Step 1 of 2: (10 points)
Your Selected City: Austin, TX
| Expense Category | Average Monthly Cost | |---------------------------------------------------|--------------------------------------------------------| | Average salary of a non-degreed worker | $31 per hour (approximately $5,360 per month) | | Average salary of a degreed worker | $77,000 (approximately $6,416 per month) | | Average monthly rent for a 1 bedroom apartment | $1,600 | | Average monthly utility bill for a 1 bedroom apartment | $170 | | Average monthly water bill for a 1 bedroom apartment | $60 | | Average monthly cell phone bill | $80 | | Average monthly transportation cost for a single person | $120 | | Average monthly cost of groceries and dining out for a single person | $400 | | Average monthly cost of personal care and hygiene | $250 | | Average monthly cost of education and supplies | $150 | | Average monthly cost of clothing and laundry | $150 | | Average amount spent on entertainment and leisure | $300 | | Monthly average invested in savings and investments | $200 | | Monthly average of miscellaneous expenses | $100 |
Step 2 of 2: (5 points)
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What surprised you the most about the cost of living in your selected city?
- I was surprised by the high average rent for a one-bedroom apartment in Austin, TX. The cost is significantly higher compared to other cities, which reflects the growing demand and popularity of the city.
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Which category took up the largest portion of your budget?
- The largest portion of my budget is taken up by housing, specifically rent, which costs $1,600 per month.
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Based on your research, what annual income would you need to live on your own?
- To comfortably cover the estimated living expenses, I would need an annual income of at least $70,000 to $80,000, considering the usual recommendation of not spending more than 30% of income on housing.
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How much could you reasonably save each month for long-term goals like college or a car?
- Based on the budget and after accounting for living expenses and necessities, I could reasonably save around $200-$300 each month for long-term goals.
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How does this research influence your thoughts about future career choices and income goals?
- This research emphasizes the importance of pursuing a career that offers a higher salary, aligning with my skills and interests. It encourages me to consider fields that not only offer job satisfaction but also provide financial stability to ensure I can afford the cost of living in a city like Austin.