What is cost of living, and how can it impact your quality of life? In the US, the basic standard of living is measured as the cost of living. Cost of living calculations can be used to compare one city to another to determine if housing, transportation, daily necessities, and much more are cheaper or more expensive.
What Is the Cost of Living in Austin?
Although Austin is a hip and happening city deep in the heart of Texas, it has a moderate cost of living compared to the rest of the United States. The US cost of living average is based at 100; the cost of living in Austin is rated at 102.10.
For this reason alone, families, singles, artists, and musicians flock to the area to find an affordable place to live in a city full of opportunities. Today, Austin is known as the Live Music Capital of the World, providing musicians with the chance to get their big break without having to live in a one-bedroom studio in the meantime.
What Is the Cost of Living in Los Angeles?
Los Angeles is another city that is a mecca for musicians and actors looking for their big break. Compared to Austin, Los Angeles has a much higher cost of living at 143.60. Food, utilities, and other miscellaneous items in LA are more expensive than average cities throughout the US, Austin included.
A $100,000 salary in Austin, Texas, would have to increase to $140,646 in Los Angeles in order to compensate and support the same standard of living. As a result, LA can be calculated as 41% more expensive than Austin.
What Factors Influence Cost of Living the Most?
Hands-down, the significant jump in cost of living between Austin and LA is due to housing. On average, housing in Los Angeles is 90% more expensive than it is in Austin.
A modest three-bedroom house at close to 3000 ft.² could cost roughly $250,000 in Austin, complete with luxuries like hardwood floors and a generous backyard lot. A similar three-bedroom house at close to 3000 ft.² is likely to cost you $1.5 million in Los Angeles, with or without additional amenities like hardwood floors and modern appliances.
If you’re interested in renting instead of buying, a one-bedroom apartment in Austin proper could cost you $1000 a month compared to $1450 a month for the same property in Los Angeles.
While each city has their own advantages to offer, it’s important to keep in mind that families and singles must compensate for a higher cost of living when moving to an expensive city like LA.