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Booming Austin Sees Costs Of Living Skyrocket

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AUSTIN (AP) - Austin is a city on a winning streak, amid twin booms in economic and population growth.

But The Austin American Statesman reports that the city’s success is also making it more expensive. So much so that some longtime residents and recent transplants alike can no longer afford to live here.

Austin’s population grew from an estimated 674,000 in 2003 to 830,000 last year. Some suburbs, like Round Rock, grew even faster, making Austin among America’s fastest-growing large metro areas.

In August, Forbes magazine ranked the Austin area second among cities nationwide for job growth.

More residents have further bolstered local attractions including the South by Southwest festival.

But that has attracted still more people, which in turn is driving living costs still higher — effectively squeezing some residents out.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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