North Texas city leads the country in cost of living increases
Plano leads nation in cost of living increases
The city of Plano is at the top of a list for cost of living increases this year, according to a report released by SmartAsset.com. Good Day talked to Mayor John Muns about the report and why he thinks Plano is 22% more expensive than the national average.
PLANO, Texas - A new report puts a city in North Texas at the top of a nationwide list for cost of living increases this year.
The financial technology company SmartAsset looked at data from 237 areas in the United States.
It found Plano’s cost of living index is now 122. That’s up nearly 10 points from last year and means Plano is 22% more expensive than the national average.
Dallas is at 103, or 3% more expensive than the national average. Austin’s index of 101 is slightly down from a year ago.
Plano Mayor John Muns said he was surprised by the report.
"In the grand scheme of things, we're not a lot different than any of the communities around us and we've all experienced inflation over the last several years. And so, whether it be housing or groceries or gas, we've all experienced the same thing," he said.
The report said most of Plano’s cost increases came through housing, healthcare, and goods and services other than groceries.
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Inflation has created financial pressures for most U.S. households and forced them to pay more for daily necessities like food and rent.
"We obviously have a housing shortage. Plano no longer has a whole lot of available land left to do green field developments like other cities around us," the mayor said. "The demand is always still there, and yet we don’t have the inventory that make it available for those to buy a new home or a starter home."
Muns said that’s one of the reasons he and city leaders are continuously working on identifying areas for new growth or redevelopment.
While some other cities in the U.S. are much more expensive overall, the cost-of-living index in many large cities dropped more than 10% from pandemic highs.
That’s the case for Honolulu, San Francisco, and Manhattan.
Read the full SmartAsset report here.