Wondering how "the other half lives" is so outdated, especially when we can easily peek into what life is like for the "one percent." A new report from SmartAsset reveals how much money you'll need to be considered the top one percent in Texas.
With one San Antonio suburb and two Austin suburbs landing among the richest cities in Texas in a recent report, it's obvious that the Central Texas landscape is dotted with pockets of wealth. But how much do you actually need in your pocket to have a top one percent income?
In Texas, an annual income of $641,400 will land you at the top, while $258,400 only gets you to the top five percent.
To come up with those numbers, SmartAsset analyzed 2019 data from IRS tax units and adjusted the figures to 2022 dollars using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the Bureau of Labor Statistics.
For comparison, "the average American household earns a median income of under $70,000," according to the study. And per the latest figures from the U. S. Census Bureau, the median household income in Texas (in 2021 dollars) is $67,321. That leaves plenty of us with a long way to go in our financial striving.
So now we know how we compare to our neighbors, but where does that put the affluent population of Texas in comparison with other states?
For starters, Texas claimed the 10th highest income required to reach top income levels.
The one percent income threshold is hardest to meet in Connecticut ($955,000), Massachusetts ($900,000), New Jersey ($825,965), New York ($817,796), and California ($805,519). Only these five states have thresholds that exceed $800,00, and it's a pretty steep drop down to Texas ($641,400) in 10th place.
The five states where it's easiest to attain one percent status (even though that doesn't seem like good news) are Kentucky ($447,300), Arkansas ($446,276), New Mexico ($418,970), Mississippi ($383,128), and West Virginia ($374,712).
The SmartAsset report also included average tax rates for top earners in each state. There was surprisingly little variance in the top 10 states, with Washington state having the lowest rate (25.02%) and Connecticut collecting the highest tax rate (27.77%).
Texas was in the middle of the pack with a tax rate of 25.71% levied on top one percent incomes.
The 10 states with the highest earnings required to be a one-percenter and their tax rates are:
Connecticut ($955.3K, Tax rate 27.77%)
Massachusetts ($896.9K, Tax rate 26.4%)
New Jersey ($826K, Tax rate 27.36%)
New York ($817.8K, Tax rate 27.48%)
California ($805.5K, Tax rate 26.78%)
Washington ($736.1K, Tax rate 25.02%)
Colorado ($682.9K, Tax rate 25.24%)
Florida ($678.8K, Tax rate 25.23%)
Illinois ($666.2K, Tax rate 26.23%)
Texas ($641.4K, Tax rate 25.71%)
If you're on your way to being a top earner and want to do a deeper dive on those numbers, you can view the full report on the SmartAsset website.
Texas is among the best states for women-led startups in 2023, a new report says.
The Lone Star State landed at No. 5 in Merchant Maverick’s annual ranking of the top 10 states for female business owners, thanks in part to its robust venture capital environment for entrepreneurs.
Texas actually dropped three spots from last year's ranking of No. 2, but climbed up from its No. 6 showing in 2021.
Merchant Maverick, a product comparison site for small businesses, says Texas “boasts the strongest venture capital scene” for women entrepreneurs outside California and the Northeast. The state ranked fourth in that category, with $6.5 billion invested in the past five years.
Other factors favoring Texas include:
Women solely lead 22 percent of all employees working for a business in Texas (No. 4).
Texas lacks a state income tax (tied for No. 1).
However, Texas didn’t fare well in terms of the unemployment rate (No. 36) and the rate of business ownership by women (No. 29). Other Texas data includes:
Average income for women business owners, $52,059 (No. 19).
Early startup survival rate, 81.9 percent (No. 18).
Appearing ahead of Texas in the 2023 ranking are No. 1 Colorado, No. 2 Washington, No. 3 California, and No. 4 Arizona.
Another recent ranking, this one from NorthOne, an online bank catering to small businesses, puts Texas at No. 7 among the 10 best states for women entrepreneurs.
NorthOne says Texas provides “a ton of opportunities” for woman entrepreneurs. For instance, it notches one of the highest numbers of women-owned businesses in the country at 1.4 million, 2.1 percent of which have at least 500 employees.
In this study, Texas is preceded by Colorado at No. 1, Nevada at No. 2, Virginia at No. 3, Maryland at No. 4, Florida at No. 5, and New Mexico at No. 6. The rankings are based on eight metrics, including the percentage of woman-owned businesses and the percentage of women-owned businesses with at least 500 employees.
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This story originally appeared on our sister site, InnovationMap.
With home prices rising for most of 2022 in San Antonio and around the country, thoughts about saving for a down payment have been distressing, to say the least.
