Austin is the capital city of the United States’ state of Texas and the seat and largest city of Travis County, which extends into Hays and Williamson counties. It has a lot of great parks, river access, hike and bike trails, good food, and great music, as well as a collaborative tech culture that is welcoming and accepting of people who are not native to the area.” Due to the University of Texas and other local universities, Austin also has a highly educated workforce.
Austin is frequently cited as one of the best places to live in the United States, owing to its pleasant climate, thriving economy, and vibrant cultural scene. If you’re thinking about moving to Austin, you’ll have plenty of options for housing, ranging from family-friendly suburbs to densely packed urban areas. Here are some things to think about before making a move.
Austin’s Cost of Living
Austin is a moderately priced city to live in, but it also has relatively high wages to offset the cost of living. The median home price in Austin is $353,246, which is significantly higher than the median home price in Texas ($200,400) or the United States ($240,500). High wages partially offset this: The average house costs roughly 4.8 times the median household wage of $71,100.
Renting is less expensive in comparison. Austin’s median rent is $1,334, 21.2 percent of the city’s monthly median household income. This is close to the average in Texas (20.4 percent) and lower than the average in Denver (22.7 percent ).
Cost of Accommodation
Renting a one-bedroom apartment is slightly more expensive than renting a two-bedroom house. However, if you want to live in a more vibrant neighborhood, you might want to consider renting an apartment. However, apartments are typically less expensive than houses, though a one-bedroom apartment can cost up to $2,000 per month. You might also be curious about the average cost of living in Austin versus the state average.
-if you’re looking for a cheaper place to live, you should consider the suburbs. The average cost of a one-bedroom apartment in the suburbs is only $1,400 a month.
-The average price of an apartment in downtown Austin is around $2300, while the average price in Riverside is around $1700. You can split the cost of renting an entire apartment with a roommate. The majority of the significant websites are devoted to matching potential roommates.
– a one-bedroom apartment can cost up to $1,300 a month. In contrast, two-bedroom home in downtown Austin can cost up to $2200 a month. Additional costs in an apartment in Austin include utilities and taxes, which vary from month to month. Some of the city’s top neighborhoods are also more expensive than the national average.
– Monthly rent in Austin is $1,107. Utility costs are also lower, with an energy bill that’s 12 percent lower than the national average
– The majority of expenses are related to housing. The average single-family home in Austin costs between $300 and $4 million, with rent per month varying from $1,100 to more than two thousand dollars.
– On average, the energy bill in Austin is $147 per month.
Food Cost in Austin
Austin residents typically pay around $302 per month for groceries, though this varies depending on household size. Austin’s grocery prices are about 12% lower than the national average.
$3 for a loaf of bread
One gallon of milk costs $1.50 to $2;
a carton of 12 eggs costs $1.50 to $2;
and a bunch of bananas costs $3.
Austin has a diverse restaurant scene that offers a wide range of cuisines at various price points. While eating at a casual restaurant costs about the same as the national average of $15 per meal, residents can spend up to $50 or more per meal at more expensive restaurants.
The size of the group also influences the final price that residents can expect to pay when dining out. The following are price ranges based on restaurant type:
Fast food costs $6 to $8 per person, depending on the number of people.
Casual dining costs between $25 and $75, depending on the restaurant.
$75 to $100 or more for fine dining
Utility Costs in Austin
Utilities are another cost that Austin residents must consider when living there. As in many other places, the utilities that residents must pay are determined by whether they buy a home or rent an apartment or house.
-electric bills range from around $60 per month in the winter to as much as $140 in the summer.
-The monthly cost of water usage in Austin can range from slightly more than $7 for a single-member household to $35 or more for multiple-member households.
-The average monthly bill for Austin residents for homes and apartments that use natural gas is approximately $3.29 per thousand cubic feet.
– Internet service in Austin costs between $35 and $45 per month, depending on the provider. Similarly, cable TV plans in the Austin area range from $65 to $140 per month, depending on the package. Residents in Austin who want a landline should budget around $30 per month.
-Home insurance is another consideration for Austin residents, with homeowners insurance policies costing between $230 and $2,000 per year, depending on the size and value of the insured home. The cost of car insurance in Austin ranges from $1,224 to $2,330 per year.
-Austin residents can expect to pay between $21 and $48 per month for trash collection, depending on the size of the trash receptacle.
Transportation in Austin
Austin’s Capital Metro Bus System covers 535 square miles.
The fare for a single ride is $1.25 per ticket. Residents can also purchase a day pass for $2.50, a weekly pass for $11.25, or a 31-day pass for $41.25.
MetroRail Train Tickets
Commuters can get a single ride for $3.50, a day pass for $7.00, a seven-day pass for $27.50, and a 31-day pass for $96.50. Fares start at $1.25 for a single ride, $2.59 for a day pass, $11.25 for a seven-day pass, and $41.25 for a 31-day pass for residents only taking the train to a destination in their immediate vicinity.
