How Austin Is One Of America's Most Affordable Cities
by Alex Lewis
on Thursday, June 22nd, 2017 at 11:12am.
When it comes to affordability, families don’t usually shop in big cities when they hope to land a real estate bargain. Home shoppers know they’ll pay more to experience the conveniences that major cities provide.
But a new study from gobankingrates.com revealed that when it comes to measuring the comfort of residents’ cost of living, Austin goes against the major city grain. In the study, not only did Austin prove to be one of the most comfortable cities, but Texas was also concluded as the state whose cities offered their residents the most cost-friendly living situations compared to the rest of the nation.
The study said, “Texas is the state that boasts the most cities in which the median income is enough for a comfortable living”.
In other words, it’s another day to be proud you’re a Texan – especially if you’re an Austinite!
The study assessed residents’ ability to pay their monthly expenses, put money into savings, and have cash to spend with their friends. The conclusions were based on a 50-30-20 rule:
The rule says that 50% of an income should go to monthly living expenses, 30% to optional commodities, and 20% into savings. Places that came close to reflecting this 50-30-20 financial breakdown were those that hosted a comfortable cost of living. Among the fifty major cities included in the study, Austin made top five on their list.
Here are 3 Austin is one of America’s most affordable cities:
1. Awesome Job Market
Austin is booming with jobs in STEM industries. STEM stands for Science, Technology, Engineering, and Mathematics and is often used as a job assessment term that helps researchers and statisticians to comprehend the job quality and income levels of cities across the world. Places where STEM jobs are commonplace tend to experience better pay, to offer standout education, and to leave an innovative fingerprint on the national map.
Beyond the extraordinary job market in Austin, the state itself is also very business friendly. With no personal income tax, Texas is a place where families can take home more of their paycheck because Uncle Sam is a little easier on our wallets than in other states.
2. Local Investment In Artists And Entrepreneurs
Technology, education, and the arts thrive in Austin. The city’s residents care about their local environment and live in such a way that empowers the local artist and the entrepreneur. This city-wide ambition reinforces itself as a strong economy because the care translates into small business loyalty, a love for learning, and an appreciation for good craftsmanship.
Austin is where innovation and creativity are highly valued. The artistic and small business scenes of the city are never hidden. With businesses popping up all the time, and new murals or art galleries giving life to the city, it’s no wonder that Austin is such an inspiring and fun place for so many to live.
3. Growing Real Estate
What the study really breaks down is median household income weighed with the cost of real estate. Austin has been in the national real estate conversation for years. Its booming commercial and residential properties have seized the attention of families across the country.
People invest in Central Texas real estate because Austin and many of its surrounding suburbs are growing faster than ever.
Usually such growth infers a challenge for households to keep up with their monthly expenses as rent and mortgage costs rise. But because median local incomes prove higher than the national average, it’s no wonder that the Texas Hill Country has become such an interest-stealing spot on the national map. Our incomes and real estate are keeping up with one another to make Austin a comfortable place to call home.
If you are in the market to purchase or rent a home in Austin, reach out to a JB Goodwin agent today. Our Central Texas real estate expertise, and awesome attention to the details that matter to you are what equip our agents to find homes that caters to your lifestyle and your budget.