SmartAsset.com, a consumer-focused financial information and advice website, analyzed and ranked the 50 largest U.S. cities on how long it takes the average household to save for a home, with calculations for a 12 percent or 20 percent down payment. The study compared the median household income and median home values for each area to determine the rankings.
The new study says San Antonio buyers will need to work for 2.16 or 3.60 years to save for the $197,600 median home price on a $54,923 median income. This puts San Antonio 38th on the list, well below several other Texas cities.
Austin was the only Texas city to rank in the top third, tying with Las Vegas for 14th place. There, buyers will need to work for 3.64 or 6.07 years, saving up for a 12 or 20 percent down payment on a median home value of $482,900 with a median income of $79,542. Compared to Los Angeles where it takes the longest (11.6 years) and New York (10 years), that's somewhat encouraging.
Dallas came in 24th, right in the middle of the pack, as did most Texas cities. With a median income of $57,995 and a median home value of $267,600 in Dallas, only 2.77 years of work and saving would be needed for a 12 percent down payment.
That's comparable to Houston, where the median income of $55,499 and median home price of $236,700 placed the city 31st out of 50. Houstonians need to work, on average, 2.56 years to save for a 12 percent down payment and 4.26 years for a 20 percent down payment.
Elsewhere in North Texas and around the state:
Fort Worth ranked 27th with 2.19 or 3.65 years of work needed to save for the $249,000 median home price on a $68,235 median income.
Arlington came in at number 32 with 2.55 or 4.25 years of work needed to save for the $254,700 median home price on a $59,889 median income.
El Paso came in 48th with 1.97 or 2.98 years of work needed to save for the $152,800 median home price on a $51,241 median income.
Texans looking to save for a shorter time without moving too far away might look to Oklahoma, where Tulsa ranked 42nd (2.02 or 3.37 years,) and Oklahoma City tied with Memphis, Tennessee for 46th place (1.97 or 3.22 years.)
A hotel boom is underway in the Alamo City. As of the second quarter of 2022, 46 projects featuring 5,116 guest rooms were in the planning or development stages in the San Antonio area, according to a new report published by hospitality data provider Lodging Econometrics.
San Antonio ranks 21st in the U.S. for hotel construction.
Dallas leads all U.S. regions, with 173 hotel projects with 20,707 guest rooms in the pipeline. Big D is followed by Atlanta, Los Angeles, New York City, and Nashville, the report says.
“While some might expect Miami or New York City to lead the U.S. in terms of the number of hotel projects underway, that distinction actually belongs to Dallas … ,” says The Points Guy travel blog, which points out that Dallas has led all U.S. locations in hotel development for four consecutive quarters.
Elsewhere in Texas:
Houston ties for seventh place, with 94 projects featuring 10,247 guest rooms
Austin ranks 10th, with 80 projects featuring 10,306 guest rooms
Fort Worth-Arlington ranks 15th, with 65 projects with 8,005 guest rooms
Brian Hughes, managing director of JLL Hotels & Hospitality, tells the travel blog that “a heavy trend of corporate and population migration to Texas” has lifted hotel performance in the state as the COVID-19 pandemic wanes.
Another plus, it says, is Texas’ business-friendly tax structure. This draws companies to the state, which then feeds demand for hotel rooms to accommodate business travelers.
“Encouraged by 2022’s upward trend in hotel performance, owners, management groups, developers, and investors are moving forward with development plans as evidenced by increasing counts at every stage of construction,” Lodging Econometrics says.
San Antonio’s stature as a hub for cybersecurity is boosting its profile as a hub for tech employment.
A new report from Dice, an online platform for tech professionals, shows San Antonio ranked sixth among major U.S. cities for the growth of tech job postings from the first half of 2021 to the first half of 2022. San Antonio registered an increase of 80 percent.
At No. 5, Houston was one notch above San Antonio, with an 83 percent growth rate for tech job postings. Dallas appeared at No. 15 on the list, recording a 58 percent growth rate for tech job postings. Austin failed to make the top 25 in this category.
Orlando, Florida, topped the list, boasting a 111 percent growth rate for tech job postings.
Dice notes that Austin and Dallas sometimes overshadow San Antonio in terms of tech employment. But it emphasizes San Antonio’s increasing importance as a hub for cybersecurity innovation.
A report from Tech Bloc, a citywide initiative aimed at growing San Antonio’s tech sector, shows the local IT industry generates an annual economic impact of nearly $11 billion, up 27 percent from 2010. Meanwhile, the number of IT companies in San Antonio jumped 36 percent from 2015 to 2020.
