Quick facts: Chico, TX

Quick Facts

99.5
Cost of Living
below US average
1,031
Population
11.64
Crime Rate per 1000
below US average
$65,845
Median Income
below US average
$236,250
Median House Price
above US average
$1200.0
Average Rent
below US average
9%
Poverty Rate
below US average
4.5%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $65,845.

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Income Needed to Buy

βœ— Stretch
$74k/year
Based on $236,250 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $74k vs median $65,845
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Income Needed to Rent

βœ“ Affordable
$51k/year
Based on $1200.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($65,845) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Chico, TX

Chico is a small city located in Wise County, Texas, with a charming rural atmosphere that embodies the spirit of small-town living. With a population of around 1,000 residents, it offers a tight-knit community where neighbors know each other. The city is known for its serene surroundings, featuring scenic views and plenty of open space, making it ideal for outdoor activities like hiking and fishing. Chico is home to several parks, including the popular Chico City Park, which offers playgrounds, sports fields, and picnic areas. The local economy is primarily driven by agriculture, small businesses, and a few local industries. The city hosts various events throughout the year, fostering community spirit and engagement. Historically, the area has roots dating back to the late 1800s, and you can find remnants of its past in local architecture and attractions. Although Chico is small, it provides essential services, schools, and amenities for residents, making it a quaint and peaceful place to live. Its proximity to larger cities like Decatur and Fort Worth offers additional opportunities for shopping, dining, and entertainment.

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