This guide was updated in August 2022 to reflect current trends and statistics.
Thinking of Moving to Austin?
Well, you’re in good company. Although Austin city proper is no longer one of the fastest growing in the country, surrounding suburbs top the nation’s list. Famous for its sunny weather and laid-back vibe, Austin is a popular destination for visitors. And many like it so much that they never leave. The saying I wasn’t born in Texas but I got here as fast as I could rings true!
Cost of Living in Austin
As the city’s occupancy continues to rise, so does the cost of living. Rent prices have shot up and the housing market is very competitive. In fact, in June 2022 the median home price in Austin topped $650K, a nearly 20% increase compared to 2021, with median rent prices coming in just over $1,800 per month. The good news is that Austin is building new condos as fast as it can to make room for all its new inhabitants, the downtown skyline is ever changing. For better or worse, the major construction has become a fact of life for city-dwellers.
If there’s one thing that unifies the people of Austin, it’s complaining about traffic. The rate of growth has become a strain on the city’s infrastructure. Rush hour commutes can be tedious and the major highways can be gridlocked at random times of day or night. But the city is making progress with expanded bus lines and a light rail for those who live in the suburbs. Those who prefer to ride their bicycles have dedicated bike lanes all over the city.
Texas ranks as one of the hottest states in the US, so Austin can experience extreme temperatures in the summer months. But 100+ days don’t stop people from swimming, sipping margaritas, and finding other ways to keep cool. And the rest of the year is pleasantly warm, enabling people to enjoy outdoor activities to their heart’s content.
Summer average (June – Aug): 95 F high, 74 F low
Winter average (Dec – Feb): 63 F high, 43 F low
Austin’s tech sector is an important piece of its economy, which is also bolstered by retail, real estate, government, and labor. Recent growth in the pharmaceutical and biotechnology companies has put the city on the map for those sectors as well. Job creation grows at a steady rate, with most new job opportunities being tech related. Many tech companies are expanding with offices in downtown Austin and the Domain, drawing many to relocate for the influx in job opportunities.
Major employers include Whole Foods, Indeed, Tesla, Meta (formerly Facebook), Google, Dell, and H-E-B Digital.
Unemployment rate: 2.5% (as of May 2022)
Average weekly wages for all industries: $1450 (2020)