Cost of Living in Flower Mound, TX

An Overview of Cost of Living in Flower Mound, TX

Understanding the cost of living in Flower Mound 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 Flower Mound cost of living index is 137, which is 37% higher 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.

If you're in pursuit of an economical living environment, Flower Mound may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Flower Mound falls within this bracket.

Housing costs are a major factor in the Flower Mound cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 99.2% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Flower Mound, these items will cost you 20.6% more than what's considered the norm, making it a more expensive place to call home.

What Do Locals Say About the Cost of Living in Flower Mound?

The most insightful perspective on a city comes from its residents. We recently surveyed 14 locals to gauge their perception of the cost of living in Flower Mound. The feedback revealed that 29% of respondents found the cost of living to be reasonable, with prices on the decline, while 71% regarded it as notably expensive with prices that continue to rise.

Is Flower Mound Affordable?

Wondering if Flower Mound is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Flower Mound, for example, the median home price is 103.8% higher than what folks pay nationally, and monthly rent is 88.3% higher than the usual rates. Plus, income levels matter too, with Flower Mound boasting a median household income of $139,703, which is 152.5% higher than the national average.

What Factors can Influence the Cost of Living in Flower Mound?

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 Flower Mound, the utilities index is 15.1% higher than the national average.

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 Flower Mound, the housing index comes in at 99.2% higher than the national average.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Flower Mound, the transportation index is 6.4% lower than the national average.

Where is the Data From?

The cost of living in Flower Mound, 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.