Mineral Wells, TX

Very Low · 62

Texas · Population 15,130 · Updated March 2026

$1,004
Median Rent / Month
$54,210
Median Income
$146,100
Median Home Value
$973
Owner Costs / Month

Affordability

How far your income goes in Mineral Wells

22.2%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Texas

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
6.25%
Sales Tax
1.6%
Property Tax Rate

Estimated Annual Costs

$12,048
Annual Rent
$0
State Income Tax
$2,338
Property Tax (est.)

Cost of Living Overview

Mineral Wells is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 62 (where 100 equals the national median), Mineral Wells residents can expect to pay median rent of $1,004/month while earning a median household income of $54,210/year.

The median home value in Mineral Wells, TX is $146,100, with typical monthly owner costs around $973 including mortgage, insurance, and taxes. The median rent-to-income ratio of 22.2% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Texas has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 6.25% sales tax rate and 1.6% effective property tax rate, the overall tax environment helps keep costs manageable in Mineral Wells.

Frequently Asked Questions

Common questions about living costs in Mineral Wells

What is the cost of living in Mineral Wells, TX?
The cost of living index in Mineral Wells, TX is 62 (US average = 100). Median monthly rent is $1,004, median household income is $54,210/year, and the median home value is $146,100.
Is Mineral Wells, TX affordable?
Yes, Mineral Wells is more affordable than the national average with a cost index of 62. The rent-to-income ratio is 22.2%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Mineral Wells, TX?
The median gross rent in Mineral Wells, TX is $1,004 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $12,048.
What is the median household income in Mineral Wells?
The median household income in Mineral Wells, TX is $54,210 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Texas?
Texas has a top income tax rate of 0%, a sales tax of 6.25%, and an effective property tax rate of 1.6%. Notably, there is no state income tax.