When it comes to cost of living, Temple offers one of the best values of any metro in Texas. The cost of doing business in the Temple is 15 percent below the national average. Numbers released by the Council for Community and Economic Research rank the Temple-Killeen metro area as 26th lowest cost metro in the nation with costs lower than 90% of participating metros. With an index of 85.0, costs in Temple are lower than the national average of 100.
The Cost of Living Index measures regional differences in the cost of consumer goods and services. The composite index is based on six categories – housing, utilities, grocery items, transportation, health care, and miscellaneous goods and services. This is how the overall ranking is calculated.
But how do we know what things cost? Temple EDC Director of Operations, Jennifer Avery, collects this data each quarter and submits it to the Council so that you can understand how Temple fits into the larger picture. It is based on 60 different goods and services collected at the local level from over 300 independent researchers collected quarterly by chambers of commerce, economic development organizations, and universities in each participating urban area.
A low cost of living is important to residents and businesses. It means lower bills and less money spent on an operating budget. Compared to other urban areas competing for your business, you can’t beat Temple when it comes to affordability.
[Updated February 2019, to reflect the 2018 annual average.]