This year, Austin, Texas has received the honor of being ranked as No. 6 best big city to live in the US according to a national survey performed by WalletHub. The metrics used to accumulate this impressive ranking were broken into 6 categories evaluated by affordability, economy, education and health, quality of life, and safety. Here's a closer look at why nearly 50 people a day are moving to Austin, TX.
Low Cost of Living
Austin is one of the fastest-growing metro areas in the nation, which is fantastic for the local economy but can be a slight challenge for anyone investing in real estate due to a shortage of houses available. The average cost of a single-family home in Austin is close to $40,000 under the national average. Austinite's wallets also benefit from no corporate or personal income tax, as well as a low state and local tax rate.
Austin's average annual income is close to $75,000, while the average rent for an apartment is under $1,100. It's one of the best cities for high pay and low expenses.
The City of Austin strives to be the most livable and best-managed city in the country. They P.R.I.D.E. themselves on public service and engagement, responsibility and accountability, innovation and sustainability, diversity and inclusion, as well as ethics and integrity. This is the city's answer to Austin's well-recognized quality of life. US News ranks Austin 7.8 out of 10 for a quality life, measuring crime rates, quality and availability of health care, education, well-being, and a commuter index to come up with this number.
Economy on the Rise
The $1.6 trillion Texas economy is the second largest economy in the US after California. Even after the oil downturn in 2016, Austin continues to lead in job growth and strong productivity by attracting skilled labor and in-demand jobs. The Central Texas region has nearly 400,000 college and university students, creating a job machine for the city aligning with Austin's modern economy.
With similar industries found in San Francisco Bay Area and Silicon Valley, Austin offers a superb quality of life at a more reasonable price. Segments such as Austin's festival economy and the health and education industries are major sources of jobs and economic growth. Austin ranks No.1 for best places for startups, by cost and taxes, as many of the startups have paved the road to economic success for the city.
Austin is consistently named "Best city for jobs" by Forbes". Bloomberg recognized Austin as the number one hub for economic growth in Texas and number five across that nation.
Austin's educated workforce certainly adds to its steady economy, placing 9th in a survey of the most and least educated cities in America. No matter what your education needs and preferences are, Austin provides public, private, charter, trade schools, and higher education.
The Austin-metro area has 29 public school district. The area also offers 100 private schools, 17 charter schools and 8 top-ranked colleges and universities. The University of Texas at Austin has a student body of 50,000 and is ranked No. 24 in the US and 67th worldwide. A heavy concentration of highly-educated Millennials in Austin is also responsible for the city's steady economic growth and a lower unemployment rate.
Healthcare in Austin is top-notch providing access to four Austin-metro hospitals which have all been listed of the top 100 hospitals in the US. WalletHub ranked Austin as the second healthiest city in the Lone Star State and scored highest in its availability of healthy foods this year. The survey includes everything from the cost of healthcare, to vegetable consumption and a number of fitness centers per capita.
The City of Austin has various public programs set in place to protect and help people reach their full potential in health such as the Public Health Accreditation Board. Austin is also the greenest city in Texas and the most energy efficient city in the US.
With 220 parks, 250 plus gyms, lakes and highly-rated bike paths and lanes, it's no wonder why people in Austin are fit!
Generally, Austin is considered to be a safe place to call home with a below-national-average rate of violent crime. For a major city, Austin ranks 3rd lowest in violent crime across the US. Many of the crimes in Austin are crimes of opportunity including car break-ins, as well as property break-ins in the metro area. These crimes are on a noticeable decline.
Austin seems to have it all. An excellent economy, exciting new industries, phenomenal education opportunities, high-paying jobs, world-class entertainment, and a city that's dedicated to clean tech, who wouldn't want to live here? Get in touch with Berkshire Hathaway Homeservices online today or call (512) 483-6000 to learn more about how you can call Austin your new home!