Cost of Living in New Home, TX

With a cost of living index of 84, New Home, TX is a very affordable place to live. Living here is 16% cheaper than the national average and 4% below the Texas state average of 88. New Home is a small community of 355 residents.

The median household income in New Home is $56,563, which is 25% lower than the national median of $75,149. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to New Home. The area sees an average annual temperature of 61.4°F, with summers averaging 80°F and winters around 43°F. Annual rainfall totals 18.3 inches spread over roughly 63 days. The mild climate is a draw for many residents and keeps utility costs moderate year-round.

Everyday prices in the Lubbock, TX (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower 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.