Cost of Living in Emerald Bay, Texas
Emerald Bay is a Census-designated place in Smith County, Texas, with a population of 1,307. The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Emerald Bay is $35,094 a year — about the same as the annual cost of living for Texas of $34,448 yet 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 Emerald Bay and over 29,000 other cities and towns in the US.
Housing Costs in Emerald Bay, Texas
Housing is one of the largest components of cost of living. In Emerald Bay, the median home value is $240,900, greater than the national median home value of $204,900.
Renting is a sometimes lower cost alternative to homeownership. In Emerald Bay, some 2.10% of occupied homes are rented, less than the 36.2% national renter rate.
In addition to home value, one of the largest determinants of housing affordability is area income. While nationwide the price of a typical U.S. home is 3.4 times the $60,293 U.S. median household income, housing affordability ratios range from approximately 1.0 in the least expensive cities to more than 10.0 in the country's most expensive markets. In Emerald Bay, the median household income is $74,470, 3.2 times the median home value.
Transportation Costs in Emerald Bay, Texas
Transportation can also be a significant component of cost of living. In Emerald Bay, 91.60% of commuters drive to work, compared to 85.5% of commuters nationwide. An estimated 89.00% of workers commute to jobs outside of Emerald Bay, a larger share than the 43.7% share of commuters nationwide who live and work in different cities. The average commute in Emerald Bay is 25.3 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 Emerald Bay spends $10,242 a year on transportation, about the same as the national average of $9,760.
Health Care Costs in Emerald Bay, Texas
Out-of-pocket health care costs and insurance premiums — assuming at least a basic level of health insurance coverage — are slightly lower than they are on average nationwide in Emerald Bay but in line with what they are across Texas as a whole.
For a single adult living in the area, average health care costs come out to $3,982 per year, compared to an average of $3,948 across Texas and $4,266 nationwide.
Child care Costs in Emerald Bay, Texas
For families with children, child care adds thousands of dollars to overall annual spending. In Emerald Bay, the average annual cost of child care for two children — one 4 year old and one 8 year old — is $11,072, about $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 Emerald Bay, 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 Emerald Bay, a single adult spends an average of $2,943 on food annually, and a family of four spends $8,500 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 Emerald Bay, 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 Emerald Bay, Texas pays $5,068 annually — closely in line with 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, Emerald Bay 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.
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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