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Cost of Living Plano

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Is Plano the right place for you?

Plano is a city in North Texas that lies approximately 17 miles (27 km) from Downtown Dallas. Plano, Tx is a part of the Dallas-Fort Worth metropolitan area. Plano is about 30 miles northeast of Dallas/Fort Worth (DFW) International Airport, which is the main airport for residents and visitors.

As of 2017, the city had a population of 286,143, ranking it ninth most populous in the state of Texas. It was also the 69th most populous city in the United States. The city is home to several corporate headquarters. Forbes also ranked Plano as the nation’s safest city in 2011.

 

Thinking of living in Plano, TX?

Read on to learn what you need to know about the cost of living and working in the city of your dreams before making a decision.

 

Things to know before moving to Plano, Texas

When you move to a new city or town, it is important to know how much it will cost to live there. The “Cost of living” is the amount of money needed to maintain a specific lifestyle in a given place. 

The costs of living vary widely from city to city since different goods and services cost different amounts or prices. Calculating the cost of living can thus help you determine the affordability of a given area’s standard of living. 

When you want to know the Cost of Living of a certain city, you must compare basic necessities services for :

 

Living cost is also related to income levels, as salaries in a particular geographic area are calculated and measured against these expenses.

 

Who determines the Cost of Living

The Cost of Living data is based on the ACCRA Cost of Living Index, compiled by the Council for Community and Economic Research. Every city collects its prices according to prearranged schedules in strict compliance with standard specifications.

Cost of Living Index and Cost of Living Calculator

The cost of living index allows you to directly compare living costs across different regions, so you can see how far your money will go. San Francisco, California, for instance, has twice the cost of living as Kansas City, Missouri. Keep in mind that whether you use the cost of living index or the cost of living calculator, both tools will help you make more informed decisions about where to live comfortably.

How much do you need to make to live in Plano Texas?

According to the Cost of living calculator, you need to earn a salary of $49,414 to maintain a comfortable standard of living in Plano, Tx. 

A one-bedroom apartment in Plano, TX in a premier neighborhood costs an average of $1,343 per month on rent. If you choose a more suburban-styled apartment it will cost around $1,295 in rent or mortgage. For utilities, the average monthly costs with an electricity provider like Payless Power are approximately $156. Additionally, each individual can budget about $747 in costs related to groceries, transportation, restaurants, and entertainment. 

Overall, the total cost of living of $1,934 is relatively affordable when compared with the city’s median monthly income of $4,386.

The cost of living index is calculated based on a 100-point national average. For example, the cost of living is 10% lower when it is 90. When the cost of living equals 110, then it is 10% higher than the national average. The categories are broken down below for comparisons: 

 

In this case, Plano’s cost of living index is 13% higher than the national average.

See the full breakdown below:

 

How do you break down the Cost of Living in Plano, Tx?

Index Plano Texas National
Cost of Living 113 92 100
Goods & Services 112 96 100
Groceries 96 91 100
Health Care 77 95 100
Housing 132 83 100
Transportation 99 91 100
Utilities 110 103 100

Is Plano a good place to live?

There is no better way to learn what it is like to live in a new city or place than to ask its residents.

“It’s a great place to live if you have or are thinking about having children, mainly because of the great schools, the growing economy. Plus, Toyota and other big companies have relocated their headquarters in Plano, creating more jobs for its residents. People also say the cost of living is quite reasonable for the area.”

 

“Plano is one of the best places to live in, it’s fantastic! This is a great place for family, work, shopping, and schools. You can never go wrong living in Plano since it is convenient to Dallas and boasts a thriving economy and job market. The area is also close to Frisco, which is another booming area.”

 

“The city is affluent and growing. Plano has excellent education facilities with high graduation rates. While the summer months are extremely hot, it usually freezes once or twice in the winter months. Great if you can handle the extreme heat. And besides, that goes for all of Texas.”

 

“I’ve been living in Plano for 33 years and it’s one of the safest cities to live and raise kids. Schools in the area are excellent. There are a lot of kid-friendly activities. The local area offers a lot of recreational parks and entertainments sites to enjoy. Food and transportation are also reasonably priced. The health care system is affordable, and utilities are cheap as a result of deregulation. The homes are beautiful and affordable (although prices have increased due to corporate headquarters moving in). The weather is usually hot. Despite this, the rest of the year can be quite mild.”

 

Is Plano TX expensive to live in?

Based on the average salary amount which is $4,386 per month, Plano, TX does not seem that expensive to live in. It is not qualification-specific, but an individual working in Plano usually earns around $4,386 per month (After tax). An average salary of $4,386 is a good salary when compared with Plano, Tx cost of living of $1,934.

 

What do I need to know about moving to Plano?

1. Named 2011’s safest city.

Plano ranked first as America’s Safest Cities to live in by Forbes. Crime rates are low and the city’s facilities and public amenities are child-friendly.

2. Texas has a low cost of living and is a tax-friendly state.

There is no state income tax in Texas! If you work in Texas, your paycheck will be tax-free except for federal income taxes. The absence of state income tax will increase your take-home pay and provide more income for basic living expenses. There is, however, a 6.25% tax on sales in Texas. Depending on where you live, you may have to pay additional local sales or use taxes. 

3. Affordable Healthcare access

Texas ranks 51st among states on healthcare affordability and access. The cost of healthcare represents a significant portion of the cost of living. When moving to another state, you’ll need to know how much you’ll pay for healthcare and how accessible it will be if you’re unable to afford it. The affordability of healthcare is generally defined by the costs of insurance coverage within a state, as well as the out-of-pocket expenses you must bear when receiving the treatment. 

4. Weather

Plano has a humid subtropical climate. During the summer months of June, July, and August, Texas has one of the highest state-wide average temperatures. During the summer months in Texas, your air conditioner is likely to run non-stop. This could result in higher energy costs. During summer, Texans can expect an increase in their energy costs, as well as their cost of living. Hot summers are typically followed by cooler winters, thus lowering your heating expenses.

5. Plano Tops the National Livability Index

According to AreaVibes.com, a Toronto-based company specializing in such data, Plano received the top score in a national livability index in 2013. Plano topped the list of U.S. cities with populations between 100,000 and 10 million according to AreaVibes. According to another report, Plano ranked first on the list of “Best Places to Live.

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