May 1, 2023 - Business

Here's how much money you need to live in San Antonio

Illustration of a hand fastening a velvet rope in front of a pile of money.

Illustration: Aïda Amer/Axios

Single San Antonians without children would need about $59,000 in post-tax annual income to live comfortably in the region, per a recent SmartAsset analysis.

Why it matters: While pay has increased year over year nationally, it hasn't been enough to make up for the rising cost of living, the financial advising company says.

Details: SmartAsset used 2022 data from MIT's Living Wage Calculator to determine how much it would cost for one person without kids to live in 25 large metro areas.

  • They used the 50-30-20 rule, where 50% of after-tax income goes toward basic living expenses, 30% toward discretionary spending and 20% toward savings or debt payments.

Zoom in: The San Antonio-New Braunfels area, where a person without children needs $59,270 to live comfortably, ranks third cheapest on SmartAsset's list.

The big picture: Nationally, salaries increased about 5% between December 2021 and December 2022 — but didn't keep up with inflation, which averaged 8% in 2022, per SmartAsset.

  • On average, people across the 25 metro areas analyzed by SmartAsset need $68,499 after taxes to live comfortably. That's up roughly 20% from a year ago, when people needed $57,013.

Reality check: The average household size in San Antonio is two to three people, and the median household income in 2021 was $55,084, per Census data. That's before taxes.

  • Around 18% of San Antonio residents are living in poverty.

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