How Much Money Does it Take to Live Comfortably in Austin?
GoBankingRates.com has released a new list of cities where cost of living is matched well with a resident's capacity to earn, and Austin is one of a few cities whose median household income proves capable of shouldering the estimated annual cost to live in the city comfortably.
Cross-checking the population with the average median household income, and then using the 50-30-20 budget rule for essentials, discretionary spending and savings respectively, the money management site aims to see if the average median income of the city can sustain the cost of living there.
Austin fared well with its $55,216 median household income and $53,225 required earnings to sustain a comfortable living in the city. For Austin residents earning more than $55,000, there is a surplus of $1,000 left to spend at the end of every year.
Other cities in Texas, however, didn't fare as well. Houston had an average median household income of $45,728 but requires $60,796 to live comfortably; Dallas has a median household income of $43,359 but requires $55,651 for comfortable living. In spite of the common knowledge that Austin has a higher standard of living compared to its other Texan counterparts, data from this recent study shows that the capacity of Austin residents to earn matches the more expensive living standards of the fast-developing city.
To read more about how other U.S. cities fared in the study and to access the original article, please click here.