How Much Space Do You Need in Your Apartment?

Older couple sitting on couch, discussing desired apartment sizeIt has often been touted that bigger is better. But that is not necessarily so. In some instances, the practicalities of smaller can be just as alluring as the trappings of a larger option. Great things come in small packages…right? The debate gets even more complicated when you talk about living space and apartments. Who really knows the actual square footage they need in order to live comfortably? What does 750 square feet actually look like — and does it look that much different from 850 or 950? So when searching for your next apartment, how much space do you really need?

How Much “Personal Space” Do You Need?

Everyone has a different need when it comes to space. Some people like to be able to stretch out and enjoy some added elbow room. Others do not want to have to clean any extra surfaces. In addition, the more people living together, the more space that is usually desired. Kids need less space than adults, and a cohabiting relationship often requires less space than roommates. This means that, before the apartment-searching process even begins, the questions of how much space is needed should be addressed.

How Much Stuff Do You Have?

But the discussion does not stop there. Cultural factors often play a key role in the decision. Generational trends reveal that Baby Boomers and Gen X often desire more spaciousness, while Millennials and Gen Z prefer smaller living spaces in order to make more room for experiences. The desire to acquire and retain more possessions leads to a need for more space. So, if you are someone who has a lot of stuff, you are going to need a lot more space in order to store it. Legendary Comedian George Carlin once observed that the purpose of the home is “a place to store your stuff while you go out and get more stuff.”

Can You Afford the Location?

Location is also a key factor. Thanks to suburban sprawl, larger apartments are more prevalent than ever. But, the closer to a city’s interior that you search, the pricier space becomes. The denser the city, the greater the squeeze on space and budget. Micro-living is a growing trend in large US cities and is already a common feature in large international cities. If you desire a life in the city, space is a need you may have to do without.

Can You Afford Everything Else?

All of these coalesce into the most important factor in the discussion on space: price. In the years since the economic downturn, apartment living has increased in popularity. At the same time, more apartments have been constructed to meet the growing demand. The past couple of years have seen rental costs reach their maximum and, in some cities, even begin to decline. How much rent you can afford leads to the ultimate determination on the value of space. Other factors to include in the equation are utility costs and commuting fees. And, once you have your budget determined, the desired location established, your storage requirements analyzed, and your personal space requirements determined, it is time to find your next apartment home.

To help make that search quick, easy, and successful, visit www.apartmentsearch.com. There, you can search our national database of apartments by all the factors that matter to you. And not only is ApartmentSearch free to use, it will actually pay you a reward when you tell your apartment community that you found your new home using it. The time has come to find your new home. Visit www.apartmentsearch.com today.

Source: blog.apartmentsearch.com

Hours of Work Needed to Pay Rent in the 10 Largest Cities

Hours of Work Needed to Pay Rent in the 25 Largest Cities – 2021 Edition

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According to the Census Bureau, almost 20 million renters allocate at least 30% of their household income towards rent, indicating that they are housing cost-burdened. This can be especially true in larger cities where the cost of living is higher. And if time is money, then many Americans will have to resort to working longer hours to make ends meet without having to use up any existing emergency funds.

In this study, SmartAsset measured the hours of work needed to pay rent in the 25 largest cities in the U.S. To determine our estimates, we considered data on the following metrics: average annual take-home pay, average hours worked per year and median monthly rent. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAsset’s fourth annual study on the hours of work needed to pay rent. Check out the 2020 version here.

Key Findings

  • 56.6 hours. The average number of work hours needed to pay rent across the largest 25 U.S. cities is 56.6. In the six cities at the top of our list, renters must work at least 6% longer to pay rent alone. It takes more than 60 hours of work in all six cities to cover average rental costs.
  • California cities stay at the very top, but Los Angeles drops for the first time in recent years. In every version of this study since 2018, the three cities where the average worker needs to work the most to pay rent have been as follows: San Jose, Los Angeles and San Diego, California – in that order. In this year’s study, however, San Diego jumps to the No. 2 spot and Los Angeles drops to No. 3.

 1. San Jose, CA

In San Jose, California, it takes more than 76 hours of work on average to pay median monthly rent, which is $2,223 or almost $26,700 per year. The median worker earns $41,419 after taxes, with an estimated hourly wage of about $29.

2. San Diego, CA

The average annual take-home pay in San Diego, California is $34,157, or an hourly wage of less than $25. According to our estimates, the average worker in this city would need to work almost 74 hours to be able to pay a month’s rent, which is $1,806.

