El Lago is part of Houston-The Woodlands-Sugar Land Metro metro area, which is ranked 192 out of 273 cities across the US in terms of cost of living. According to C2ER (the Council for Community and Economic Research), the cost of living in El Lago is estimated to be 90.3% of the national average making it an average US city.
Total monthly expenditure you can expect to incur depends on the cost of housing, food, utilities, transportation, healthcare, other miscellaneous goods and services. Note that your household composition (single or married, number of kids) and home ownership status (renting vs. owning) might affect your monthly expenses.
El Lago is ranked 192 out of 273 cities across the US in terms of cost of living. The cost of living in El Lago is 90.3% of the national average.
Compare El Lago to:
|Category||El Lago||U.S. Average|
|Chicken (2 pcs)||$3.21 |
|Large Pizza||$8.99 |
|Milk (1/2 gal)||$1.42 |
|Doctor Visit||$110.33 |
|Dentist Visit||$113.6 |
|Energy Bill||$147.17 |
A cost of living calculator helps you to assess how much you will need to make in order to live comfortably in a specific city. It takes into account various expenses that you will make in your daily lives (on housing, food, utilities, transportation, entertainment, etc.) and helps you determine a livable salary. The prices of goods and services vary in different cities, and hence having a cost of living index or calculator can make the decision to move easier by allowing you to directly compare one city with another.
Get an estimate of the pre-tax and post-tax income, your expected expenditure on food, utilities, transportation, housing, and more with our cost-of-living calculator. Simply pick your marital status and family type from the drop-down. The calculator will give you a breakdown of your monthly spends on food, utilities, transportation, housing, healthcare, and other miscellaneous items to help you determine your cost of living in El Lago. Try it now.
|Housing (Rent / Mortgage)||$0|
|Total Annual Expenditure||$0|
The median household income in a city certainly helps gauge the cost of living. The median household income in El Lago is $90,357, which is 46% more than that of the state. The median income for an individual is $53,587, which is 59% more than that of the state.
The minimum salary you need to live in El Lago is the sum of your daily expenses (groceries, utilities, transportation, entertainment), your monthly housing-related costs (rent, mortgage, insurance, maintenance), any debt expenses (monthly interest payments and principal paydowns), as well as your savings and investment goals.
A good rule of thumb for housing affordability is the 28% rule: your monthly rent or the sum of your monthly mortgage, property taxes, and insurance should not exceed 28% of your gross income (income before tax).
Understanding the expected costs in El Lago can help you determine whether a given salary is a livable salary. For instance, if you know the typical housing costs in El Lago, you can use widely followed simple rules to determine if you can afford it on your salary. A good rule of thumb for housing affordability is the 28% rule: your monthly rent or the sum of your monthly mortgage, property taxes, and insurance should not exceed 28% of your gross income (income before tax). Another good rule of thumb is the 50-30-20 rule which says 50% of the net income (income after tax) should be spent on needs, 30% on wants, and 20% on savings and investments. So plan to ensure that your net income covers your needs and wants, so that you can live comfortably in El Lago, TX.
Housing is generally the biggest monthly cost that you would need to account for. The average rent in El Lago (located in Houston-The Woodlands-Sugar Land Metro) metro area for a 2-bed home is $1,152, which is 1% less than the average rent across the US. However, this average takes into account both metro and suburban areas. So, the costs may go up or down depending on which neighborhood you eventually decide to stay.
The median home price in El Lago is $280,900 with a median price per sqft of $130.
The cost of living index for housing estimates the cost of housing in El Lago to be 83.7% of the national average. This makes it an average US city.
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