Murphy, TX

Very High · 177

Texas · Population 21,001 · Updated March 2026

$2,640
Median Rent / Month
$165,109
Median Income
$508,500
Median Home Value
$2,597
Owner Costs / Month

Affordability

How far your income goes in Murphy

19.2%
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

$31,680
Annual Rent
$0
State Income Tax
$8,136
Property Tax (est.)

Cost of Living Overview

Murphy has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 177 (where 100 equals the national median), Murphy residents can expect to pay median rent of $2,640/month while earning a median household income of $165,109/year.

The median home value in Murphy, TX is $508,500, with typical monthly owner costs around $2,597 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.2% 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 Murphy.

Frequently Asked Questions

Common questions about living costs in Murphy

What is the cost of living in Murphy, TX?
The cost of living index in Murphy, TX is 177 (US average = 100). Median monthly rent is $2,640, median household income is $165,109/year, and the median home value is $508,500.
Is Murphy, TX affordable?
No, Murphy is more expensive than the national average with a cost index of 177. The rent-to-income ratio is 19.2%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Murphy, TX?
The median gross rent in Murphy, TX is $2,640 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $31,680.
What is the median household income in Murphy?
The median household income in Murphy, TX is $165,109 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.