Cost of Living in Irving, TX

With a cost of living index of 105, Irving, TX is somewhat more expensive than average. Living here is 5% more expensive than the national average and 18% above the Texas state average of 88. As a major city with a population of 255,036, Irving offers a wide range of housing options, employment opportunities, and urban amenities.

Housing costs are the biggest factor in Irving's cost of living. The median monthly rent is $1,517 (15% above the US median of $1,319), and the median home value sits at $287,300 (6% below the national median of $304,900). At current prices, the median home costs roughly 3.6x the median household income — a moderately affordable ratio by today's standards.

The median household income in Irving is $79,641, which is 6% higher than the national median of $75,149. Residents spend roughly 23% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Irving. The area sees an average annual temperature of 66.6°F, with summers averaging 84°F and winters around 48°F. Annual rainfall totals 37 inches spread over roughly 79 days. The mild climate is a draw for many residents and keeps utility costs moderate year-round.

Everyday prices in the Dallas-Fort Worth-Arlington, TX (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.