Key facts
- A recent graduate moved from New York to Texas to manage finances.
- The move was driven by New York's high cost of living and taxes.
- Texas offers lower rents, no state income tax, and more affordable housing.
- The author can save over 40% of their income in Texas.
- Homeownership is more attainable in Texas on an entry-level salary.
Brant Eckert, a recent computer science graduate, relocated from New York to Texas to manage their finances after graduation. Eckert secured an annual salary of $60,000 but found that the high rents ($2,000-$3,000 per month) and taxes on the East Coast would leave minimal funds for expenses, loans, or savings. After researching, Eckert discovered San Antonio, Texas, offered a significantly lower cost of living, with average rents between $1,000 and $1,500 per month and no state income tax. Despite never having visited Texas, Eckert found an apartment remotely for $1,250 per month. In Texas, Eckert can now follow the 50/30/20 personal finance rule, spending less than 50% on needs and saving over 40% of their income. The lower home prices in Texas also make homeownership a more achievable goal compared to the East Coast.