Houston Realtors Information Service, Inc., ZeroDown and their affiliates provide the MLS and all content therein “AS IS” and without any warranty, express or implied. All information provided is deemed reliable but is not guaranteed and should be independently verified. © 2023 Houston Realtors Information Service, Inc. Information deemed reliable but is not guaranteed accurate by ACTRIS. Real estate listings held by brokerage firms other than this site owner are marked with the IDX/MLS logo. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the ACTRIS. The information being provided by ACTRIS is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. So plan to ensure that your net income covers your needs and wants, so that you can live comfortably in Highland Park, TX. 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. ![]() 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). ![]() For instance, if you know the typical housing costs in Highland Park, you can use widely followed simple rules to determine if you can afford it on your salary. Understanding the expected costs in Highland Park can help you determine whether a given salary is a livable salary. ![]() The minimum salary you need to live in Highland Park 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.Ī 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). The median income for an individual is $129,549, which is 245% more than that of the state. The median household income in Highland Park is $234,427, which is 248% more than that of the state. ![]() Our Premium Calculator Includes: - Compare Cities cost of living across 9 different categories - Personal salary calculations can optionally include Home ownership or rental, Child care, and Taxes (with details on state and local sales, income, property and automobile taxes) - Includes the cost of Child Care for toddlers or infants, at a day care center or home care - Groceries prices, detailed for 29 staple items in six categories - Difference in cost of Utilities, including electric, gas and fuel oil - Health Care Premiums and hospital expenses for major surgeries - Taxes, Fees and Expenses you should know about, such as local car insurance rates, automobile taxes and registration, commuting costs.The median household income in a city certainly helps gauge the cost of living. This is why we are now offering a Premium Salary & Cost of Living Calculator. whether you buy or rent, require child care, or want to include taxes. About our Cost of Living Index DID YOU KNOW? In order to keep your same standard of living your salary can vary greatly. Below 100 means cheaper than the US average. RE trans fee on median home (over 13 yrs)Īuto sales taxes (amortized over 6 years)Īnnual Vehicle Property Taxes on $25K Carġ00 = US Average.
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