Buy a House/ Put Down Roots
The prospect of buying a house in one of Texas’s big cities, particularly Austin, can feel more like a Hunger Games scenario with each passing day. And with median home prices in Austin hovering around $600K as of May 2021, the dream of being a homeowner has become unfeasible for many. But what if you could have the best of both worlds — homeownership AND convenient access to Austin? Temple’s low cost of living and proximity to Austin mean your dreams are within reach.
Let’s look at some additional numbers for context like the median home prices in:
- The US is $231,200
- Texas is $195,000
- Temple is $136,000
Compared to the rest of the country, Temple’s cost of living is 20.1% lower than the U.S. average meaning your dollar goes farther for everyday purchases like groceries but also for larger purchases like buying a home. Property is also a great investment, particularly for smaller, up-and-coming cities like Temple. Based on Temple’s current growth trajectory, property values are only going up, meaning that if you decide to sell at some point, you’ll make a hefty return on your investment.
Pay Down Debt or Build Up Savings
With 44.7 million Americans in debt from just student loans, the ability to pay them back on a shorter timeline is coveted. The faster you’re able to pay back student loans, the less interest they’ll accrue. However most Americans are unable to pay back student loans quickly because much of their income goes toward necessities like housing payments, bills, minimum monthly loan payments, and food. In places with a high cost of living, that leaves very little, if any, to put towards additional student loan payments. A lower cost of living would allow individuals to have more disposable income, so they would be able to pay back loans sooner or put the extra money into a savings account.
Give Back to Your Community
Many individuals want to be involved in philanthropic activities or organizations and desire to give back to their communities. However, many of those same individuals are unable to give money or resources to these causes because they lack the disposable income to do so.
Temple’s lower cost of living means less of your paycheck gets eaten up by monthly and weekly expenses, so you’ll have some extra money you wouldn’t necessarily have if you lived elsewhere. With this extra money, you can set aside some of it to organizations that give back to your community or other communities
If for no other reason, a lower cost of living will decrease your stress, therefore increasing your overall quality of life and mental and emotional health. Whether you choose to save it, invest it, treat yourself, give back, or something else, the extra money is definitely beneficial.