It’s true, Texans work hard for their money. But compared to the national average, how far does it go? Well, according to financial firm JLL, Texans do fare better than most Americans in other cities.
According to data pulled from 2016 for 25 to 34-year-olds, the average U.S. income is about $67, 900. This was data taken from the top 50 U.S. metros. Among the cities on the list, Austin ranks at number one with the most buying power followed by San Antonio at number two, Houston at number four, and Dallas-Fort Worth at number seven. So what does this all mean? It means that while salaries may seem higher in cities such as Washington or San Francisco, Texan cities are boasting salaries with the most value. And that’s important to all of us, right?
For example, a salary for a millennial in Austin, according to JLL, is $72,442, but it spends like $75,225. That’s already $7,325 above the U.S. average. While in DFW, a salary of $70,266 spends like $68,686, but it’s still $1,000 higher than the national average of $67,900. Whereas in the Bay Area, a $100,000 feels more like $54,000.
Bottom line: The buying power across Texas metros is pretty impressive and we can owe that to our low cost of living, thriving economies, and lack of state income tax. Another reason to love living in the big state of Texas.