El Paso, Texas, offers physicians a highly attractive cost of living, making it a compelling choice for those seeking financial stability and a high quality of life. According to Sperling's Best Places, El Paso's overall cost of living is significantly lower than that of nearby major cities. In fact, El Paso has a cost-of-living index that is well below the national average, ranking at 74.5 out of 100 (Sperling's Best Places, 2021).
One of the most notable aspects of El Paso's affordability lies in its housing costs. The city's median home price is considerably lower than that of nearby major cities, providing physicians with the opportunity to own a home at a more affordable price. Additionally, property taxes in El Paso are generally lower than the national average, allowing homeowners to save on their annual expenses.
Another advantage of relocating to El Paso is the absence of state income tax in Texas. This favorable tax environment can significantly contribute to a physician's financial well-being, allowing them to maximize their earnings and invest in their future.
In comparison to nearby major cities, such as Phoenix, Arizona, and Albuquerque, New Mexico, El Paso's cost of living stands out as notably more affordable. Physicians who choose El Paso can enjoy a lower cost of housing, reduced property taxes, and the absence of state income tax, all of which contribute to a greater overall financial advantage and a higher disposable income.
The city's affordability extends beyond housing costs, encompassing various aspects of daily life, including transportation, groceries, and entertainment. This favorable cost of living ensures that physicians can lead a comfortable lifestyle while still maintaining financial stability.
Individual Income Tax Rate: 0%
Cost of Living Calculator: https://www.bestplaces.net/cost-of-living/
El Paso, Texas is 18.8% cheaper than Dallas, Texas
El Paso, Texas is 51.4% cheaper than New York, New York
El Paso, Texas is 33.0% cheaper than Miami, Florida
Median Home Cost is 62% cheaper in El Paso.
El Paso, Texas is 53.5% cheaper than Los Angeles, California
Median Home Cost is 78% cheaper in El Paso.
Zillow: https://www.zillow.com/homes/El-Paso,-TX_rb/
Realtor.com: https://www.realtor.com/realestateandhomes-search/El-Paso_TX
Rocket Homes: https://www.rockethomes.com/tx/el-paso
Market Report: https://www.rockethomes.com/real-estate-trends/tx/el-paso