Georgetown is a small but steadily growing town in Williamson County, just 30 miles north of the vibrant city of Austin. Nicknamed the “Red Poppy Capital” of Texas, the community has a beautiful historic district and plenty of charm. If you’re considering moving here, understanding the cost of living in Georgetown, TX is probably one of your top priorities.
With a better understanding of how much it costs to live in Georgetown, you can prepare and plan for your future as a local.
What is the cost of living in Georgetown, TX?
The cost of living in Georgetown is rated at 108.3, with the U.S. average represented as 100, meaning that Georgetown is about 8% more expensive than the national average. For reference, the Texas cost of living index averages 93.9, making Georgetown one of the more expensive places to live in. That being said, it is on par with many of the most desirable cities in the state.
It’s important to understand that cost of living is based on several factors, including:
- Housing
- Food
- Utilities
- Transportation
- Healthcare
- Goods and services
- Taxes
So, even though the total cost of living might be higher than comparable figures, that doesn’t necessarily mean that everything is more expensive. For example, Georgetown’s cost of living is significantly impacted by its high median home cost. However, it is more affordable regarding healthcare, groceries, and miscellaneous expenses.
What does this mean for your budget? Depending on your needs, you might need to focus your home search on options that are priced particularly well. By choosing the right place to live, you can offset the expense and still enjoy a great lifestyle within your financial means.
Housing Costs in Georgetown
As you’ve learned, the cost of housing in Georgetown is primarily what drives up its overall average. Here, housing costs about 25% more than the national average. And yet, average rent in Georgetown is lower than the Austin-Round Rock Metro Area average – how is that possible?
It all comes down to the median home price in Georgetown. For homebuyers, purchasing a home will come at a significant cost. Here, the median price for a home is just over $437,000. In comparison, the median home cost in Texas is $243,600, while the national average is $291,700. As a result, housing costs surpass the average, however, homes for rent in Georgetown are relatively affordable.
Rent in Georgetown ranges from $1000 (for a studio apartment) to $2000 (for a four-bedroom residence). The monthly costs for all types of rentals are lower than the surrounding area’s average.
So, if affordability is a major priority, renting is likely your best bet.
Food Costs in Georgetown
Groceries in Georgetown tend to be more affordable than the national average, costing about 5 to 10% less. Here are some estimated grocery prices to give you an idea of your budget:
- A loaf of bread: $3.13
- A gallon of milk: $2.00
- A dozen eggs: $1.42
If you’re looking for restaurants in Georgetown, you can take your pick from many cuisines and price points. There are inexpensive cafes, moderately-priced sit-down restaurants, and even options for high-end dining. And, of course, you can always make the trip into Austin to experience one of the foodie capitals of the country!
Utility Costs in Georgetown
Georgetown utilities are only slightly above average, costing just 1% more than nationwide figures.
Like much of Texas, summertime temperatures here can get warm. So, you’ll want to plan to spend a little bit more on electricity (for your air conditioning). But the area also has very mild winters, so you can look forward to lower bills during these months. According to Texas Electricity Ratings, the average electricity bill in Georgetown is about $134.
Transportation Costs in Georgetown
Because of Georgetown’s small size, many people commute out of the city for work – and there are few public transit options. So, you may need to budget for a slightly higher cost of transportation than you’re used to (approximately 13% higher than the national average). But in many cases, gas prices in Georgetown can be slightly lower than in other parts of the metro area – so that helps.
Georgetown public transit recently got a major boost with the addition of GoGeo, the city’s first fixed-route bus service. Four routes are available during the week, so you can take advantage of this option if you wish.
Healthcare Costs in Georgetown
Healthcare in Georgetown costs almost 8% less than the national average and is also more affordable than the Texas average. A typical doctor’s visit runs around $92, with your out-of-pocket cost depending on insurance coverage and medical needs.
Goods and Services Costs in Georgetown
In Georgetown, miscellaneous expenses, including goods and services, are also less expensive. You can budget for 5% less than the national average and about 1% less than Texas as a whole.
Taxes in Georgetown
Sales tax in Georgetown is on par with other Texas cities, set at 8.25%, while property tax for the 2021-2022 fiscal year (billed annually in October) is $0.401 per $100 valuation. Additionally, the Village of Georgetown holds a 1% income tax for its residents (this tax does not apply to income received from social security, retirement or pensions, or military pay), who are required to register with the Georgetown Tax Bureau.
How much do I need to earn to live in Georgetown?
In Georgetown, the median household income is about $73,800. For individuals, the median income is just over $36,000. Both are higher than the state’s median income. It’s important to remember that cost of living is incredibly subjective. On an affordable budget, you can find many ways to have a high quality of life in Georgetown, so don’t hesitate to consider this great city for your future home.
A good rule of thumb for determining how much money you need to make to afford a home in Georgetown is the 28% rule: Your monthly rent or monthly mortgage, insurance, property taxes, and utility bills shouldn’t exceed 28% of your annual income. Alternatively, the 50-30-20 rule clarifies that 50% of your monthly income after taxes should be prioritized for your needs, 30% on what you want, and 20% on savings or investments. This means, that an individual with a median income of $36,000 should allocate $1,500 per month for necessary living expenses.
Where to Live in Georgetown, TX
Are you searching for homes for rent in Georgetown? Our Georgetown Heights community features new-construction rentals that combine luxury design, ample amenities, and an unparalleled location. You’re near enough to Austin to enjoy everything the city has to offer but also just far enough away to enjoy the peace and quiet of a small town retreat.
Wan Bridge rental homes in our build-to-rent communities are counted among the most desirable in Texas, with features that far surpass what you’ll find in any Georgetown apartments, condos, or landlord-owned properties. Plus, the convenience of our professional property management services mean that you’ll spend less time on home maintenance and more time doing what you love.
Discover the best rental homes in Georgetown when you explore Georgetown Heights from Wan Bridge. For more information about homes available for rent, contact our team today.
Featured Image Credit: SevenMaps / Shutterstock