 3. Los Angeles, CA

In Los Angeles, California, the average worker needs to clock almost 73 hours to cover median monthly rent, which is $1,554. The average number of hours worked in the city is about 38 hours per week, which means that it would take this person almost two weeks to cover that total amount of time. The average worker in Los Angeles earns $34,669 before taxes and takes home about $28,815 – or a little more than $21 per hour.

4. Boston, MA

In Boston, Massachusetts, the average worker earns $35,800 after taxes, or about $25 an hour. The median monthly rent in Boston is $1,735, which means residents there will have to work more than 69 hours to pay for a month’s rent. At an average of about 38 hours worked per week in Boston, it would take nearly 13 days for a worker to cover this amount.

5. New York, NY

New York City has the fifth-highest number of hours needed to pay rent across the 25 largest cities in this study. With a median monthly rent in the city of $1,483, a worker person would have to work 62.0 hours to cover rent. The average worker in New York earns $42,326 and takes home $32,608 after taxes, or $23.90 per hour.

6. San Francisco, CA

In San Francisco, California the median monthly rent is $1,959. This is the second-highest monthly rent amount across all 25 cities in our study, following only San Jose, California. The average worker in the city earns about $32 per hour, or $51,548 after taxes. This means that the worker would have to work 61.2 hours to cover rental costs. At an average of 40.2 hours worked per week in San Francisco, it would take this worker about a week and a half to do so.

7. Denver, CO

In order to cover the costs of the average rental apartment or home in Denver, Colorado, the average worker would need to work almost 60 hours. The median monthly rent in Denver is $1,433. The average worker in Denver earns $47,146 before taxes, with a take-home pay of $37,922 or $23.92 an hour.

8. Nashville, TN

The median monthly rent in Nashville, Tennessee is $1,191 or $14,292 per year. With the average worker there earning $31,889 after taxes or $20.77 per hour, it would take him or her approximately 57 hours of work to cover the cost of rent each month.

9. Austin, TX

The average worker in Austin, Texas earns $42,416 and takes home $35,739 or $23.34 per hour. Monthly rent costs in Austin reach $1,334 per month, or $16,008 per year. At that rate, it would take this worker more than 57 hours to cover rental costs.

10. Charlotte, NC

Median earnings for a worker in Charlotte, North Carolina are $38,528. This worker would take home $31,118 or $20.61 an hour. Charlotte has the lowest median monthly rent across the 10 cities on this list, at $1,174, resulting in a total annual rent of $14,088. To be able to pay for a month’s rent in Charlotte, the average worker would have to work 57 hours.

Data and Methodology

To find out how many hours of work are needed to pay rent in the 25 largest cities in the U.S., we looked at data on the following three metrics:

  • Average annual take-home pay. This is the average worker’s earnings after accounting for income taxes. To find out how much each worker would pay in income taxes, we ran median worker’s earnings data through our income tax calculator. We assumed the average worker would contribute nothing to an IRA or 401(k), take the standard deduction and file as a single filer. Earnings data comes from the U.S. Census Bureau’s 2019 1-year American Community Survey.
  • Average hours worked per year. This is the number of weeks worked per year multiplied by the number of hours worked per week. Data comes from the U.S. Census Bureau’s 2019 1-year American Community Survey.
  • Median monthly rent. Data comes from the U.S. Census Bureau’s 2019 1-year American Community Survey.

First, we found the average hourly wage for each worker by dividing average annual take-home pay by average hours worked per year. Then we divided the monthly median monthly rent by the average hourly wage. This resulted in the average hours of work needed to pay a month’s rent. Finally, we ordered the cities from highest to lowest based on the average number of hours needed to pay rent.

Tips for Managing Your Savings

  • How much are you really taking home? When budgeting how much to allocate to needs, wants and savings, it’s important to know how much you’re actually starting with. Use SmartAsset’s paycheck calculator to find out your post-tax earnings.
  • Budgeting is key. If the cost of living in an area is high and moving is not an option, consider using our online budget tool to make sure your expenses are all covered.
  • 401(k) matching. Taking advantage of a 401(k) employer match program is an ideal way to build your retirement savings faster. When considering a new job always review the retirement plan offerings to be sure that it’s the right one for your needs.
  • Expert financial advice. You already work hard to make ends meet, so why put in any more hours than you need to in order to get expert help with your assets? Finding the right financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Questions about our study? Contact press@smartasset.com.

