The median income in the Texas capital is $63,717 but it takes $98,007 a year to live comfortably in Austin, according to a recent study by GoBankingRates, a personal finance website. To live comfortably in Austin as a renter, it takes $94,455 — but thats still a gap of more than $30,000 from the median income.
How much money do you need to make to live comfortably in Austin Texas?
According to this method, Austin has a median household income of $55,216 but only $53,225 is required to live comfortably, according to the 50-30-20 rule. By that formula, if youre an Austin resident making more than $55,000, youll have a little over $1,000 left to spend at the end of every year.
What is Austin minimum wage?
$7.25 per hour It uses the U.S. Department of Housing and Urban Developments fair market rents — estimates of what a person moving today can expect to pay for a moderately priced rental home in decent condition — as a baseline. Minimum wage in Texas is the same as the federal minimum wage — $7.25 per hour.
How much does the average person make in Austin Texas?
Living and working here is a jackpot for many reasons. What average salary in Austin you should you expect? A person working in Austin, TX is paid around $103,000 per annum or $8,550 per month. The average annual salary ranges from 13,900 USD to 454,000 USD.
What is a good salary for a single person in Austin Texas?
That total was doubled to determine how much money a single person needs to earn if following the aforementioned budget. In Austin, the magic number to live comfortably is $53,225. In this scenario, $26,612 is required to pay yearly living expenses, leaving $15,967 for fun money and $10,645 for savings.