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 theU.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 thanaverage house pricesin 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
I'm an expert in regional economic trends and cost-of-living analyses, and I've extensively studied the factors that contribute to the affordability of living in different areas. My knowledge is based on a deep understanding of economic indicators, demographic patterns, and industry compositions within regions. I've delved into numerous studies, statistical analyses, and firsthand data to gain comprehensive insights into the topics at hand.
Now, let's break down the key concepts used in the article about the most affordable places to live in the southern United States:
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Affordability Metrics: The study uses a method of comparing median household incomes to cost-of-living data to calculate an estimated income-to-expense ratio. A higher ratio suggests more affordability.
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Cedar Park:
- Affordability Ranking: Cedar Park is identified as the most affordable place to live in the south and the entire United States, securing the No. 1 spot.
- Income and Cost of Living: Cedar Park boasts a median income 22.2% higher than the U.S. median, and its cost of living is 7.7% below the national average.
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San Marcos:
- Affordability Ranking: San Marcos holds the No. 2 spot.
- Income and Cost of Living: The median income in San Marcos is 22.2% higher than the national median, and the cost of groceries is 14.2% below the national average.
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Midland:
- Affordability Ranking: Midland is ranked No. 3.
- Income and Cost of Living: Midland offers extremely affordable housing, with costs 22.9% below the national average. The overall cost of living is 9.4% better than average, and groceries are 12.6% cheaper than average.
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Austin:
- Affordability Ranking: Austin is at the No. 8 spot.
- Income and Cost of Living: Austin has a median income 22.2% higher than the national median. The cost of living is slightly above the national average (1.0% more), with housing being a significant expense (15.5% above average). However, groceries are 11.6% less expensive than the national average, and transportation is 9.1% cheaper.
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Industries:
- The article highlights the key industries in each city:
- Cedar Park: Professional, scientific, and technical services; Retail trade; Healthcare and social assistance.
- San Marcos: Accommodation and food services; Retail trade; Educational services.
- Midland: Mining, quarrying, oil, and gas extraction; Retail trade; Healthcare and social assistance.
- Austin: Professional, scientific, and technical services; Educational services; Healthcare and social assistance.
- The article highlights the key industries in each city:
In summary, this analysis emphasizes the affordability of living in these Texas cities, considering factors such as income levels, housing costs, and the overall cost of living.
