F
48%
Overall NAT. AVG.
21%
Goods & Services NAT. AVG.
135%
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 Prosper Texas National
Cost of living14892100
Goods & Services12196100
Groceries9796100
Health care11094100
Housing23583100
Transportation9492100
Utilities115104100

An Overview of Cost of Living in Prosper, TX

The cost of living in Prosper 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 Prosper is 148, which is 48% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Prosper is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Prosper falls into this category, which may not be suitable for those seeking an economically favorable living environment.

When it comes to the cost of living in Prosper, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 134.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Prosper, these items will cost you 20.6% more than what most folks pay, making it a bit more expensive to live here.

Is Prosper Affordable?

Is Prosper 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 Prosper is 161.3% higher than the national average, while the average monthly rent prices are 72.2% higher than average. The affordability of any location can also be influenced by median income levels. Prosper has a median household income of $153,777, which is 178% higher than the national average.

What Factors can Influence the Cost of Living in Prosper?

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Prosper, the groceries index registers 3% 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 Prosper, healthcare costs are 9.8% higher than the national average.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Prosper, the utilities index stands at 15.1% higher than the national average.

Where is the Data From?

The cost of living data in Prosper 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.

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Cost Of Living Quick Facts

  • The cost of living in Prosper is 60% higher than the Texas average
  • The cost of living in Prosper is 48% higher than the national average
  • Prosper housing is 135% 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 Prosper

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Compare Prosper, 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$160,948$13,412$3,755$4,829
      Renters$72,614$6,051$1,694$2,179
      A good indicator of the general affordability of housing in Prosper, TX, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Prosper, the median monthly income is $160,948 for those who own their own homes. Under the standard rule, that income level would allow for $3,755 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $72,614, per the median income in the area. That would allow for renters to spend up to $1,694 on monthly rental expenses.

      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 Prosper 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 Prosper 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 Prosper 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 Prosper National avg. Difference
      Home Price $482,700.00$184,700.00161.3%
      Avg. Mortgage Payment $1,562.33$2,346.6933.4%
      Apartment Rent $1,634.00$949.0072.2%

      Transportation

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

      Utilities

      Item Prosper 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%
      St. Paul CDP, TX5948910.7%
      St. Paul, TX1,3778910.7%
      Van Alstyne, TX4,1531066.3%
      Prosper, TX25,88714848.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Holt, MI25,888945.8%
      Sachse, TX25,88812120.8%
      Columbine, CO25,89214039.9%
      Asheboro, NC25,8778713.4%
      East Gwillimbury, ON25,899n/a 
      Prosper, TX25,88714848.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.