With many people around the country still recovering from the financial hardships of the pandemic, affordability has never been more important. In fact, according to a report from Compare the Market, internet searches for cost-effective places to live have risen by over 100% in the past 12 months.
The Australian consumer comparison service used a variety of metrics to determine which city in the world is the most cost-effective, including income tax, inflation and income, as well as the average costs for utilities and groceries.
Houston was identified as the most cost-effective city in the country — with a relatively low inflation rate and the cheapest apartments, the Bayou City is one place where residents may have extra money to spare after their weekly expenses.
That’s not all — Houston also ranked as the most cost-effective city in the world as well, rising over every international city on the list. Houston residents experience the fifth-highest average monthly income of any city on the list, so while utilities and groceries are significantly cheaper in some of the most cost-effective European cities (like Bucharest and Madrid), Houstonians more than make up the difference with their salaries.
Here are some top-line Houston figures from the report:
Income tax rate: 37%
Inflation rate: 5%
Average apartment cost per square foot: $191.79
Average monthly income: $5,407.64
Average monthly utility cost: $167.77
Average grocery trip: $36.12