Photo credit: ©iStock.com/mphillips007

Nadia Ahmad, CEPF® Nadia Ahmad is a Certified Educator in Personal Finance (CEPF®) and a member of the Society for Advancing Business Editing and Writing (SABEW). Her interest in taxes and grammar makes writing about personal finance a perfect fit! Nadia has spent ten years working as a seasonal income tax assistant, researching federal, state and local tax code and assisting in preparing tax returns. Nadia has a degree in English and American Literature from New York University and has served as an instructor/facilitator for a variety of writing workshops in the NYC area.
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Where Rent Has Become More Affordable – 2020 Edition

Where Rent Has Become More Affordable – 2020 Edition – SmartAsset

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Affordability issues generally affect renters more than homeowners. More than 40% of renters pay more than a third of their household income on rent compared to just 24% of homeowners on their mortgage, according to a February 2020 survey by Freddie Mac. But depending on where they live, renters can lower the burden of their housing costs. That’s why SmartAsset crunched the numbers to identify cities in the U.S. where rent has decreased the most relative to income.

Specifically, we compared rent prices from 2016 and 2019 to median household incomes over the same period. We additionally examined how rent prices have changed during 2020, amid the COVID-19 crisis. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAsset’s second annual study on changes in rent affordability. Check out the 2019 version here.

Key Findings

  • Boston moves into the top spot. Last year, Boston, Massachusetts ranked third in our list of cities where rent is becoming more affordable. This year, it moved up to first, outranking both San Francisco and Oakland, California. Between 2016 and 2019, rent as a percentage of income fell by almost 8%.
  • Coastal cities dominate the top of our list. The top 11 cities where rent has become more affordable are located on a coast. They consist of five on the West Coast (San Francisco, Los Angeles and Oakland, California as well as Portland, Oregon and Seattle, Washington), four on the East Coast (Boston, Massachusetts; Washington, D.C., Baltimore, Maryland and New York, New York), one on the Gulf Coast (New Orleans, Louisiana) and one on the coast of Lake Michigan (Chicago, Illinois). Across those 11 cities, average fair market rent rose by an average of less than 2% between 2016 and 2019, while median household income rose by more than 19% on average.

Top Five Cities Where Rent Has Become More Affordable (2016 – 2019)

1. Boston, MA

Households in Boston, Massachusetts are allocating smaller portions of their paychecks to rent. Though average market rent did not fall over the course of the past three years, incomes rose significantly, causing the average percentage of household income spent on rent to decrease. In 2016, the average fair market rent was $2,949, and median household income was $63,621. In 2019, rent was $3,140, and median income was $79,018. In percentage terms, rent rose by just under 7%, while incomes rose by more than 24% on average.

2. San Francisco, CA

Though rent in San Francisco, California is high relative to many other cities, data from Rent Jungle shows that it has remained flat over the past few years. The average fair market rent was $3,855 in 2016 and $3,823 in 2019. Incomes, by contrast, are on the rise. Between 2016 and 2019, the median household income in San Francisco rose by more than 19%, from about $103,800 to almost $123,900. As result, households are spending, on average, 7.53% less on rent in 2019 than they were in 2016.

3. Los Angeles, CA (Tie)

In Los Angeles, California, the average market rent increased by about $200 between 2016 and 2019, while the median household income increased by almost $13,000. With those changes, households are spending about 7% less of their income on rent.

Notably, despite increasing rent affordability, Los Angeles residents are still spending a lot on rent. In 2019, rent as a percentage of income was 49.75%, the second-highest in our study, behind only that of New York City.

3. Washington, DC (Tie)

The nation’s capital ties with Los Angeles for the No. 3 city where rent has become more affordable. Using Rent Jungle and Census Bureau data, we found that the average household spent about 37% of its gross income on rent in 2016, relative to only 30% in 2019. This large change was caused by primarily by increasing incomes in the city. Between 2016 and 2019, the median household income of residents rose by more than 22%, from roughly $75,500 to almost $92,300.

5. Baltimore, MD

Incomes in Baltimore, Maryland are the lowest of any city in our top five. In 2019, the median household income of Baltimore residents was about $50,200. Between 2016 and 2019, average market rent in the city fell by about $200, while the median household income rose by more than $2,800. With those changes, rent as a percentage of income decreased from almost 43% in 2016 to roughly 36% in 2019.

