AUSTIN (KXAN) — Four of the 10 most affordable places to live in the southern United States were in Texas, according to a recent study.
To find the most affordable cities, The Ascent said it compared median household incomes to cost-of-living data, which was used to calculate an estimated income-to-expense ratio, with a higher ratio indicating more affordability.
Cedar Park
According to the study, Cedar Park was considered the most affordable place to live in the south, and in the United States as a whole, ranking at No. 1.
“It has excellent wages, with a median income 22.2% higher than the U.S. median income. While it isn’t the cheapest city in the country, the cost of living beats the national average by 7.7%,” the study said.
According to The Ascent, Cedar Park’s largest industries were:
Professional, scientific, and technical services
Retail trade
Healthcare and social assistance
San Marcos
The study data showed that San Marcos ranked in the No. 2 spot, with an estimated income-to-expense ratio of 1.338 compared to Cedar Park’s 1.401.
“The median income is 22.2% higher than the national median, and groceries are cheap at 14.2% less than the national average,” The Ascent said.
The study said the industries that employed the most people in San Marcos were:
Accommodation and food services
Retail trade
Educational services
Midland
The Ascent said Midland had extremely affordable housing and above-average wages, with an estimated income-to-expense ratio of 1.327, placing it at No. 3.
“Housing costs are 22.9% less than the national average, and if you want to buy a home, prices are lower than average house prices in much of the country,” the study said. “Overall, residents in Midland enjoy a cost of living 9.4% better than average, and groceries are 12.6% cheaper than average.”
Top three industries in Midland, according to the study:
Mining, quarrying, oil, and gas extraction
Retail trade
Healthcare and social assistance
Austin
According to the study, Austin took the No. 8 spot on the list, with a median income 22.2% higher than the national median. The Ascent also said Austin was the largest city on the list, with nearly 1 million residents.
“The cost of living in Austin is only 1.0% more than the national average, but housing is a big expense here, coming in at 15.5% more than average. On the bright side, it has inexpensive grocery costs (11.6% less than the national average) and transportation (9.1% less),” the study said.
The Ascent said Austin’s largest industries were:
Professional, scientific, and technical services
Educational services
Healthcare and social assistance