Cost of living in Georgetown, TX

Georgetown, TX, is a charming city known for its historic architecture, vibrant community, and proximity to Austin. As more people consider relocating to this growing city, understanding the cost of living in Georgetown, TX, becomes crucial. Whether you are moving for work, retirement, or simply for a change of scenery, knowing the financial landscape will help you make informed decisions.

The cost of living in Georgetown, TX, has seen a steady increase, making it one of the more expensive areas in Texas.

As of 2024, Georgetown's cost of living index stands at approximately 117, which is about 17% higher than the national average and significantly above the Texas state average of 93.9. This elevated cost is largely driven by housing prices, with the median home price in Georgetown around $462,762, surpassing the national median of $428,000. 

Other living expenses, such as healthcare, are also higher, with healthcare costs about 13% above the national average. However, transportation and energy costs remain slightly below the national average, which can help balance out some of the higher costs in other areas.

Georgetown’s appeal lies in its blend of small-town charm and proximity to larger urban areas like Austin and Round Rock, which are just a short commute away. This proximity makes Georgetown an attractive location for those working in these larger cities but seeking a quieter lifestyle. 

Despite its higher cost of living, Georgetown offers a strong quality of life, with its beautiful historic downtown, access to nature parks, and a growing array of amenities. The city’s commitment to renewable energy, despite some challenges, reflects its forward-thinking community, although it has led to slightly higher electricity bills. 

Overall, while living in Georgetown, TX, may come with a higher price tag, it offers a unique combination of modern amenities and historic charm that many find worth the investment.

The housing market in Georgetown, TX, has seen some fluctuations in 2024, reflecting broader trends in the real estate market. As of mid-2024, the median home price in Georgetown is approximately $494,148. 

This represents a slight decrease compared to the previous year, as the market adjusts following the rapid price increases seen in 2021 and 2022. 

Despite this adjustment, Georgetown remains one of the more expensive areas in Texas, with home prices significantly above the state average. The market here is moderately competitive, with homes typically selling within 44 to 59 days, depending on various factors such as location and home condition.

In terms of appreciation, Georgetown's real estate market has shown more modest growth compared to other regions. Over the past year, home appreciation rates in Georgetown were around 4.47%, which is lower than many other areas in Texas. 

This slower rate of appreciation can be attributed to the cooling off of the housing market after the frenzied buying period of the past few years. 

However, for potential buyers, this stabilization could present a more favorable environment, reducing the likelihood of having to pay significantly over asking prices. As of the latest data, sale-to-list price ratios in Georgetown hover around 100%, indicating that homes are generally selling close to their asking prices.

The rental market in Georgetown, TX, has seen notable trends in 2024, reflecting broader shifts in the region's housing dynamics. As of August 2024, the average rent for an apartment in Georgetown ranges between $1,453 for a one-bedroom unit and $1,834 for a two-bedroom unit. 

These figures represent a slight decrease compared to the previous year, with rents for one-bedroom apartments dropping by about 8% and two-bedroom units by around 6%. This decline is part of a broader trend observed across many cities in Texas, where rental prices have started to stabilize after several years of rapid increases.

The distribution of rental prices in Georgetown shows that a significant portion of apartments (47.92%) fall within the $1,000 to $1,500 range, while higher-end units priced over $2,000 account for about 13.49% of the market. 

The rental vacancy rate in Georgetown stands at 4.9%, indicating a relatively balanced market where supply is beginning to catch up with demand. Georgetown’s rental market remains competitive, with a large proportion of rental units being occupied by younger families and professionals, particularly those in the 35-44 age group. 

These trends suggest that Georgetown continues to attract renters seeking a balance between affordability and quality of life, with a diverse range of options available to suit various needs and budgets.

Healthcare expenses in Georgetown, TX, have been on the rise, mirroring national trends. As of 2024, healthcare costs have increased significantly, with an average annual growth rate of around 4.1% across the U.S. 

This increase has made healthcare a major financial burden for many residents in Georgetown and beyond. The per capita healthcare spending in the U.S. now stands at $13,493, reflecting the growing costs of medical services, insurance premiums, and prescription drugs. 

Many Georgetown residents, particularly those on fixed incomes, have expressed concerns about their ability to afford necessary medical care as they age, with nearly half of U.S. adults lacking confidence in their ability to cover future healthcare costs.

The situation in Texas, including Georgetown, is further complicated by disparities in healthcare access and outcomes. Texas has one of the most extensive healthcare systems in the country, yet it struggles with high rates of uninsured residents and some of the poorest health outcomes. 

For instance, Texas ranks low in overall system performance, which includes metrics such as preventable hospitalizations and maternal mortality rates. These issues are exacerbated for those with lower socioeconomic status, making healthcare affordability a significant concern. 

As healthcare costs continue to rise, residents in Georgetown are increasingly finding it difficult to manage these expenses, highlighting the need for policy interventions to improve access and reduce financial strain.

Grocery and food costs in Georgetown, TX, have seen some fluctuations in 2024, largely in line with national trends. As of mid-2024, food prices in Georgetown are generally more affordable than in many parts of the United States, though still slightly higher than the Texas state average. 

The overall cost of living in Georgetown is about 11% higher than the national average, but when it comes to groceries, the prices are relatively competitive, especially when compared to larger metropolitan areas. 

The U.S. Department of Agriculture has forecasted a modest increase in food prices by about 2.2% this year, with specific categories like beef and veal seeing the highest increases, while others like fresh fruits and vegetables have experienced slight decreases.

Georgetown's grocery landscape is set to expand further with the construction of a new shopping center anchored by a Sprouts Farmers Market. This addition is expected to provide residents with more options for fresh and organic produce, which could help stabilize and potentially lower food costs in the area. 

The Sprouts store, expected to open by late 2024, will likely attract more grocery shoppers looking for variety and competitive pricing. With these developments, Georgetown continues to balance growth and affordability, offering residents a range of options to manage their grocery expenses effectively.

Georgetown, TX, offers an appealing quality of life, blending small-town charm with modern conveniences. The city is known for its vibrant community, scenic parks, and a well-preserved historic downtown that draws both residents and visitors alike. 

Georgetown's location in the Texas Hill Country provides access to numerous outdoor activities, including hiking, fishing, and boating at Lake Georgetown and the San Gabriel River. 

The city also hosts a variety of cultural events, such as the Red Poppy Festival, which celebrates its rich heritage and community spirit. These elements contribute to a strong sense of community and a high overall quality of life for its residents.

The city’s affordability, relative to nearby Austin, enhances its attractiveness, particularly for those seeking a balance between cost and lifestyle. 

Georgetown's cost of living is slightly higher than the national average but still more affordable compared to Austin, making it a popular choice for both families and retirees. The median household income in Georgetown is around $87,400, which supports a comfortable lifestyle in this growing city. 

Additionally, the presence of good public schools and a range of housing options, from affordable single-family homes to upscale properties, further contribute to the city's appeal. Overall, Georgetown provides a well-rounded living experience that combines the benefits of a growing city with the comfort and familiarity of a close-knit community.

If you're planning to move to Georgetown, hiring professional movers in Georgetown, TX is highly recommended. Not only can they help transport your belongings safely and efficiently, but they can also offer valuable insights into the city, such as the best routes to take and key areas to explore. 

Moving companies often provide services that go beyond just transportation, including helping you get acclimated to your new surroundings. With the city's evolving transportation infrastructure, a moving company can ensure a smooth transition, allowing you to settle in and start enjoying everything Georgetown has to offer.