What is Cost of Living?
Simply put, the cost of living is the amount of money you need to sustain a particular standard of living in your current location or any other city, state, or country that you are interested in relocating to. This is a useful measurement, especially if you have plans to move to a new location and would like to see how this change of residence would affect your budget.
The cost of living in a particular location is determined by checking the prices for a representative sample of goods and services and taking into account how each of these items would affect a person’s budget within a year. The price for each item is weighted based on its importance to a typical family’s budget. For example, the cumulative price of milk bought over a span of one year would cost more than a pair of jeans, given that we usually buy more milk within a year than we buy a pair of jeans.
The cost of living index specifies the percentage variance in the cost of living between the primary location and other location/s that you are comparing against it. As an index, the cost of living in your present location is always 100, while the values for the other location/s would be higher or lower, depending on whether the expenses there are more expensive or cheaper. As an index, the cost of living for your current location might be higher or lower than your actual expenses, but these are accurate tools for comparison, nonetheless.
2019 Cost of Living Index in Rockwall, TX
If you are keen on moving to Rockwall, TX and you would like to know if you can afford to live here, it would be helpful to check the cost of living index in this city. We have prepared the table below, showing the most recent cost of living indexes for Rockwall, as well as the ones for the state of Texas and the United States. In this table, the primary location is the United States, so all of the values under this are constant at 100, while the values under Rockwall and Texas would vary, based on the actual values of the basic expenses in these locations.
|Overall Cost of Living||107||91||100|
|Goods & Services||106||93||100|
From the table above, you can see that the overall cost of living index in Rockwall, TX is 107 – 16 points higher than the state’s index and 7 points higher than that of the country. This means that those living in this city are generally paying 16% more on basic expenses compared to the rest of Texas and 7% more compared to the rest of the nation. At a glance, you can see which expense is the most expensive in Rockwall–housing at 117–and which ones are cheaper in this city–utilities at 98 and healthcare at 85.
Cost of Goods and Services in Rockwall, TX
While getting a haircut in Rockwall would cost $15.31, which is 4.8% less than the national average of $16.09, a treatment at a beauty salon is more expensive, at $48.10 which is 28.8% higher than the national average of $37.33. The price of a movie ticket in Rockwall is just slightly higher than the national average, at $10.56 (national average is $10.28), but a game of bowling is almost triple the national average, at $14.36 (national average is $4.93). A tube of toothpaste costs $2.41, almost the same as the national average of $2.45, while a bottle of shampoo would cost almost twice the national average of $1, at $1.92.
Rockwall, TX Housing Costs
If you are planning to buy a house in Rockwall, TX, you’ll have to prepare for the higher price of homes here, at a median cost of $250,000, which is higher than the state median cost of $184,900 and the national median cost which is $216,200. The average mortgage payment in this city is $1,450.98, 20.7% higher than the national average of $1,202.44. For those who prefer to rent, the average monthly rent in Rockwall is $1,240.00, 30.7% higher than the national average of $949.00.
Utility Costs in Rockwall, TX
Monthly electricity bill in Rockwall averages $165.24, almost the same on the national level which is $165.96. Phone bill is slightly lower here as well, at $27.72, which is 3.4% lower than the national average of $28.68.
Cost of Food and Groceries in Rockwall, TX
On average, the cost of food and groceries in Rockwall, TX are the same as that on the national level. Ordering a meal at an inexpensive restaurant would cost around $12.34, while having a three-course meal for two at a mid-range restaurant would amount to $50. If you would be ordering a combo meal at a fast food restaurant, this would cost around $7. For grocery items, a bottle of milk costs $0.66; a loaf of fresh white bread (500g), $2.25; a kilo of white rice, $4.41; a dozen eggs, $2.04; a kilo of skinless chicken breast fillet, $8.16; a kilo of beef round, $10.65; and a kilo of apples, $3.81.
Transportation Costs in Rockwall, TX
For drivers, the average price of gasoline in Rockwall, TX is $2.18, 3% lower than the national average pf $2.24. Tire balancing costs 18.4% more in this city, though, at $54.79 while the national average is $46.29.
Cost of Healthcare in Rockwall, TX
The overall lower cost of healthcare in Rockwall provides a positive motivation for residents to take better care of their health and wellbeing. A visit to a general practitioner is 26.2% cheaper at $80.02, while the national average cost for a checkup is $108.36. A dental appointment costs $73.81, 20.2% lower than the national average of $92.53. If you need to have your eyes checked by an optometrist, though, this costs 6.1% higher than the national average, at $108.39 (national average is $102.16).
The sales tax and income tax rates in Texas should also be considered when determining the overall cost of living in Rockwall, Texas. You will be pleased to know that Texas is one of the lowest taxed states. Sales tax is 6.25% and the maximum surtax is 8.25%, and there is no income tax imposed by the state. The average effective property tax rate is 1.86% of a home’s value. On a median home value of $250,000, this equates to $4,650.
Moving to Rockwall, TX
If you are planning to relocate to Texas and Rockwall is one of your options, we highly recommend that you compare the cost of living in your current city with that of Rockwall, to help you evaluate how the move to this city would affect your budget. And, if you are considering purchasing a home in the Rockwall area, we can provide you with some wonderful options. Please feel free to give me a call at (214) 244-9516 or email me at [email protected]