The Bureau of Labor Statistics pegs the national Consumer Price Index at 7.9%, before seasonal adjustment, which includes the costs of housing, food and gas. That cost of living increase is hurting some Texas cities more than others.
“The most expensive place in Texas is Dallas, followed by Austin, then Houston, then San Antonio,” says University of Houston economics professor Dr. Christopher Clarke of the current cost of living. “Houston is about 3% more expensive than San Antonio, but about 5% less expensive than Dallas.”
Salary enters the picture, Dr. Clarke explains. “A place might be expensive, but you can also can also earn a high salary while living there. So in net, what does it [cost of living] end up being?” Austin pays the best wages in the state, ahead of Houston, Dallas and San Antonio in order, he says.
You’ll notice that Dallas ranks first in costs but third in salaries. North Texas is feeling every bit of that 7.9% cost of living increase and then some.
Austin leads the state in salary but is it enough to keep ahead of inflation? “Austin is 21% more expensive than the national average, whereas San Antonio is 8% less than the national average,” Dr Clarke adds.
Houston, with an average per capita annual income of $59,893, just a small step ahead of the national average of $59, 510, is treading water.
The cost of living in Houston, based on data from the US Bureau of Economic Analysis assembled by Porch, is .1% above the national average. When the March Consumer Price Index is released next month, we can infer that Houston will be in line with the national numbers, Austin will be in its own stratosphere, San Antonio will remain a wonderful place to visit, and Dallas will still be hurting.
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