AUSTIN, TEXAS — With the expense of holiday gift giving just two week away, this may be the worst possible time to report this: The cost of living in Austin increased more than any other city in the U.S., according to a newly released report.

According to GoBankingRates, Austin ranks second in terms of the biggest percentage increase in its "cost to live comfortably" index among 50 cities studied, yet the highest in terms of actual dollars required. Let's not sugarcoat it with euphemisms any further: The study finds that the cost to live "comfortably" in Austin skyrocketed 33.92 percent from 2017 to 2018 — a year-over-year increase of $18,532. Only Colorado Springs, Colo., ranked higher, percentage-wise, with a 35.61 percent increase. Yet in terms of a dollar amount increase, the $17,596.64 posted for that city was lower than that of Austin. That gives the capital city the distinction most

"Living in a city can be expensive, with everything from rent to the average grocery bill eating up your savings and possibly preventing you from saving up for that first down payment," GoBankingRates researchers wrote in their study. "And, if that weren't enough, those costs are going up faster in some cities." Yeah, GoBankingRates.com Tell us about it.

In a 2017 study by GoBankingRates.com, the "comfortability" figure for Austin was $54,631, up $1,406 from the previous year. While the previous study found $27,316 is needed just for necessities in Austin — a tad on the high side compared to other cities — the median household income was proportional at $57,689. The good news: That was the biggest salary than any other Texas city in the study, yielding a cushion of $3,058 for Austin residents using the 50-30-20 rule. For the uninitiated, the 50-30-20 budgeting rule divides income into three buckets: 50 percent on necessities, 30 percent on discretionary spending, and 20 percent toward savings.



This year's study looked at the amount needed to pay for necessities such as food, rent, utilities, transportation and healthcare, as well as the amount one should budget toward savings and discretionary spending. These costs were then consolidated into a "live comfortably" income to determine the places in America that are getting more expensive.

Other Texas cities made the top 20 list in terms of the "cost to live comfortably." Among them:

Houston

Rank: 20th