Fares were determined by the distance residents needed to travel and any wait time. The first 1/11 mile costs $2.50, and each additional 1/11 mile costs $0.20. There is a $29 per hour surcharge if the taxi has to wait. In addition, anyone taking a taxi from the airport must pay a $2.50 airport surcharge.
Austin Health Care
Fortunately, Austin has slightly lower doctor visits and prescriptions than the national average.
-A visit to a doctor in the Austin area typically costs around $110 per visit. This varies depending on whether or not patients have any procedures performed while at the doctor. A trip to the dentist, on the other hand, costs slightly less, around $95. Residents who require new eyeglasses should budget around $113 to visit the eye doctor.
Austin residents’ prices at the pharmacy vary depending on their age and insurance coverage, but the average annual prescription cost is around $439. Residents with pets should budget $52 for each visit to the veterinarian.
Austin Child Care
-Daycare centers in Austin are an excellent option for many families. Austin residents can expect to pay approximately $680 per month, per child, for enrollment in a daycare center.
-Hiring a nanny is another option for some families. Austin residents can expect to pay at least $16 per hour on average for nanny services in terms of cost. This works out to about $560 per week for the services of a full-time nanny who works about 35 hours per week.
-An after-school care program is the third option. After-school care costs anywhere from free from non-profit organizations to $399 or more per month, depending on the institution, including schools, the YMCA, and other after-school programs.
Austin Salary Ranges
-The average salary for an Austin, Texas resident is around $39,000. Austin’s median household income is around $71,500. Austin’s minimum wage is $7.25 per hour, the same as the national minimum wage.
-Austin’s current unemployment rate is around 5.3 percent. This is slightly lower than the overall unemployment rate in the United States, 5.4 percent. Because Texas does not have a state income tax, residents can increase their take-home pay.
Austin’s Entertainment Scene
-Austin is well-known as an entertainment hotspot. Austin’s entertainment options range from live music to the great outdoors. Austin also has some of the best shopping in the country and museums and sporting events.
Outdoor concerts and music festivals, and various music venues throughout the city are examples of live music in Austin. Attendance at the Austin City Limits Music Festival ranges from $300 to $4,000 for the entire three-day event.
-Residents can also enjoy music at one of the local clubs, with admission ranging from free to $5 to $15 to hear local bands. National bands’ ticket prices rise from there.
Staying in one of the area’s RV parks can cost anywhere from $50 per day to $575 per month. Residents can find rates ranging from free to $56 for a small family of two adults and two children at a nearby campground.
-Every year, the University of Texas at Austin’s Texas Longhorns host various sporting events. The cost of a Texas Longhorns NCAA football home game ticket ranges from $15 to more than $300, depending on the opponent and seat location. The Austin Spurs, an NBA G League team, are also based in the city. On average, tickets to a Spurs game cost around $37.
How Much Money Do You Need to Live in Austin?
According to a recent study by GoBankingRates, a personal finance website, the median income in the Texas capital is $63,717, but it takes $98,007 per year to live comfortably in Austin. To live comfortably as a renter in Austin, you need $94,455 — but that’s still more than $30,000 less than the median income.
Is it a Good Idea to Relocate to Austin?
Austin is the best city in which to live – and retire. Austin received an overall score of 7.6 on a 10-point scale, with a desirability score of 9. For those looking to retire, Austin is ranked No. 4 on U.S. News’ list of the Best Places to Retire in the United States for 2019.
Is Austin Affordable?
According to a forecast prepared by Zillow, a real estate company that tracks affordability, the Austin metropolitan area will be the least affordable central metro region for homebuyers outside of California by the end of the year. It has already surpassed popular markets such as Boston, Miami, and New York City.
Let’s summarize the Overall Cost of Living in Austin.
- The estimated monthly costs for a family of four are 238,881.05 (3,159.19$) without rent (using our estimator).
- Without rent, a single person’s monthly costs are estimated to be 67,113.32 (887.57$).
- Austin costs 135.78 percent more than Bangalore (without rent, see our cost of living index).
- The average rent in Austin is 566.95 percent higher than the rent in Bangalore.
Overall, Austin, Texas, is a fantastic place to call home. The numerous restaurants and music venues scattered throughout the city lend the city a distinct charm. Furthermore, Austin’s proximity to the University of Texas and status as the state capital generate many jobs in the area. While the cost of living in Austin is slightly higher than the national average, it remains relatively low compared to other highly populated city centers across the country. Austin is a desirable location for anyone looking to live in a big city without the majority of the high costs that come with it. Austin has a lot to offer residents who want to spend time outside or experience city life.