Cost of Living in Wichita Falls, TX

An Overview of Cost of Living in Wichita Falls, TX

Understanding the cost of living in Wichita Falls 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 Wichita Falls 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.

What Do Locals Say About the Cost of Living in Wichita Falls?

Locals have the inside scoop on their city. So, we polled 5 residents in Wichita Falls to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 80% find it reasonable with decreasing prices, but 20% think it's quite pricey, with prices that continue to rise.

Is Wichita Falls Affordable?

Is Wichita Falls 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 Wichita Falls is 43.3% lower than the national average, while the average monthly rent prices are 12.8% lower than average. The affordability of any location can also be influenced by median income levels. Wichita Falls has a median household income of $47,335, which is 14.4% lower than the national average.

What Factors can Influence the Cost of Living in Wichita Falls?

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Wichita Falls, the utilities index registers at 2.1% lower than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, 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. Regions with limited subsidy provisions may witness an increase 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 Wichita Falls, the transportation index stands at 6.5% lower than the national average.

Where is the Data From?

The cost of living data in Wichita Falls 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.