As the second largest state in the United States both in terms of area and population, Texas has been recognized for its diverse economy and strong entrepreneurial spirit, as well as its fluctuating cost of living. This comprehensive analysis delves into the crucial factors that have shaped the cost of living in Texas from 1940 to 2023.
We examine historical trends in household income, rent prices, home values, and mortgage payments to construct a holistic view of the state’s economic shifts. This report offers an invaluable chance to understand the economic nuances of Texas, providing insights that are beneficial to residents, policy-makers, and those with an interest in economics.
Historical Median Household Income in Texas
|Rank||Year||Median Income||Adjusted For Inflation|
Texas Historical Income Taxes
Historical Rent in Texas
|Rank||Year||Rent||Adjusted For Inflation|
Historical Home Price in Texas
|Rank||Year||Median Home Price||Adjusted For Inflation|
Texas Historical Monthly Mortgage Payments
|Rank||Year||Mortgage Payment||Adjusted For Inflation|
Bureau, U. C. (2022, August 18). Historical income tables: Households. Census.gov. https://www.census.gov/data/tables/time-series/demo/income-poverty/historical-income-households.html
iPropertyManagement. (2021, October 26). Average Rent by Year [1940-2021]: Historical Rental Rates. IPropertyManagement.com. https://ipropertymanagement.com/research/average-rent-by-year
Home Value and Homeownership Rates: Recession and Post-Recession Comparisons. (2007). https://www2.census.gov/library/publications/2013/acs/acsbr12-20.pdf
Median Home Prices By State For 2022. (n.d.). Www.rockethomes.com. https://www.rockethomes.com/blog/housing-market/median-home-price-by-state
Historical 30 Year Fixed Mortgage Rates From the 1970s to 2020. (n.d.). Www.rocketmortgage.com. https://www.rocketmortgage.com/learn/historical-mortgage-rates-30-year-fixed
The Average Cost of Rent in Every State. (2021, April 14). GOBankingRates. https://www.gobankingrates.com/investing/real-estate/average-cost-rent-every-state/
Rent price inflation, 2010→2023. (n.d.). Www.in2013dollars.com. https://www.officialdata.org/Rent-of-primary-residence/price-inflation/2010-to-2023
Housing price history from 1967 through 2020. (n.d.). Www.in2013dollars.com. https://www.in2013dollars.com/Housing/price-inflation
In this comprehensive research, we meticulously compiled and analyzed data from a plethora of esteemed and authoritative sources. At the heart of our study is the exhaustive household income data from the US Census Bureau’s “Historical Income Tables: Households.” Simultaneously, iPropertyManagement’s “Average Rent by Year [1940-2023]: Historical Rental Rates” fortified our comprehension of the historical path of rental prices in Texas.
In our pursuit of understanding housing affordability, we turned to reports from Census.gov and the Texas Public Policy Foundation. The former offered a robust dataset on housing values, while the latter delivered critical information on the state’s income tax rate. Additionally, the Census Bureau’s report on “Home Value and Homeownership Rates: Recession and Post-Recession Comparisons” supplied indispensable insights into the fluctuating housing environment over time.
Detailed mortgage rate data from RocketMortgage’s “Historical 30 Year Fixed Mortgage Rates From the 1970s to 2023” informed our understanding of historical mortgage trends. Finally, we referred to data from GOBankingRates and OfficialData.org to gain insights into rental costs and inflation rates in Texas. This data-rich study offers a nuanced exploration of the cost of living in Texas over time, providing valuable context for economic decisions and policies.