Considering a move to Austin? Moving is a big undertaking with many exciting changes. Proactively researching the finances of your move to Austin will help you minimize surprises in your budget and help you decide if you can even afford to live there.
Austin is located conveniently
Cost of housing in Austin:
The cost of housing in Austin is on the rise but is one of the most affordable options of the cities in our 2019 review. Your actual cost will largely be driven on which neighborhood you choose and if you decide to rent or buy.
Do you plan to rent or buy when you move to Austin?
While Austin provides many options to rent or buy, the smartest decision for your finances is entirely math based. Before taking the plunge on your new home, calculate for yourself if it’s smarter to rent or buy.
bedroom rent in Austin: $1,832
Average home price in Austin: $363,400
Income in Austin:
Austin is residents on average earn 3% higher income than the US average. Because the cost of living is 3% lower than the US average this makes Austin very desirable from a financial perspective.
Average annual income in Austin: $58,900
Minimum wage in Austin: $7.25
Taxes in Austin:
Austin residents pay sales tax but have the luxury of no state income tax. This saves their residents between 5-10% of their income a year.
Sales tax in Austin: 8.25%
Income tax in Austin: 0%
Jobs in Austin:
Assuming you wish to stay long-term, it’s important to review the job market before you move to Austin. Future job security in any city is an important consideration for its long term viability. This is especially the case for your move to Austin, as the primary industry continues to evolve.
Fortune 500 Companies in Austin: 2
Dell Technologies and Whole Foods Market (recently purchased by Amazon).