Despite worries over the rising cost of housing, a new study shows it remains relatively easy to live well in metro San Antonio, News Radio 1200 WOAI reports.
The study, by the financial web site GoBankingRates.com, shows when all necessities and common luxuries are taken into account, it costs a person $46,100 a year to live comfortably in San Antonio.
That is just slightly higher than the average annual wage in San Antonio, which is about $43,000, meaning two people, be it a couple, friends, or roommates, can easily handle the San Antonio lifestyle.
"I think the study is great, especially for a young kid coming out of college and asking 'where am I going to get a job'," said Wendy Kowalik, President of Predico Partners, a local financial consulting firm.
The study figured in $23,700 a year for 'necessities,' including food and housing (a one bedroom apartment), $13,800 in discretionary spending, everything from a car to restaurant meals to a vacation, and $9200 annual savings.
Kowalik pointed out that the study shows that San Antonio remains a bargain, which is critical for people looking for high quality of life places to live, whether it is starting out in life, or retiring.
"I think the number is low, and that's why you have to have a budget," she said. "That's why you have to look through and determine what is truly a 'need' and what is actually a 'want.'"
Even other Texas cities require a far higher annual income to 'live comfortably.'
To live comfortably in Ft. Worth, you need an annual income of $53,000. Austin will set you back $54,600, and the recommended annual income for a comfortable life in Houston is $56,000 and Dallas is just under $58,000.
Once you start getting out of Texas, don't even think about it. Even metro areas which are perceived as cheap cost far more to live. Charlotte North Carolina costs $64,000 for a comfortable life. Nashville requires an annual income of $70,000, and if you want to live in Boston, you'd better see $79,000 a year in your pay envelope.
The most expensive city in America, not surprisingly, is San Francisco, where you need to be making $110,000 a year for a 'comfortable' life.
Kowalik is also pleased that the study took into considering saving 20%.
"So many people today are getting so many fixed expensive from car payments, student loans, credit card payments, they are having more and more trouble coming up with 20% for savings," she said.
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