Much of that growth is being driven by the cybersecurity sector. San Antonio is home to more cybersecurity professionals than anyplace else in the U.S. other than Washington, D.C. Thus, San Antonio has adopted the identity of “America’s Cyber City.”
“The alignment of education, industry, and government within cybersecurity, and the ability to collaborate across these sectors, presents the city’s most significant opportunity for industry development,” Business Facilities magazine observed in 2020.
Business Facilities traces the roots of San Antonio’s cybersecurity presence to 1948, when the Air Force established its Security Service operations in Alamo City.
“To further develop San Antonio’s cybersecurity dominance, we’re focused on talent development tailored to industry needs in the cybersecurity industry,” Tom Long, managing director of the greater:SATX economic partnership, told the magazine. “It’s a strategy gaining attention and investment from cybersecurity operations large and small, as well as large corporations with significant internal cybersecurity hub operations.”
San Antonio home prices went one way, while sales went the other in July 2022. The latest report from SABOR shows a 15 percent year-over-year increase in the area's median home price; meanwhile, there was a 15 percent year-over-year decrease in home sales.
In July, the San Antonio median home price clocked in at $341,600. The average area home price hit $389,486, up 12 percent from a year ago, but down from the all-time high of $405,891, which was recorded in June.
“Though the average and median price of a home continues to rise, this is the fourth month in a row we are seeing a decrease in home sales,” said Tracie Hasslocher, SABOR chairman, in a release.
“3,333 homes were sold in July, a decrease of 15 percent from July 2021. To close the month, there were 5,114 new listings and 9,068 active listings, both an increase from last year. However, there was a 12 percent decrease in pending sales.”
According to data provided by SABOR, the San Antonio trends mirror the Texas market as a whole. Home sales across the state dropped 15.4 percent last month, compared to July 2021, while the average home price grew 10 percent and the median home price climbed almost 13 percent.
Even dogs deserve a little pampering. Dogtopia, an innovative doggy daycare and spa in San Antonio, is growing their reach with the grand opening of a new Alamo Ranch location, with a fourth new location planned for Alamo Heights later this month.
The award-winning facility has gained so much love from the local community thanks to its thoughtful design approach and programming. All aspects of Dogtopia centers around providing the utmost care for your furry best friends. Dogs are separated by size and temperament into one of three playrooms to ensure the best daycare experience without causing any stress.
In addition to their daycare, Dogtopia also has boarding and grooming services for your companions. They have a firm belief that all dogs can benefit from doggy daycare, because it increases their socialization skills and lessens any repressed anxiety.
Every dog goes through an intake process consisting of a meet-and-greet session to view the dog’s paperwork, behavioral history, and their health. Thorough assessments are also made to distinguish any physical sensitivities a dog could have. The intake process is necessary for the safety of all dogs under Dogtopia’s care.
Dogtopia’s team members, dubbed “Canine Coaches,” are more than just playroom attendants. Every coach is required to complete a curriculum program designed by a registered canine behaviorist, all with the goal of the animals receiving the proper care and attention they need. The curriculum has been approved by the International Association of Animal Behavior Consultants (IAABC) and the Certification Council for Professional Dog Trainers (CCPDT). That’s not all of their training; team members also complete canine behaviorist-designed training on body language, behavior, and health.
Dogtopia’s new Alamo Ranch location is now open at 11726 Alamo Ranch Parkway. Other locations in San Antonio include one in Stoke Oak and one on De Zavala Road. A fourth location in Alamo Heights is expected to open later in March.
More information about Dogtopia’s services can be found on dogtopia.com.
Located in a two-hour triangle between Austin and San Antonio is Kerrville, the official capital of the Texas Hill Country. Founded in 1889 with a spirit of innovation, the city still holds fast to its entrepreneurial roots as the home of James Avery Artisan Jewelry and a plethora of galleries, museums, and shops.
It's also an outdoor lover's dream. Kerrville is situated along the banks of the Guadalupe River, which serves as the map for the multi-use Kerrville River Trail and provides opportunities for fishing, canoeing, kayaking, and paddleboarding.
Here are more activities to discover during your time in Kerrville:
Art for all
The world-famous brand James Avery Artisan Jewelry calls Kerrville home, and visitors can learn about the history of the company in a museum-like setting while also shopping for their very own piece of jewelry to take home.
The company's presence is felt throughout the city, most notably with the popular Mother's Love James Avery memorial sculpture right outside the Kerr Arts & Cultural Center. This is one of the 28 public art pieces dotted throughout downtown — keep an eye out for “Lupe” the Guadalupe Bass in Louise Hays Park and the “Welcome To Kerrville” mural.
