A recent survey by the Council for Community and Economic Research puts the Sherman-Denison region among the least expensive places to live.
“Low cost of living is always a nice selling point as we look to recruit both businesses and families into the area,” said Denison Mayor Jared Johnson. “This type of recognition gives us another tool in our toolbox as we work to enhance these recruitment efforts.”
The quarterly survey ranks the region as the ninth least expensive urban area in the United States out of 304 areas that responded.
“We are so fortunate that our local economy is powered by a diverse industry base that provides a range of good job opportunities and creates a market for retail and service jobs,” Sherman Mayor Cary Wacker said. “Combined with the affordable local housing market and an array of amenities for living well, we are proud of the unique underlying strengths of the Sherman-Denison region as a desirable place for families and professionals to put down roots.”
The survey ranks urban areas based upon the prices of grocery items, housing, utilities, transportation, health care, and miscellaneous goods and services. It is based upon data voluntarily reported by chambers of commerce, economic development organizations or university applied economic centers. Sherman-Denison’s information is compiled by the Denison Development Alliance.
The index is calculated with 100 as the national average, so areas with costs of living below the national average have an index number below 100 and those with higher costs, a number above 100. The index for the Sherman-Denison area is 85.9; Harlingen, Texas, which had the lowest cost of living, is 81.1; New York (Manhattan), which had the highest cost, is 218.9.
“Keeping the cost of living in our area low gives families more disposable income to use as they see fit,” DDA Vice President of Business Development Scott Smathers said. “This in turn helps local businesses that rely on sales to continue operating. In summary it is a win-win for both the areas consumers and businesses.”
The other areas on the top-10 least expensive list, beginning with No. 2, are: Norman, Okla., 84.2; Pueblo, Colo., 84.4; Memphis, Tenn., 84.7; Youngstown-Warren, Ohio; 85.5; Temple, 85.6; Omaha, Neb.; 85.6; Jonesboro, Ark., 85.7; and Idaho Fall, Idaho, 86.1
The other areas on the top-10 most expensive list, beginning with No. 2, are: Honolulu, 174.6; New York (Brooklyn), 173; San Francisco, 159.5; New York (Queens) 153.7; San Jose, Calif., 152.8; Hilo, Hawaii, 148.7; Stamford, Conn., 144.8; Orange County, Calif., 143.8; and Washington, D.C., 140.9.