If you plan to relocate to Texas, you’ll find it a tax-friendly state with a relatively low cost of living, in comparison to more highly taxed states across the US. The most attractive part of staying in Texas is there’s no state income tax levied on your income.
If you plan to shift to the state and work here, you’ll get a paycheck that will be free of state taxes and will only be charged federal income tax. That’s an attractive enough reason by itself to consider shifting base to Texas! Consequently, not having to shell out any state income tax increases your take-home salary and leaves you with additional funds for your basic cost of living expenses.
However, the state does charge a 6.25% sales tax. In addition, there might be taxes of up to 2% on local use or sales subject to the location you live at. Texas derives hefty tax revenues from taxes charged from oil and natural gas companies, as well as in the form of royalties.
Cost of Living and Affordability
When it comes to affordability and overall healthcare accessibility, Texas ranks at the 51st position. Healthcare expenses take a major chunk of the cost of living in the state. Having access to health care and being able to afford are vital indicators of the amount you shall have to pay if you relocate anywhere else in the US. The factors that affordability comprises of include the cost of insurance coverage of a state, and the out-of-pocket expenses are borne by you when you receive health care. If the out-of-expenses or rates are expensive, it will raise the cost of living.
Healthcare accessibility is measured by how easy or challenging it is to receive it. This is measured by factors that could hinder the availability of health care like insufficient facilities, shortage of healthcare professionals, not being able to afford medical insurance, or having to travel over long distances to reach the healthcare centers. Other factors taken into consideration include timeliness and how quickly the patient can access a healthcare service provider.
The weather is a significant factor that weighs in when we consider the overall cost of living in any state in the US. Temperature-wise, Texas has the highest average temperature during summer – in particular, the months of June, July, and August. Consequently, those living in the state will have their air-conditioners switched on non-stop almost all throughout summer.
This leads to an increase in energy costs in the summer months, and this also depends on the thermostat settings. As a norm, the summer months are followed by lower temperatures in the winters with a steady drop in heating costs. Since the cost of living is directly connected to energy expenses, there will naturally be an increase in energy costs in the summer when you live in the state.
If you’ve planned to relocate to the area and are scouting for a property, you’ll find homes for sale in Hockley TX at Dellrose Living. These are definitely worth checking out in terms of price and location.