How the Rental Market Has Changed During COVID-19 (January – September 2020)

We looked at rent affordability through 2019 in the above section because 2020 median household income figures are not yet available. However, we can still see changes in the rental market and subsequent prices for 2020, through the third quarter of the year. Generally, housing markets for renters have been more deeply affected than markets for homeowners during the pandemic. While some families have left big cities to buy more spacious homes in the suburbs, Zillow’s 2020 Urban-Suburban Market Report research shows that suburban housing markets have not strengthened at rates disproportionate to urban ones. The same is not true, however, for rental markets. Zillow found that though rental prices have generally dropped in both urban and suburban areas during the COVID-19 pandemic, the decline has been larger in urban ZIP codes.

This decline has been particularly significant in some of the largest and most populated urban areas. Rent Jungle data shows that average rent prices fell by more than 5% from January to September 2020 in six cities – San Francisco, California; Detroit, Michigan; Boston, Massachusetts; San Jose, California; New York, New York and Austin, Texas – all of which have populations exceeding 670,000. Of those, San Francisco leads for its drop in average fair market rent. Rent Jungle data shows that the average fair market rent in the city fell by almost 17%, from almost $3,800 in January 2020 to about $3,100 in September 2020. Following San Francisco, the biggest gross change in rent occurred in Boston. In January 2020, Rent Jungle reported an average fair market rent of almost $3,200 relative to less than $2,900 in September 2020.

Data and Methodology

To complete our analyses for both sections of this report, we looked at data for 50 of the largest U.S. cities. Specifically, we compared:

  • 2016 rent as a percentage of household income. This is average annual rent divided by median household income. Data comes from rentjungle.com and the Census Bureau’s 1-year American Community Survey.
  • 2019 rent as a percentage of household income. This is average annual rent divided by median household income. Data comes from rentjungle.com and the Census Bureau’s 1-year American Community Survey.

To create the final rankings of cities where rent has become more affordable, we subtracted the 2016 rent as a percentage of household income from the 2019 rent as a percentage of household income. The cities with the largest negative difference – i.e. where relative cost decreased the most – ranked as our top cities where rent is becoming more affordable.

When looking at the rent market in 2020, we compared Rent Jungle data on the average market rent in January 2020 to the average in September 2020. We found the percentage change over that eight-month time period for all 50 of the cities we looked at.

Financial Tips for Renters

  • Invest  your savings early. If you’re living in a city where you’ve experienced robust income growth and minute upticks in your rental costs, you might consider putting those savings to work in a retirement account. After all, achieving a secure retirement requires early preparation. By planning and saving early you can take advantage of compound interest. Take a look at our investment calculator to see how your investment can grow over time.
  • Rent or buy? Understand whether continuing to rent is the right choice for you using SmartAsset’s rent vs. buy calculator. No matter what your homeownership status, it might be useful to learn about the ways that the recent Coronavirus Aid, Relief and Economic Stablility (CARES) Act passed by the government protects homeowners and renters.
  • Consulting an expert could save you time and money in the long run. If you are looking for guidance on how to put your rental savings to good use, it might be helpful to speak with an expert advisor. Finding the right financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Questions about our study? Contact us at press@smartasset.com.

Photo credit: ©iStock.com/fizkes

Stephanie Horan, CEPF® Stephanie Horan is a data journalist at SmartAsset. A Certified Educator of Personal Finance (CEPF®), she sources and analyzes data to write studies relating to a variety of topics including mortgage, retirement and budgeting. Before coming to SmartAsset, she worked as an analyst at an asset management firm. Stephanie graduated from Williams College with a degree in Mathematics. Originally from Philadelphia, she has always been a Yankees fan and currently lives in New York.
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A Guide to Rental Reimbursement Coverage

  • Car Insurance

You’re involved in an accident, your car is wrecked, and your insurer has stepped in to cover the damages. All is well, and you only have the deductible to worry about, but what happens before the car is fixed? How do you continue to get to work every day and take the kids to school when your car is in the repair shop for the next few days or weeks?

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That’s where rental car reimbursement coverage steps in. If you have this optional coverage on your car insurance policy, you won’t need to worry.

Keep reading to learn how this coverage option works.

Rental Car Reimbursement vs Rental Car Insurance

Before we go any further, it’s worth clarifying the potential confusion surrounding rental car coverage and rental car reimbursement coverage. The former includes damage waivers, property insurance, and liability coverage and protects you when you are driving a rental car.

You will be offered this type of insurance when you rent a car and can also get it through your current insurance policy or through your credit card, bank account or travel insurance.

As for rental car reimbursement, it is designed to cover the costs of renting a vehicle when your car is in the shop or has been stolen.

