If you’re considering a move to Austin, understanding the cost of living in the Lone Star State can give you a better idea of if relocating is the right decision. This guide breaks down the cost of living in Austin, from housing to homeowner’s insurance and healthcare costs. We’ll provide data from the local cost of living index and comparison tools and look at how Austin ranks for livability compared to other U.S. cities. We’ll also share a handy set of online resources to measure and compare the cost of living and expenses in other Texas cities. When you’re planning to live in a new city, the cost of living there will be a combination of expenses required to maintain your desired lifestyle. Cambridge Dictionary defines cost of living as “the amount of money people need to spend to buy basic goods or services such as food, clothes, and a place to live.” This overall cost can vary significantly based on location, even within [state name]. But the living expenses you’ll pay for typically include the following categories: However, the costs often extend beyond these basics to cover other expenses, such as: These elements, when combined, establish the core costs associated with a particular way of living. However, your living standard is largely influenced by your income and debts and how the dollar amounts compare to the costs of basic needs in your location or, in this case, the Austin community where you might want to live. Let’s take a quick look at some ways you can compare your current living cost with what you might experience if you move to Austin. A cost of living index (CLI) monitors how these basic expenses shift over time in different states, cities, or regions. They provide a way to compare the price of maintaining a particular standard of living. The CLI for a city like Austin is calculated by assessing the price of essential goods and services in different areas, such as housing, food, transportation, and healthcare. A local index is typically standardized, with a base city assigned a baseline index value (usually set at 100). Other cities are then compared against this benchmark. For example, a Texas community with a CLI of 125 would signify that living there is 25% more expensive than the base location, while an index of 75 indicates it’s 25% less expensive. A cost of living index will typically break down and score each basic expense by category. Here are separate scores for Austin from the AXIOS Austin Cost of Living Index: According to AXIOS, goods and services tend to cost less in Austin than in other U.S. cities — but housing costs more (as of November 2023).What makes up the ‘cost of living’ in Austin?
What’s an Austin cost of living index (CLI)?
