What salary do you need to live in Austin?

Over the last decade, Austin, Texas, has epitomized the fastest rate of development in American cities. The thriving tech scene, world-class live music, film festivals, a mixture of college, and high school sports; and with countless other attractions and a quality of life, it brings no surprise that Austin is on many people's travel lists. But with that growth comes a growing popularity, and the cost of living has equally been growing as the city now experiences a growing number of its locals in and out of its environs. If you find yourself asking questions like "How much salary do I need to live well in this city?," chances are, when considering a move to Austin, that will be among the many first questions you'd need to answer. Additionally, you may want to consider the cost of services such as Austin cleaning service to maintain your living space.

Cost of Living in Austin: Getting the Bottom Line

With that being said, it may be of great help to first understand some of the things that go into the cost of living before helping you figure out what type of income you might need in Austin. According to PayScale, the overall cost of living is 3% lower than the national average.

However, this really doesn't put much of a human face on it. Some things, like the cost of utilities and groceries, are indeed cheaper in Austin when compared to other major cities. Others, like housing, can really be a lot pricier.

For instance, the MIT Living Wage Calculator illustrates that a single adult living in Austin requires an annual income of approximately $30,000 to cater to his or her housing, food, transportation, health, and other relevant fundamental needs.

"For a family of four with two working adults, that figure jumps to around $67,000 per year per adult

You would be hard-pressed to live comfortably on that amount in any major urban area in the U.S. Others indicate that the numbers in the table below show the lowest, without leaving anything for discretionary spending or savings. To actually live comfortably in Austin, most concur you will need to earn quite a lot more.

The Impact of Housing Costs

Austinites would say that their most major cost by far is housing. The median price of a home in Austin, according to Zillow, is $546,619—up over 30% from just one year ago. In fact, rents are on the rise too, with the average of a one-bedroom apartment now hovering around $1,500 per month. According to SmartAsset, a person buying a median-priced home in Austin would need to earn at least $99,757 annually.

That's assuming a 20% downpayment and a 30-year mortgage at 3% interest. If you're a tenant residing in the house you rented, 3 times the money that you pay as rent is the thumb rule amount to ensure a comfortable living. For an apartment of $1,500 per month, that's $18,000 for a year - a sum that must sound awfully familiar since so many of your friends choose to share the space with a couple of roomies to offset the cost. Of course, housing costs can vary greatly, depending on the part of Austin. The most expensive seem to be the housing prices of downtown and city center-adjacent neighborhoods, such as East Austin and South Congress, with some relatively inexpensive living opportunities in suburbs further out, like Round Rock and Pflugerville.

Don't forget to factor in the average monthly cost of utilities for Austin, which runs at $172.60, as you budget for housing.

That aside, there are a whole host of other bills needing to be paid out of your Austin budget: transportation costs can certainly rack up if you have to rely on a car. Although Austin has a public bus system, it's not nearly as comprehensive as those found in many other major cities, so most residents continue to travel by car. By all means, if you do bring your own car, expect to pay approximately $3.09 per gallon for gasoline.

The average cost per year for car insurance runs around $1,159. Food is another major expense category, with groceries running about 6% less than the national average, according to the Cost of Living Index. Well, if you're fond of dining out, your expenses could easily amass. The average meal at a fairly cheap restaurant is $21; meanwhile, at a mid-range restaurant, a three-course dinner for two people will charge the vicinity of $60. Don't forget the daily coffee fix in your budget, either; a regular cappuccino in Austin averages $4.53

Health care is one of those things that you generally don't take note of.

But it definitely is a necessity in any cost of living analysis. The average cost of healthcare in Austin is about 3 percent above the national average.

An average doctor's visit will run about $128.91, and a dental cleaning will cost about $111.22.

If you need regular prescriptions, be sure to figure that cost into your budget, too.

Last but not least, make sure you provide for those discretionary expenses such as entertainment and travel, and an Austin cleaning service or cleaning services Austin. Although there may be pretty huge differences based on how you live and what you like to do, good rough figures in the 20-30% range of your discretionary income might be.

Putting It All Together

Then, actually, what salary does one need so that they can comfortably live in Austin? Though, actually, there really isn't a perfect answer to that question; most of the experts do agree with the fact that one really has to make at least $60,000 to $80,000 per annum to make it possible for one to live according to the standard of the locality.This salary range should cover basic expenses as well as additional services like cleaning services Austin that can help make your life easier.

Now, of course, the real cost of living a person incurs differs with the housing situation, size of family, and individual lifestyle preferences. If you're single, content to live in a small apartment, and have an eating out habit that is very rare, you could get by with less. On the other hand, if one has a family and needs to support it, say while pursuing the great food and entertainment scene that Austin is known for, he would most likely need to be earning at the upper end of that range or more.

But the bottom line is that it takes a bit of reality checking in terms of expenditures and, moreover, creating a budget for living expenses that corresponds with income. Don't forget to also prioritize saving for the future: maybe building an emergency fund, paying down debt, or investing for retirement. With some careful planning and financial discipline, you can enjoy everything that Austin has to offer without breaking the bank.