AUSTIN, Texas — Depending on where you're from, you may think Austin is affordable compared to other major cities.
- Austin median household income $55K
- Home-buying power increased this year
- Lower interest rates
A recent study that looks at how far a $100,000 salary can go found that to be true.
READ MORE | Newcomer's News: North Central Austin
Here's GOBanking Rates breakdown of what it costs to live in Austin if you make $100,000:
The annual rent is a bit more than $22,000, annual groceries are nearly $4,000. Utilities are almost $2,000 a year, and healthcare can cost you more than $6,000 a year. There is no question, rent is above average, but the lack of state income tax actually makes Austin an affordable city.
If you add it all up, you're left with nearly $33,000.
But, the majority of Austinites haven't hit the $100,000 mark. According to BestPlaces, the median household income of an Austin resident is a little more than $55,000 a year.
How Interest Rates Affect Austin Home Buyers
If you’re in the market to buy a home or even considering it, you might be excited to hear your buying power has increased this year.
Interest rates are the best we’ve seen in the last few years. They are down about one percent in the past six months.
“That means you can afford more home for the same payment. About 10 percent more home in fact,” said Carson Vaughn, branch manager of Guild Mortgage.
There are many incentives for first-time home buyers. They are designed to help with the down payment and closing costs. Some incentives are income restrictive, and some require you to purchase in certain areas to be eligible.
For more information, you can contact Vaughn at 512-439-7555 or carson.vaughn@guildmortgage.net.
Meridian 98
If you're in the Bee Cave area, you may want to check out Meridian 98 in the Sonesta Hotel.
Spectrum News was recently invited to a tasting of their new summer menu, and it's a must-try.
Inspired by locally sourced ingredients, the menu features tapas-style plates like Thai chicken sliders, bacon wrapped shrimp with a side of honey comb, and spicy pork lettuce wraps.
The restaurant has a rooftop lounge where you can sip specialty cocktails while enjoying the Hill Country views.
The happy hour is pretty great too. It goes all day Sunday and from 4 p.m. to 7 p.m. Monday through Thursday, you can save $2 on cocktails, house wines, draft and bottled beer.