Plano saw its cost of living rise faster than any other city in the country, according to a new study from the financial technology firm Smart Asset.
The studycompared the cost of living in individual cities to the average nationwide, measuring the change between the first quarters of 2022 and 2023.
Plano’s cost of living was up by 9.5%. That put the Collin County city at the top of the list, and made it the 22nd most expensive of the 237 cities that Smart Asset looked at.
New York City and San Francisco both saw their cost of living decrease by about 15%, though prices in those cities are still higher than in Plano, overall.
The City of Plano told KERA in a statement shared via email that it’s unsure why Plano was ranked highest in the study.
“We are certainly not alone when it comes to a higher cost of living,” the statement said.
Shawna Acquisto, the president of the Collin County Association of Realtors, attributes the higher costs to the region’s growth. Collin County is the third-fastest growing county in the nation, according to the U.S. Census. Plano is the county's largest city.
Acquisto said the region has lots of attractive amenities – like good weather and job growth – which attracts new residents.
“Pretty much anything someone would want is right here,” she said. “And then that drives up the prices.”
Cheryl Jackson, the founder of Minnie's Food Pantry in Plano, said social services see first-hand how higher prices and corporate layoffs impact the city’s residents.
“We’re going to take the brunt of it,” she said. “And the people who used to donate to you are now the people who you now serve.”
Jackson said the food pantry used to serve about 300 to 500 people a month. Now, that’s the daily number. She expects to see even more people at the food pantry during the holidays.
The higher prices impact everyone. Jackson said she has seen people of all ages, races and genders at the food pantry.
“In what is supposed to be the wealthiest place and the best place, you've got hundreds of thousands of people relying on reduced meals, relying on food pantries, relying on assisted services and just hoping they can make it day to day,” she said.
Got a tip? Email Caroline Love at clove@kera.org.
Caroline Love is a Report For Americacorps member for KERA News.
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