What Is the Real Cost of Living in Lakeway?

What Is the Real Cost of Living in Lakeway?

Enjoy life in the suburbs near Texas's bustling capital city. Lakeway is a beautiful community along the Colorado River and has plenty of parks, greenbelts, and outdoor recreational centers. Residents love the community atmosphere, schools, and affordable prices. When you want to live near Austin but come home to a quiet neighborhood setting, Lakeway offers plenty of opportunity. It is just 25 miles from the heart of Austin's downtown district. If you're considering moving to the area, evaluating the cost of living in Lakeway is just as vital as the community itself. Learn more about Lakeway's cost of living and how it compares to other communities.

Consider the purchase price of a home in Lakeway

Travis County, home to Austin, is one of the most expensive areas for homebuyers, so finding a beautiful home in a community you love can be tricky. Lakeway more than delivers. Austin and Round Rock area homes have a median sales price of $467,500, but that sales price has decreased by approximately 15%, making now a perfect time to buy. The median price just a year ago was $496,039.

However, it is important to note that homes in Lakeway are more expensive than across the state or country. Austin's real estate market continues to face high demand, and the area is expected to grow and see continued house price increases into the future.

Prices can vary depending on your preferred neighborhood in Lakeway. Find charming single-family homes and new constructions in western Lakeway that fit more conservative budgets, or explore sweeping estates near the water's edge that are upwards of $1 million. The community features a diverse range of options for every resident.

The average cost of utilities in Lakeway

Lakeway residents see utility costs slightly below state and national averages, standing at a rating of 98.7 compared to the national average (or Texas's general average of 99.2). The two electric service providers are Pedernales Electric Cooperative and Austin Energy/City of Austin Electric Service, and the latter serves the majority of Lakeway. When comparing utility costs across different communities, it's important to consider both the average spending and the rate costs. Lakeway, Texas, is a humid subtropical environment, and you can expect to have your AC running all summer.

Other factors that can significantly impact your cost of utilities include:

  • If you have a private swimming pool
  • If your property has solar panels — an increasingly popular trend in the Austin area
  • If your home's insulation, windows, and even window treatments can help control your home's temperature
Your real estate agent can help you navigate the market to find a home with the most energy-efficient features.

What to expect for your Lakeway food budget

The entire Austin metroplex is a popular food scene, home to everything from fusion restaurants of all varieties to craft breweries and award-winning coffee shops. West Austin and Lakeway continue this trend while offering residents an affordable food budget for restaurants and groceries. Some measures place Lakeway's grocery budget at a rating of 98.8 compared to the national average, while others rate it at 83 compared to the national average. Your household's total food budget will vary based on your household size and preferred grocery stores. Lakeway is home to everything from a gourmet shops to boutique farmers markets.

For an at-a-glance overview of everyday grocery purchases, you can expect to pay $1.47 for milk compared to the state average of $2.05 and $3.40 for ground beef compared to an average of $4.22 across Texas.

The average cost of transit and transportation in Lakeway

While Lakeway does have a limited bus service through its CARTS program, most of Lakeway does not have direct access to a mass transit system. Instead, the area around Austin has plenty of highways and wide roads that make navigating by car a breeze. Lakeway residents can reach Austin through three major roads: Lohmans Crossing Road, 620 to 71, and then a quick drive down 290. Gas prices in the Austin community hovered around $3.20 in June 2023, around 35 cents below the national average.

What to expect for the average salary in Lakeway

While considering your budget for life in Lakeway, it can be just as essential to know the average wages and salaries in the area. The average salary for jobs in Lakeway is $46,380 per year as of June 2023, with most salaries falling between $33,226 and $57,671. Many residents, however, choose to live in Lakeway while commuting to the bustling business sectors in Austin. As of 2021, the median individual income in Lakeway was $74,997, and the median household income was $170,385.

Find your next Lakeway home with Jamie Novak

Housing is one of the most expensive costs to consider in your cost of living calculations for virtually every community, and the suburbs surrounding Austin are no exception. Lakeway, Texas, offers prospective homebuyers a wide range of home options that can fit within their preferred budget while giving easy access to Austin, the Colorado River, and hundreds of miles of greenbelts, trails, and parks for which the town is famous. Because of Lakeway's proximity to the state capital and its selection of waterfront properties, prices can vary significantly, and navigating the housing market can be a fun but overwhelming challenge.

That's why the real estate team with Jamie Novak is here to help you navigate your house-buying journey. Whether you're a first-time homebuyer or moving to Austin from out of state, our team can work with you to determine your housing budget and find your dream home. We specialize in creating personalized homebuying journeys that focus on your preferred features and amenities, lifestyle preferences, and budget so you can quickly find the perfect home. Reach out to Jamie Novak today to schedule a buyer's meeting and start finding beautiful homes throughout the Lakeway community.

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