Round Rock Tops Austin on List of Most Affordable Cities in the Country
Austin suburban real estate has a lot to offer would-be homebuyers, from decreased traffic and a more open city structure to an abundance of activities. Austin’s bedroom communities are a great place to own a piece of Austin lifestyle at rural prices. Perhaps the most appealing aspect of suburban life is the affordability over the metropolitan competition. In fact, personal financial website NerdWallet recently deemed Austin’s residential area of Round Rock as the third most affordable city in the nation to live.
High Incomes and Low Cost of Living
A report in the Dallas Business Journal detailed how the analysis was completed. NerdWallet analyst Courtney Miller told DBJ that the study used the median household income for 237 cities recorded through the U.S. Census Bureau's American Community Survey. Miller used the 2014 Council for Community and Economic Research cost of living index to determine a city’s cost. She then compared the cost of living with how much money residents earn. NerdWallet’s rankings also listed an index of each city’s cost of groceries, housing, utilities, transportation, health care and goods and services in addition to median income and cost of living.
Austin's Low-Cost, Quality Urban Living Makes the Affordable List
For those who prefer to live in the heart of the city center, Austin was also among the most affordable cities at No. 17. Data from the National Association of Realtors reveals that the median home price in Austin was $240,700 in 2014 while the national median was $209,000. NerdWallet put Austin's median household income at $54,331, which is above the national median of $52,176. Additionally, the Austin Chamber of Commerce reports that “Texas features no personal or corporate income tax, and overall the state has one of the lowest state and local tax burdens in the nation, ranking 41st among the 50 states in taxes paid per $1000 of personal income.” The income-to-housing price ratio for Austin real estate represents a huge advantage the city has over most other U.S. cities - especially of comparable size.