Cost of Living in Mansfield, TX

An Overview of Cost of Living in Mansfield, TX

Are you thinking about relocating, but curious about the potential cost of living in Mansfield? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Mansfield stands at 118, making it 18% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Housing costs are a very significant part of the Mansfield 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 51.6% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

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

When it comes to knowing a city, its residents are the experts. We conducted a survey with 16 locals to understand their opinions on the cost of living in Mansfield. The results indicated that 19% found it reasonably priced with decreasing prices of goods and services, while 81% viewed it as quite expensive, with increasing prices.

Is Mansfield Affordable?

Is Mansfield 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 Mansfield, for instance, where the median home price falls 51.2% higher than the national average, and monthly rent rates are 52.5% higher than usual. Additionally, median income levels contribute to the equation, with Mansfield flaunting a median household income of $102,388, 85.1% higher than the national norm.

What Factors can Influence the Cost of Living in Mansfield?

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Mansfield, healthcare costs are 8.3% higher than the national average.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including 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 offering fewer subsidies may experience a rise in their cost of living.

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 Mansfield, the transportation index is 11.4% lower than the national average.

Where is the Data From?

The Mansfield cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.