For military retirees planning to stay in Waco, Texas here are the things you need to know before finally deciding to live here after your military service is up and you prepare for retirement.
Population: There are over 230,000 people living in Waco as of 2009. The recorded number of households is 42,279 with an average household size of 2.49 and average family size of 3.19. If you want a more peaceful place without noisy neighbors, you are in a good spot.
Cost of Living: Waco’s cost of living index is 88.2 with the US average as the base index. Here, it is important to compare your current city’s cost of living index to the current one. Look closely at the annual income and other variables used in calculating the indices. For convenience, you may check online calculators that will help you do the comparison. Consumer Price Index (CPI) may also serve as a reliable measure tool for future expenses. This index can measure the increase in costs of basic purchases.
For reference, check the website of the Bureau of Labor Statistics. Waco’s current CPI is 74.6, with the national average as the base. Average consumer expenditures is $33,160 as compared to the national average of $41,000. Non-retail products have higher consumer expenditures than the retail ones. Utilities have an average cost of $2,604 annually. Entertainment and transportation have a lower expenditure, but education has the least. If you plan on moving next year, check the new CPI and get the percentage of difference, using the current index as base. Multiply the change by the average annual expenditure and you will be returned with the new annual consumer expenditure. Check the Bureau of Labor Statistics for more information on the CPI.
Taxes: Texas doesn’t have state personal income tax and Retirement Income is not taxed. Sales taxes for the entire state, however, are 6.25% for food and medicine. Gasoline and Diesel Fuel Taxes amount to 20 cents per gallon. Cigarette Tax per pack of 20 is $1.41. Insurance Premium Tax for independently procured constitutes of 4.85% of the taxable premiums. Those purchased from licensed insurers vary depending on the type of insurance: Life, Accident and Health: 1.75%, Property and Casualty: 1.6%, Title insurers: 1.35%. Tax assessment for Waco for all taxing entities is 2.84 per $100 valuation.
Housing: the Median Home Price is $84,100, considered already affordable if you plan to buy a house. You can also rent an apartment or a house at a very cheap price; you can find agents online that have low-priced deals for quality homes.
Safety: Noted calamities in the area include tornadoes. They aren’t frequent in Waco but they tend to be strong. Waco has safety precautions for this. Remember to watch the local news every now and then for warnings.
Stores and Sight-seeing’s: One of the notable shops in Waco is the Richland Mall for your basic needs. There’s even a zoo where you and your family can visit often. If you finally decided to live in Waco, go around the museums, such as the Dr. Pepper Museum or the Water Park and the Cotton Creek Golf Course. If you love some college football, you can check out the TCU Horned Frogs during the fall and enjoy some intense Division 1 games. Soon after, you’ll be boasting to your friends about the whole place.
This is just a small sample of what Waco offers to the future military retiree. You can do plenty of more research before you make your final decision.
Waco Travel GuideThinking about retiring from the military and moving to Texas? Make sure you learn about Waco before you settle down