Cost of Living in Southlake, TX

An Overview of Cost of Living in Southlake, TX

Are you thinking about relocating, but curious about the potential cost of living in Southlake? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Southlake stands at 165, making it 65% 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.

If you value affordability in your search for a new place to live, Southlake may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Southlake falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs are a very significant part of the Southlake 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 206.4% 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 Southlake?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 5 locals to understand their opinions on the cost of living in Southlake. The results indicated that 40% found it reasonably priced with decreasing prices of goods and services, while 60% viewed it as quite expensive, with increasing prices.

Is Southlake Affordable?

Is Southlake 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 Southlake is 277.4% higher than the national average, while the average monthly rent prices are 40.9% higher than average. The affordability of any location can also be influenced by median income levels. Southlake has a median household income of $223,621, which is 304.2% higher than the national average.

What Factors can Influence the Cost of Living in Southlake?

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Southlake, the utilities index registers 11.4% higher than the national average.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Southlake, the transportation index stands at 11.4% lower than the national average.

Where is the Data From?

The cost of living in Southlake, 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.