellmead affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Bellmead, the median home price is 58% lower than the national average and monthly rent prices are 18.3% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Bellmead boasting a median household income of $41,619, 24.8% lower than the national average.

What Factors can Influence the Cost of Living in Bellmead?

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Bellmead, the housing index comes in at 46.1% lower than the national average.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Bellmead, the utilities index is 9.2% higher than the national average.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Bellmead, the transportation index is 9% lower than the national average.

Where is the Data From?

The cost of living data in Bellmead displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.