Everything You Need To Know About Richardson TX Cost of Living
Thinking of moving to Richardson, Texas, and want to know the cost of living?
Richardson, Texas, is one of the most populous cities in the Dallas and Collin counties, with a population of just over 100,000 people. It is popular for its large Chinese and South Indian populations, evident in the food, shopping, and cultural attractions available.
With restaurants, coffee shops, bars, beautiful parks, and other family-friendly activities, Richardson is a perfect place for families and young professionals alike.
With such amazing elements to offer, what is the Richardson TX cost of living? We’ll answer that in this handy Richardson cost of living guide.
The Richardson TX Cost Of Living Guide
Housing in Richardson
If you want to move to Richardson, housing is usually the largest monthly expense you’ll have to factor into your budget.
Purchasing Richardson Property
The median home value in Richardson is around $250,100, which is more than the national median home value of about $204,900. The median price of a home built before 1939 is $422,200, while the typical price of a home built after 2014 is $625,000.
Richardson’s median home price is $385,773, with a $197 median price per square foot. Housing costs in Richardson are estimated to be 116.7% more than the national average, according to the cost of living index. As a result, it is a typical American metropolis.
Rent in Richardson
Renting can be a less expensive option than buying a home. Richardson has a renter rate of 41.30 percent. This is higher than the national renter rate of 36.2 percent. Richardson renters pay $1,336 per month on average, which is higher than the national median of $1,023 per month.
The average rent for a 2-bedroom home in the Richardson metro area is $1,337, which is 14% higher than the national average. For three bedrooms, the rent is $1,855.
In addition to the higher-than-average rental costs, the cost of renting an apartment in Richardson has risen by 25.5% in the last year.
Healthcare expenses account for a considerable portion of the overall Richardson cost of living.
Richardson has much cheaper out-of-pocket health care costs and insurance premiums than the rest of the US and Texas. The average annual health care expense for a single adult residing in the area is $3,596. This is lower than the average of $3,948 in Texas and $4,266 nationwide.
However, you will have to consider whether you can afford insurance coverage in addition to out-of-pocket costs.
Transportation costs can be a considerable part of the overall Richardson cost of living. Aside from commuting, transportation needs may include quick trips to the grocery store, taking the metro downtown, or getting to work.
With a key connection to the DART light rail system, this landlocked city is surrounded by suburbs and neighborhoods. This results in a 20-minute drive to downtown Dallas, which is ideal if you want to live in a quiet neighborhood while working in the city.
Fuel, public transportation fares, and the costs of car ownership, like maintenance and insurance are also important costs to consider.
85.60% of commuters in Richardson drive to work. An estimated 70.80% of workers travel to jobs outside of Richardson, increasing their transportation costs. Richardson’s average travel time is 24.4 minutes, compared to the national average of 26.6 minutes.
When gas, public transportation, and auto maintenance are factored in, a single individual in Richardson spends approx. $9,034 per year on transportation. This is less than the national average of $9,760. Moreover, gas prices are approximately 11% lower than the national average.
For families, child care is an important factor when considering the Richardson cost of living.
Child care costs tens of thousands of dollars per year for families with children. The average yearly cost of child care in Richardson for two children is $12,675. This is $500 more than the statewide average of $11,652 but significantly less than the national average of $15,853 per year.
Although living in Richardson is generally inexpensive, the cost of utilities is 4% higher than the national average. If you move there, you can expect to pay around $174 for an energy bill and $186 for your phone bill per month.
Groceries and food
Food and groceries are another factor when you consider the Richardson cost of living. A single adult in Richardson spends an average of $3,021 on food each year, while a family of four spends an average of $8,724.
In comparison, the average yearly food expenditure for a single adult in Texas and the United States is $2,897 and $3,240, respectively. For a family of four, the amount is $8,366 and $9,354 in Texas and nationally, respectively. Richardson’s groceries are 11% cheaper than the national average with staples costing:
- Banana bunch: $2.99
- Bread loaf: $2.97
- Milk gallon: $1.73
- Egg carton: $1.61
When trying to figure out the Richardson cost of living, you have to take taxes into account. Taxes are one of the few expenses that differ significantly from city to city and town to town.
After factoring in both state and federal income taxes, and Social Security and Medicare payroll taxes, the average adult working in Richardson pays $4,969 per year. This is nearly identical to the statewide average of $4,945.
It’s vital to remember that other common taxes like property, sales, and excise taxes aren’t included in these figures.
