Cost of Living in Providence Village, TX

With a cost of living index of 135, Providence Village, TX is a notably expensive place to live. Living here is 35% more expensive than the national average and 47% above the Texas state average of 88. Providence Village is a smaller community of 8,116 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Providence Village's cost of living. The median monthly rent is $2,399 (82% above the US median of $1,319), and the median home value sits at $321,300 (5% above the national median of $304,900). At current prices, the median home costs roughly 3x the median household income — well within traditional affordability guidelines.

The median household income in Providence Village is $105,469, which is 40% higher than the national median of $75,149. Residents spend roughly 27% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. While incomes are above average, they more than offset the higher cost of living.

Climate is another factor for anyone considering a move to Providence Village. The area sees an average annual temperature of 64.5°F, with summers averaging 83°F and winters around 46°F. Annual rainfall totals 35.6 inches spread over roughly 82 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.