Cost of Living in Rankin, TX

With a cost of living index of 63, Rankin, TX is one of the most affordable cities in the country. Living here is 37% cheaper than the national average and 24% below the Texas state average of 88. Rankin is a small community of 1,189 residents.

Housing costs are the biggest factor in Rankin's cost of living. The median monthly rent is $664 (50% below the US median of $1,319), and the median home value sits at $119,000 (61% below the national median of $304,900). At current prices, the median home costs roughly 1.7x the median household income — well within traditional affordability guidelines.

The median household income in Rankin is $72,083, which is 4% lower than the national median of $75,149. Residents spend roughly 11% 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 Rankin. The area sees an average annual temperature of 65.8°F, with summers averaging 83°F and winters around 47°F. Annual rainfall totals 13.5 inches spread over roughly 49 days. The mild climate is a draw for many residents and keeps utility costs moderate year-round.

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.