Cost of living is often the greatest expense in the average budget, and people all over the country are looking for ways to save money. One of the easiest ways to get the most out of a monthly paycheck is to live in a city with a low cost of living. Austin was recently named one of the top five cities in the country with high salaries and low cost of living by gobankingrates.com. According to the article, Austin housing prices fall 15 percent below the national average, and overall cost of living is 3 percent less than the national average. Austin also falls below the national average for costs of basic necessities like utilities and groceries. All of these factors have given Austinites more room in their budget for savings.
Overall, Texas seems to be one of the least expensive states in the country to call home. Two other Texas cities, Houston and Dallas-Fort Worth, also made the list at number one and number three, respectively. Houston ranked well below the national average for consumer goods, utility, transportation and housing costs and sealed its position on this list as the most affordable U.S. city. Although Dallas-Fort Worth had the lowest salary rates out of the five cities, the low cost of goods in the region allows residents to maintain a comfortable lifestyle. Charlotte, North Carolina and Omaha, Nebraska rounded out the top five with affordable housing rates and higher than average salaries.
Part of what makes Austin such an affordable city is the abundance of new technology firms. Samsung, Dell, Apple, Google, IBM and other major tech corporations all have branches in the Austin area. These companies have helped lower the city’s unemployment rate and boost the economy. As a result, job-seekers, young professionals, students and retirees have flocked to Austin to take advantage of the available jobs, high salaries, strong economy and low cost of living. As Austin continues to grow and develop, there’s no doubt this city will continue to top the lists of the best and most affordable cities in the country.