Cost of Living
Texas consistently ranks as one of the nation's most favorable business climates based on its low tax burden and competitive regulatory environment. In Texas, aggregate costs for real estate, energy, wages and taxes are below most states in the country.
Compared to other major business centers, Austin is well known for offering affordable living. The National Association of Realtors reports that the median home price in Austin was $206,000 in 2012 while the national median was $177,200. The National Association of Home Builders, which also produces median home price estimates, has a narrower difference between Austin and the nation. Their first quarter 2012 estimate for Austin is $184,000 and the national estimate is $162,000. NAHB estimates that 75.9% of homes sold in Austin are affordable to households earning Austin's median family income – similar to the 77.5% national affordability rate.
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 42nd among the 50 states in taxes paid per $1000 of personal income.
Cost of Living Index
Cost of Living Index, Year Ending 2013 Q2 (U.S.=100)
|Salt Lake City||94.7||88.9||88.4||83.6||101.6||99.2||102.5|
Cost of Living Index, Year Ending 2013 Q2
Cost of Living Calculator
Source: The Council for Community & Economic Research, Cost of Living Index.
Median Home Price, Existing Single-Family Homes
Median Home Price, 2012
Source: National Association of Realtors.
Average Home Price, 4-Bedroom, 2-Full Bath Homes
Source: Coldwell Banker.
Median Apartment Rents, 2014
|1 bedroom||2 bedrooms||3 bedrooms|
*weighted average of medians for all U.S. metros.
Source: U.S. Department of Housing & Urban Development.
Note: Time series of annual and monthly numbers for home prices and other housing market indicators are updated monthly on the Chamber's Economic Indicators page.
Tax Burden, 2011
|State & local taxes per capita, total||$3,542||$4,296|
|Sales and gross receipts||1,600||1,479|
|State and local taxes per $1000 of personal income||88||103|
State & Local Taxes Per Capita, 2011
Source: U.S. Census Bureau, State & Local Government Finances.