When you take these taxes into account, and exclude federal taxes, Richardson citizens live in a state with a low average tax burden. Texas collects $2,102 in state taxes per person each year, compared to $3,151 on average across all states.
The Richardson cost of living isn’t just affordable, but the city also has numerous job opportunities.
In Richardson, more than 5,000 enterprises operate, including major telecommunications giants, like AT&T, Verizon, DirectTV, and Samsung. Blue Cross Blue Shield established its headquarters in Richardson and has the insurance industry’s largest employment base.
Richardson also now has a Geico regional office, a United Healthcare regional office, and one of State Farm’s three national regional hubs. This business activity increases employment opportunities in the city, which attracts many millennials and young families.
Richardson is the ideal entertainment location since it combines the ambiance of a little town with the conveniences of a big city. The Dallas Arts Area is the nation’s largest contiguous metropolitan arts district, run by a nonprofit organization. The district is located in the northeast corner of downtown Dallas and comprises 19 blocks.
This is a vibrant attraction for locals and tourists alike, with the purpose of connecting culture, commerce, houses, schools, and churches.
With over 13,000 restaurants, Dallas is one of the fastest-growing metroplexes in the country. With such a diverse population dispersed around the metroplex, there are plenty of dining options.
Foodies have a wide range of restaurants to select from, and the restaurants’ various spins and distinctive twists ensure that you have a memorable experience every time.
Knowing the Richardson cost of living will help you assess how much you need to earn to live comfortably. If you know the average housing expenses in Richardson, for example, you can use widely accepted simple guidelines to see if you can afford it on your current pay.
Use the 28% rule. The rule states that your monthly rent or the sum of your monthly mortgage, property taxes, and insurance should not exceed 28 percent of your gross income. This is a solid rule of thumb for home affordability.
Another useful rule of thumb is the 50-30-20 rule. This rule states that you should spend 50% of your net income on necessities, 30% on wants, and 20% on savings and investments.
The median household income in a city is a good indicator of how much it costs to live there. Richardson has a typical household income of $85,678. This is 38% higher than the state average. Individuals have a median income of $43,570, which is 30% higher than the state average.
The sum of your daily expenses, monthly housing-related costs, any debt expenses, and your savings, is the minimum salary required to live in Richardson.
Colleges in Richardson have an average tuition and fee of $13,992 for in-state students and $19,249 for out-of-state students. The University of Texas at Dallas has the most costly tuition and fees of $38,970, while ABC Beauty Academy has the least expensive tuition and fees of $4,230.
This is one area where Richardson’s average is greater than the national average. Nationally, in-state students will pay $6,852 in 2021, while out-of-state students will pay $17,943.
Richardson vs Plano
What sets apart Plato from Richardson is its size and proximity to downtown Dallas. Richardson might be a better alternative if you travel every day or want to experience the Dallas nightlife. Richardson to Dallas is 5 miles shorter than Plano. While that may seem like a minor difference, those 5 miles might make all the difference when you’re stuck in traffic and to travel costs.
Richardson’s average rent is less expensive than Plano’s, but not by much unless you’re on a tight budget. Overall, Richardson may be a better option for those who want to live closer to downtown Dallas but still want a safe and peaceful place.
Is Richardson expensive to live in?
The Richardson cost of living has a ranking of 54 out of 273 cities in the United States. Richardson’s cost of living is 107.3 percent of the national average, making it an average US city.
Richardson has a low cost of living, which is 6% lower than the national average. Housing in the region is exceptionally cheap, with prices hitting a whopping 21% below the national average.
Other costs in Richardson, on the other hand, are slightly higher than the national average. Utility and transportation prices are 5% greater than the national average, and healthcare expenditures are 1% higher.
A single adult in Richardson pays $34,566 a year for housing, food, child care, transportation, health care, taxes, and other necessities. This is less than the Texas average of $34,448 and less than the national average of $38,433.
Housing, food, utilities, transportation, healthcare, and other items and services all contribute to your total monthly expense. Your monthly expenses may also be affected by your household composition (single or married, number of children) and homeownership status (renting vs. owning).
From the above categories, Richardson is not on the cheap nor the costly end. Its cost of living is pretty, well, average.
If you can afford the Richardson cost of living, this is the perfect city to live in. There are numerous compelling reasons to do so, including its proximity to Dallas without Dallas prices.
You’ll like the interesting cultural options, the array of privately owned stores and specialty boutiques, and the mix of gorgeous landscapes and exercise-centric traditional parks.
Are you considering relocating to Richardson, Texas? You could try using a reputable moving company to turn what would otherwise be a difficult moving experience into a stress-free one.