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Cost of Living in Murphy

Is it better to rent or buy in Murphy? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$185,061
$3,091/mo

Median in area: $3,091

$565,208

Median in area: $565,208

$113,042

If you Rent

$3,275 /mo
Base Rent$3,091
Est. Utilities$184
% of Income21.2%
Pre-tax Residual$12,147

If you Buy

$4,180 /mo
P&I (6.839%)$2,960
Taxes & Ins$1,036
Est. Utilities$184
% of Income27.1%
Pre-tax Residual$11,242

Cost of Living FAQs

Is it cheaper to rent or buy in Murphy?›

Based on median housing data, renting is currently more affordable on a monthly basis in Murphy. The estimated all-in monthly cost for renting is $3,275, while owning a median-priced home with a 20% down payment is roughly $4,180 per month (a difference of $905).

How much do utilities cost in Murphy?›

The average monthly utility cost (electricity and natural gas) for a typical home in Murphy is approximately $184. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Murphy?›

To comfortably afford the median rent and utilities in Murphy without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $131,000 per year.