Affordability Aspect | Why El Paso ranks high for Cost of Living
Looking for an affordable home without sacrificing the amenities that matter most? In El Paso, the cost of living and quality of life go hand in hand.
The search for an affordable home in the right location can feel like an uphill climb. Falling in love with a home is the easy part. Affording the home of your dreams while having ample funds for groceries, utilities, and other daily expenses is more of a challenge. The solution? Move to El Paso, Texas. It’s where affordability and quality of life come together.
What is it like to live in El Paso, TX?
According to a recent update by US News and World Report, El Paso is a recreational and cultural center that draws new residents taking advantage of employment opportunities in diverse sectors ranging from government, to health care, to international trade. The Sun City is home to nearly 700,000 people who enjoy an average of 300 sunny days each year. That means you’ll have plenty of daylight for biking, hiking, golfing, and other adventures amid stunning mountain backdrops and dramatic desert views. And, if you’re looking for cultural opportunities, you won’t be disappointed. In El Paso, you’ll find a wealth of authentic restaurants, local history, and genuine Southwest hospitality.
Most notably, safety is a key factor that makes El Paso attractive for families looking for the best value in affordable housing. According to an October 2021 assessment by AdvisorSmith, which provides extensive research to assist small businesses, El Paso was listed as the third safest large city in the country, based on a comparison of violent and property crime rates.
What is the cost of living in El Paso, TX?
Affordability is where El Paso truly shines, boasting a cost of living that outperforms Texas and the national average. According to an analysis by 24/7 Wall Street, the overall cost of living for “housing, food, child care, transportation, healthcare, taxes, and other necessities for a single adult in El Paso is $29,907 a year — less than the annual cost of living for Texas of $34,448 and less than the national figure of $38,433.”
Research from BestPlaces.net also demonstrates that this popular city in Texas compares favorably against the state and nation in all categories, including average costs for groceries, health, housing, utilities, and transportation. Most notably, El Paso’s housing costs are 43.5 points below the national average and health costs are 13.3 points lower.
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In 2018, Forbes Magazine recognized El Paso as the U.S. city with the most favorable cost of living benefits in a study that assessed housing and livability factors. The report, “13 Cities Where You Can Live Comfortably On Less Than $60,000 A Year” ranked cities based on a study by GOBankingRates.com, an online personal finance resource. “Living comfortably” was defined as households that earned sufficient funds to cover necessities at 50 percent of income, with discretionary spending at 30 percent, and the ability to save 20 percent of total income.
What are the housing costs in El Paso, TX?
As noted in the BestPlaces.net research, El Paso’s housing costs are exceptionally favorable, compared with the state and nation. According to Redfin, the median house price in the United States in July 2022 was $412,659, up 7.6% over the previous year. For the same time period, El Paso’s median home price was just $230,000, with a healthy 12.2% annual uptick compared with the same month in 2021.
Another way to view the affordability benefits of the El Paso area is to compare household income with the median home price. Data USA lists the 2020 median income for the United States at $64,994, compared with $48,866 for El Paso. The 24/7 Wall Street article reports that housing affordability ratios across the country range from a low of “1.0 in the least expensive cities to more than 10.0 in the country’s most expensive markets.” Based on July sales prices, the median home price in the United States as a whole is about 6.3 times the median 2020 income of $64,994. Comparatively, El Paso is a considerably better value with a median home price that is 4.7 times the median household income of $48,866.
How strong is the El Paso housing market?
More and more people are viewing El Paso as one of the best places to establish roots, thanks to the healthy job market and quality of life benefits. For 2022, Realtor.com included El Paso on its list of the Top 50 Hottest Zip Codes in the United States and GOBankingRates, which assists consumers with financial decisions, assessed it as one of the country’s 25 Promising Markets for Homebuyers. These analyses provide more evidence of a bright outlook for the housing market in this picturesque Texas community.
Where can I buy a new home in El Paso, TX?
It’s easy to see that El Paso is an attractive, affordable location for buyers of all backgrounds, including veterans and active duty military families. To take advantage of this affordable housing opportunity, start by finding a trusted builder that will help you maximize your investment. Hakes Brothers is a top regional builder known for architectural innovation, home quality, and exemplary service. Offering homes for every budget and lifestyle, including entry, move-up, and luxury homes, Hakes Brothers makes it easy to purchase a home in El Paso by guiding you through all the details, including helpful tips for maintaining your home after you move in. An added bonus of this exceptional builder team is their genuine involvement in the El Paso community, evidenced by their support of children’s organizations and other local causes.
As you can see, the El Paso cost of living and lifestyle benefits make this area a prime location for home ownership. Now is the perfect time to take advantage of the buyer’s market before prices and interest rates escalate. Fulfilling your dream of homeownership in El Paso is easy–get prequalified, check out new communities, and you’re on your way!