Texas · Population 118,269 · Updated March 2026
How far your income goes in Richardson
State-level tax rates that affect your costs
Richardson has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 128 (where 100 equals the national median), Richardson residents can expect to pay median rent of $1,825/month while earning a median household income of $96,257/year.
The median home value in Richardson, TX is $405,600, with typical monthly owner costs around $1,796 including mortgage, insurance, and taxes. The median rent-to-income ratio of 22.8% 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 Richardson.
Common questions about living costs in Richardson
Similar-sized cities to compare
Compare the cost of living in Richardson, TX with 299 other major U.S. cities