Cost of Living in Lake View, Texas

Lake View is a Census-designated place in Val Verde County, Texas, with a population of 303. The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Lake View is $31,279 a year — less than the annual cost of living for Texas of $34,448 and less than the national figure of $38,433.

Using cost of living data from the nonprofift think tank Economic Policy Institute, 24/7 Wall St. estimated the cost of living in Lake View and over 29,000 other cities and towns in the US.

Housing Costs in Lake View, Texas

Housing is one of the largest components of cost of living. In Lake View, the median home value is $307,300, greater than the national median home value of $204,900.

Renting is a sometimes lower cost alternative to homeownership. In Lake View, some 0.00% of occupied homes are rented, less than the 36.2% national renter rate.

Transportation Costs in Lake View, Texas

Transportation can also be a significant component of cost of living. In Lake View, 100.00% of commuters drive to work, compared to 85.5% of commuters nationwide. An estimated 100.00% of workers commute to jobs outside of Lake View, a larger share than the 43.7% share of commuters nationwide who live and work in different cities. The average commute in Lake View is N minutes long, compared to the 26.6-minute average commute nationwide. Taking into account the cost of gas, as well as public transit and car maintenance, the EPI estimates that a single person in Lake View spends $9,932 a year on transportation, about the same as the national average of $9,760.

Health Care Costs in Lake View, Texas

Out-of-pocket health care costs and insurance premiums — assuming at least a basic level of health insurance coverage — are slightly higher than they are on average nationwide in Lake View and also well above what they are across Texas as a whole.

For a single adult living in the area, average health care costs come out to $4,583 per year, compared to an average of $3,948 across Texas and $4,266 nationwide.

Child care Costs in Lake View, Texas

For families with children, child care adds thousands of dollars to overall annual spending. In Lake View, the average annual cost of child care for two children — one 4 year old and one 8 year old — is $8,077, about $3,600 less than the comparable average of $11,652 across all of Texas. Meanwhile, across the U.S. as a whole, childcare expenses for two children averages $15,853 per year.

Food Costs in Lake View, Texas

Food is another every day expense that has a significant impact on overall cost of living. Data from the U.S. Department of Agriculture shows that the cost of food varies from city to city and town to town.

In Lake View, a single adult spends an average of $2,355 on food annually, and a family of four spends $6,800 on average. For context, average annual food expenditure across Texas and the U.S., respectively, are $2,897 and $3,240 for a single adult, and $8,366 and $9,354 for a family of four. These estimates are calculated for a nutritionally adequate diet of food purchased at a grocery store for at-home preparation.

Taxes in Lake View, Texas

Few expenses vary as much from city to city and town to town as taxes. Accounting for state and federal income taxes, as well as Social Security contributions and Medicare payroll taxes, the average adult working in Lake View, Texas pays $4,348 annually — relatively little compared to the statewide average of $4,945.

It is important to note that these calculations do not include other common taxes such as property, sales, and excise taxes. Accounting for these taxes, while excluding taxes levied at the federal level, Lake View residents live in a state with a low average tax burden. Per capita state tax collections in Texas total $2,102 per year, compared to the $3,151 average across all states.

Methodology

To estimate the cost of housing, food, transportation, health care, child care, taxes, and other necessities, 24/7 Wall St. assigned county-level Economic Policy Institute data to cities, towns, villages and Census-designated places based on boundary definitions from the U.S. Census Bureau. For places that span multiple counties, data was aggregated based on the percentage of boundary overlap.

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