Rental car reimbursement only applies if your insurance company is paying for the repairs and those repairs are covered by your insurance policy. It is a coverage option that is typically only available to policyholders who have collision coverage or comprehensive coverage insurance.

What Does Rental Car Reimbursement Cover?

Rental car reimbursement is designed to cover the cost of a rental car, but there are limits. Most insurance companies will only cover you for 30 days and many also set a daily limit, often between $50 and $100. This means that you can’t claim for costs above this or for a rental period that extends beyond it.

In some states and in some situations, you may not even need to add rental reimbursement coverage to your policy as the at-fault driver could be responsible for your rental costs. In the event of a car accident caused by a fully-insured driver, their liability insurance may cover you for transportation costs, while also paying for the damage done to you and your vehicle.

However, there is a coverage limit that means they may not be liable for all the costs you pay to the rental car company. In such cases, having rental car reimbursement coverage on your policy will cover the difference and ensure you’re not out of pocket.

How Much Does it Cost?

The cost of rental reimbursement insurance differs from state to state and provider to provider. Your costs will also be higher if you are deemed to be a high-risk driver and have a history of at-fault accidents and insurance claims. Generally, however, you can expect to pay anywhere from $3 or $4 a month extra to $15 or $20 a month extra.

It’s not a huge amount because the cover provided is very limited. For instance, at $50 a day over 30 days, the insurer’s liability is just $1,500, which is a fraction of the amount they can expect to lose with other coverage options.

How Does the Process Work?

You’re involved in a minor accident and your car is taken to the body shop, now what? If you have rental coverage, you can do one of the following:

1. Pay for it Yourself

When you pay for the vehicle yourself, you have more choice about what car you rent and from where you rent it, and you can also get it as soon as you need it. If you choose this option, just make sure you keep a record of all the costs so you can report these to the insurer and get your money back.

By choosing this method, you have more control and providing you have cover, you shouldn’t encounter any issues when seeking reimbursement. Get the rental vehicle you want, drive it off the lot, and wait for your car to be fixed and your expenses to be covered.

2. Let Your Insurance Company Do It

The second option, and the best option, is to go through your insurance company. They will contact the rental company on your behalf and deal with all of the red tape, ensuring you only get a car that you are fully covered for and providing you with all the necessary details at the same time.

By going through your insurer, you can avoid the hassle and they may even help you to get a better deal. 

It’s worth noting, however, that your insurer will not pay for additional rental car coverage like damage waivers. But as noted already, your auto policy may already provide you with the cover that you need.

Should You Get Additional Car Rental Reimbursement Coverage?

On average, you will use rental car coverage just once in a 10-year period, and you may only need it for a few days at a time. To determine whether this additional coverage option is right for you, simply calculate how much it will cost you on a monthly basis and then compare this to how much it is likely to offer you.

For instance, let’s assume that you are charged $10 a month for this additional option. This means you will pay $120 a year or $1,200 over ten years. Assuming you’re being offered a maximum of $50 per day for 30 days, this means the benefits are capped at $1,500.

If you’re paying $15 a month instead, that’s $180 a year, $1,800 a decade, and more than you will get back. And, in both cases, we’re assuming that you rent a car for the full 30 days at the maximum allowed price, which is somewhat rare. As a result, you can probably overlook this additional coverage option when those are the prices quoted.

Bottom Line: Choosing Insurance Coverage

From car rental coverage and rental car reimbursement to roadside assistance, new car replacement and more, there is no shortage of options for the average driver. 

But as tempting as it is to add all of these options to your auto insurance policy in the knowledge that you’ll be fully covered, the costs can spiral out of control very quickly. You could find yourself spending an excessive amount of money unnecessarily, and at a time when everyone is watching their budgets, that’s never a good thing.

Think about rental car reimbursement carefully and reject it if you don’t need it, even if it is only $10 or $20 extra a month. 

Source: pocketyourdollars.com

How to Retire in Austria: Costs, Visas and More

How to Retire in Austria: Costs, Visas and More – SmartAsset

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From Oktoberfest to the Salzburg Summer Festival, Austria seems to have festivities year-round. This German-speaking nation of some 9 million has a rich cultural heritage and can boast of such fabled composers as Wolfgang Amadeus Mozart and Ludwig van Beethoven, among others, as former residents. Citizens and visitors also come to Austria for the Alps, which offer some of the best snow skiing in the world. As you weigh whether to retire in Austria consider working with a financial planner to make sure you can afford it and handle your taxes in the most efficient way possible.

