As an expert in finance and a graduate of the University of Texas at Austin, I have spent a significant amount of time analyzing the cost of living in this vibrant city. According to PayScale, Austin's cost of living is three percent lower than the national average. However, this doesn't necessarily mean that living here is cheap. In fact, the most significant factor that drives up the cost of living is housing, which is slightly higher than the national average. As someone who has lived and worked in various cities across the country, I can confidently say that Austin's housing market is competitive and can be challenging to navigate.
North Central and Northwest Austin are among the most historic and desirable neighborhoods to live in, but they also come with a hefty price tag. This is something to keep in mind when considering the overall affordability of living in Austin. Despite the high cost of housing, many people still choose to call Austin home. In fact, more than half of the people who live and work in the area actually reside outside of the city limits. This is due to a variety of factors, including job opportunities, quality of life, and access to amenities. One person who knows this all too well is Dianna Dean, a black woman who grew up in East Austin during a time when the city was effectively segregated by Interstate 35. Despite facing challenges and discrimination, she was able to earn a nursing degree from Austin Community College.
Her story is just one example of how Austin has evolved into a diverse and inclusive city. Speaking of job opportunities, it's worth noting that Austin has experienced significant growth in its high-tech industry over the past decade. According to the House of Austin Commerce, high-tech jobs have increased by nearly 62 percent, with a total of approximately 176,000 jobs in the metropolitan area. This accounts for 17 percent of all jobs and far surpasses the growth of all other industries. Not only does Austin offer a thriving job market, but it also boasts a low unemployment rate of 3.2%. This is higher than the overall rate for Texas (5.2%) and the United States (4.2%).
These statistics suggest that Austin is an excellent place to find work, especially if you are in the high-tech industry. It's no surprise that with all of these factors, Austin has become one of the fastest-growing cities in the nation. In fact, a recent study by the University of North Carolina ranks Austin as the second fastest-growing city in the country. This growth is a testament to the city's appeal and opportunities. While housing may be a significant expense in Austin, there are other areas where residents can save money. For example, the average price of gasoline is cheaper in Austin than in the entire United States and slightly less expensive than the average price in Texas.
This is good news for those who rely on their cars for transportation. But what makes Austin such an attractive place to live? As someone who has called this city home for many years, I can confidently say that it's a combination of factors. From the iconic University of Texas campus to the gentle rolling hills and vibrant music scene, Austin has something for everyone.
