Big Money

How much money Texans in the top 1 percent are actually earning

The top 1 percent of earners in Texas make at least $423,000 per year.

Texas' top earners are making big money according to a new report on income inequality. The study released by the Economic Analysis and Research Network this week details the disparity in incomes of the top 1 percent and the rest of the population in each state.

So exactly how much do you have to earn to be in the top 1 percent of Texas earners? According to the report, you need to have an annual income of at least $423,099 to be considered. That's well above the national average of $385,195. The threshold for Texas' top earners ranks the eighth highest in the country.

Individuals in Texas' top 1 percent earned $1,499,944 on average in 2012, while the average income of the remaining 99 percent of Texans was only $46,102. That means the top earners made about 32 times more than the rest of us, creating the seventh largest income disparity in the U.S.

The numbers are staggering, but this inequality isn't specific to Texas. The report points out that this gap in income has been a nationwide trend for years. From 1979 to 2007 there was a faster increase in the earnings of the top 1 percent than the rest of the population. In fact, the top 1 percent nabbed somewhere between half and all of the income growth across 39 states during that time period, Texas included.

From 2009 to 2012, the top 1 percent of Texas earners saw the third highest income growth in the country, an astonishing 50.2 percent. Wyoming and North Dakota came in first and second respectively, while California followed at No. 4. During that time, the remaining 99 percent of Texans only experienced a 1.7 percent increase in income.

The report states that Connecticut has the highest 1-percent threshold in the U.S. at $678,608. In Arkansas, the threshold is only $228,298.

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If numbers are your thing, check out the entire report from the Economic Analysis and Research Network here.

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WFH life

Austin plugs in as 2nd cheapest large U.S. city for remote workers

Photo by Lewis Guapo on Unsplash

Working remotely in Austin is far more affordable than many other U.S. cities.

Austin's thriving telework industry is already known for being among the most prominent in the country, and as it turns out, it's one of the most affordable, too. A recent study by online retailer The Perfect Rug has revealed Austin is the No. 2 cheapest U.S. city center for remote work.

The report ranked the top 10 largest U.S. cities based on population data, the number of coworking spaces and cafes per capita, statewide average internet speeds, average apartment rent prices, and more.

Austin falls second to the far west Texas city of El Paso (No. 1), and is followed by Houston in the No. 3 spot.

When it comes to finding the best place to work remotely, Austin has an abundance of options including coffee shops, coworking spaces, and local library branches. According to the report's data, there are about six coworking spaces and 26 cafes per capita in the city, but Austinites know best that there is a much wider variety of places to work from "home" than whatever number a study determines.

The average internet speed in Texas is 425.9 mbps (megabits per second), which is the fourth-highest internet speed out of the six total states (and the District of Columbia) mentioned in the study. Pennsylvania, Washington, and Washington, D.C. all have faster average internet speeds, at 430.8, 451, and 473.8 mpbs, respectively.

The Perfect Rug also calculated the average costs for meals, coffee, and monthly rent in Austin:

$1,467 per month – Average apartment rent cost in central Austin
$21 per hour – Average cost for a desk at a coworking space
$16.99 – Average cost for a meal
$5.36 – Average cost for a coffee

Furthermore, Austin-based remote workers are technically saving on fuel costs compared to those who have to commute into the city daily for their jobs.

A spokesperson for The Perfect Rug said Texas cities like El Paso, Austin, and Houston are far more popular for "budget-conscious" remote workers partially because rent costs are far lower in comparison to many other U.S. cities.

"On the other hand, cities like Washington, D.C., and Seattle, while more expensive, compensate with faster internet speeds and a higher density of workspaces, which can enhance the remote work experience," the spokesperson said. "Finding the right balance between cost and amenities is key for remote workers seeking both productivity and affordability."

Elsewhere in Texas, San Antonio ranked as the fifth most affordable city for teleworkers, followed by Dallas (No. 7).

The top 10 cheapest U.S. cities for remote workers are:

No. 1 – El Paso, Texas
No. 2 – Austin, Texas
No. 3 – Houston, Texas
No. 4 – Seattle, Washington
No. 5 – San Antonio, Texas
No. 6 – Washington, D.C.
No. 7 – Dallas, Texas
No. 8 – Denver, Colorado
No. 9 – Philadelphia, Pennsylvania
No. 10 – Nashville, Tennessee

austin reports rankings remote work