Cost of Living and Housing in Austria

The cost of living and housing in Austria is very similar to the U.S. In general, consumer prices are 6% higher in Austria, according to Numbeo, a cost-of-living database.

However, rent prices in the U.S. are about 44% higher, on average, than in Austria, so your housing costs could be significantly lower if you decide to live in Austria. Compare rental costs in Vienna and New York City: If you choose to rent a one-bedroom apartment in the heart of New York, you will likely pay about $3,415 per month. The same apartment in the heart of Vienna costs about $1,089 per month. A three-bedroom in the heart of New York City costs about $6,610 per month, and the same apartment in Vienna costs about $1,969 per month.

If you choose to purchase an apartment in Vienna, you can expect to pay about $845 per square foot in the city center. The cost outside of the city center is about $504 per square foot.

Retire in Austria – Visas

Austria offers several visas to Americans, but the most popular one for retirees is a settlement permit. To qualify for a settlement permit, a person must prove that he or she has sufficient funds, health insurance and a place to live.

Additionally, Austrian residency requires a language test to prove that you comprehend the German language. The settlement permit is for financially independent individuals who do not intend to work while in Austria. You may apply while in the country on a tourist visa or while still in the U.S. It is best to work with an immigration lawyer as the application process is entirely in German and can take several months.

Retire in Austria – Healthcare

Austria has affordable access to high-quality facilities for most residents, citizens and visitors. According to Knoema, an index that assesses the countries with the best healthcare globally based on life expectancy and health expenditure, Austria ranks 27th. In comparison, the U.S. ranks 49th.

Private health insurance in Austria costs about $240 per month, and a doctor’s visit may cost you up to $70. You must obtain health insurance to get a residence permit or settlement permit, and you can purchase health insurance policies for expats from Austrian or American companies.

Retire in Austria – Taxes

All U.S. citizens are generally required to file a tax return each year regardless of whether they are in the country or not. The foreign earned income exclusion (FEIE) can be applied depending on how much time a person spends outside of the country. For example, on your U.S. expatriate taxes you can exclude up to $105,900 of your 2019 foreign earnings.

If you earn an income while in Austria, that income may be taxed up to 55%. However, your foreign earned income will not be taxed by Austria. Therefore, your tax on your retirement income will be taxed as it would be if you were in the U.S., and any income you earn in Austria will be taxed separately.

Retire in Austria – Safety

The 2020 Gallup Law and Order Index ranks this Central European nation as the sixth safest in the world. According to the U.S. Department of State, Austria has low crime threats and is one of Europe’s lowest-crime countries.

The most common crime experienced by U.S. citizens is purse and wallet snatching, typically in crowded public areas, according to the State Department. Other crimes of opportunity occur in trains, restaurants, shopping areas and crowded tourist areas where criminals distract a victim who usually was not in direct physical control of valuables.

In general, road safety is not a concern. The threat of terrorism, though, is currently listed as Medium when directed to or affecting official U.S. government interests.

The Takeaway 

Austria ranks among the top three most livable countries, according to the Global Peace Index. In fact, a recent study by the Economist Intelligence Unit ranked Vienna as the most livable city on Earth. This city alone offers a seemingly endless array of museums, fine art and world-renowned architecture. The cost of retiring in Austria will be similar to the cost of retiring in the U.S. So whether you choose to waltz through Vienna or ski in Innsbruck, this land-locked country, which shares borders with Italy, Switzerland, Germany and Hungary, has a retirement lifestyle for almost everyone.

Tips on Affording Retirement

  • Consider working with a financial advisor about the cost of retiring abroad. Finding a financial advisor doesn’t have to be hard. The SmartAsset matching tool can connect you to several advisors in your area in just minutes. If you’re ready, get started now.
  • Many American will be able to retire in Austria on a combination of their Social Security benefit and a pension. You can use a free Social Security calculator to see what to expect from Uncle Sam in retirement.

Photo credit: ©iStock.com/benedek, ©iStock.com/Marcin Wiklik, ©iStock.com/CHUNYIP WONG

Ashley Chorpenning Ashley Chorpenning is an experienced financial writer currently serving as an investment and insurance expert at SmartAsset. In addition to being a contributing writer at SmartAsset, she writes for solo entrepreneurs as well as for Fortune 500 companies. Ashley is a finance graduate of the University of Cincinnati. When she isn’t helping people understand their finances, you may find Ashley cage diving with great whites or on safari in South Africa.

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