As a property expert, I have seen many people consider moving to Austin, Texas due to its warm climate, thriving economy, and vibrant cultural scene. However, one question that often comes up is whether Austin is considered a high cost of living city. The answer is yes, but it's not as simple as that. According to data collected and analyzed by Apartment List, the cost of living in Austin is 10% higher than the state average and 1% higher than the national average. This makes it the highest cost of living city in all of Texas.
But before you dismiss Austin as an option, there are some important factors to consider. Firstly, let's talk about employment. Austin has a low unemployment rate of 3.2%, which outperforms both Texas overall (5.2%) and the United States overall (4.2%). This suggests that Austin is a good place to find work, especially if you work in a high-tech industry. In fact, Austin is known as the "Silicon Hills" due to its large tech industry presence. When it comes to finding a place to live in Austin, there are plenty of options to choose from.
The city spans over 271 square miles and has many different neighborhoods. This means that you can find a place that fits your needs and budget with the help of authorized leasing agents who know the city's landscape. One thing that may surprise you is that food is actually cheaper in Austin than in all but 5 other cities, according to Rob Warnock, senior research associate at Apartment List. So while housing may be more expensive, you can save on your grocery bill. Another factor to consider is transportation. While rideshare rates may be low due to competition between companies and the local app Ride Austin, owning a car in Austin can be expensive.
However, if you live close to the city center or near the University of Texas at Austin, you may be able to get by without a car thanks to the many options for walking, biking, and public transportation. It's also worth noting that more than half of the people who live and work in the Austin area actually live outside of the city. This means that many people commute to Austin for work, which can add to the cost of living if you have a long commute. But why is Austin considered a high cost of living city in the first place? Well, one major reason is its population boom. With over 150 people moving to the city every day, Austin is the ninth fastest-growing metropolitan area in the nation. This influx of people has driven up housing prices and contributed to the overall cost of living. However, it's important to note that not all areas of Austin are equally expensive.
South Austin, particularly ZIP code 78704, is known as "Weird Austin" and is full of unique people and places. While it may not be as popular as it once was, it's still a more affordable option compared to other areas. So what's my advice for those considering moving to Austin? Take some time to consider where you'll work (or are likely to work) before choosing where you'd like to live. This can help you find a balance between affordability and convenience. In conclusion, while it's true that Austin is considered a high cost of living city, it's not without its benefits. With a thriving economy, low unemployment rate, and plenty of options for housing and transportation, it's no wonder why so many people are drawn to this vibrant city.
So if you're thinking about making the move to Austin, don't let the cost of living deter you. With some careful planning and research, you can find a place to call home in this exciting and dynamic city.