Find peace with the The Coming King Sculpture Prayer Garden, featuring eight bronze sculptures inspired by Christian scriptures, including a seven-story-tall steel cross, that are surrounded by a prayer rock garden.
Visit the campus of the Hill Country Arts Foundation in nearby Ingram and come face to face with Stonehenge II, a nearly life-size replica of the famous stones in England that also include two 13-foot-tall Easter Island head copies.
Head into the 20,000-square-foot Rivers Edge Gallery to view an expansive variety of contemporary and traditional artwork, or explore life during the frontier days at The Museum of Western Art. The museum also offers workshops on such skills as leather working and candle making.
The Schreiner Mansion Historic Site, built by former Texas Ranger Charles Schreiner, offers a guided tour of the mansion with history on the family that ran a major department store in Kerrville (now Schreiner Goods) and established the Schreiner Institute, now known as Schreiner University.
Catch live music and other events at the iconic Arcadia Live Theater, see a play in the intimate black box VK Garage Theater, or pay tribute to Point Theatre, the oldest-running outdoor theater in Texas. The Kathleen C. Cailloux City Center for the Performing Arts also hosts Symphony of the Hills, nationally acclaimed musicians, and theater performances by Playhouse 2000.
Events for everyone
There's something for every season here, with the spring bringing the Kerrville Easter Festival (held this year on April 8, 2023) and the Kerrville Easter Bike Ride (April 7-9, 2023).
The Texas Masters of Fine Art Show (May 26-28, 2023) overlaps with the famous Kerrville Folk Festival (May 25-June 11, 2023), and the height of summer brings Kerrville’s Fourth on the River, scheduled for July 4.
Fall sees the Kerrville Triathlon Festival and the Texas State Arts & Crafts Fair on the same weekend — September 23-24, 2023 — with the Kerrville RiverFest and Kerrville Chalk Festival following October 14 and 15, 2023.
The Texas Furniture Makers Show is scheduled for November 2-December 15, 2023, and lots of folks turn out for the Kerrville Renaissance Festival that runs weekends in late January and early February.
Head outside
Kerrville’s mild weather allows for outdoor activities year-round. Hop aboard the Hill Country River Rat, a unique outdoor river activity where visitors can peddle to provide horsepower on a 25-foot-long, custom-made, 12-passenger pontoon boat.
Aside from water fun on the Guadalupe River, biking is also a popular outdoor activity. Pedal leisurely on the 10-foot-wide Kerrville River Trail, the city’s unofficial crown jewel, that parallels the Guadalupe for six miles. You can also walk your dog, go for a run, or relax on a bench and spot birds in the shade of Kerrville’s signature cypress trees.
There are multiple trail segments and trailheads that can be accessed along the Kerrville River Trail, notably Kerrville-Schriener Park and Louise Hays Park.
At 517 acres, Kerrville-Schriener is the largest municipal park in Kerrville, offering plenty of green space with a playground, butterfly garden, sand volleyball, basketball, 10-plus miles of hike and bike trails, river access, and more.
The popular Louise Hays Park features an interactive fountain, a playground, pavilions, trail heads, numerous picnic areas, and a stage that hosts music and dance performances. Louise Hays Park is also home to a variety of special events, such as Get Outdoors Day, Kerrville’s Fourth on the River, and the Kerrville Triathlon Festival.
To learn about the different critters and creatures that call Kerrville home, the Riverside Nature Center is the perfect place to explore. Wander through the gardens, educational exhibits, a gift shop, and much more.
Additional outdoor activities include golfing at Kerrvilles’ three golf courses — Scott Schreiner Golf Course, Comanche Trace, and The Riverhill Country Club — playing tennis at the HEB Tennis Center, and hunting at Y.O. Ranch or Shonto Ranch.
Time to eat
Enjoy dining with a view of the Hill Country and the Guadalupe River while exploring the craft food and beverage scene when you dine in Kerrville. From upscale dining experiences and wine tasting opportunities to delicious taco and coffee spots on the go, there's no shortage of choices.
For a meal with a view, check out 1011 Bistro, Cafe at the Ridge, Thai Ocha, Pinnacle Grill, and Billy Gene’s. Texas tacos are obviously a must, so head to El Sol De Mexico, Mary’s Tacos, Taqueria Jalisco, El Jimador Restaurant & Bar, and Rita’s Famous Tacos.
Make sure to sample the local libations during your stay — Kerrville is located in the Hill Country after all. Turtle Creek Olives & Vines, Kerrville Hills Winery, and Wine-O-Bout It satisfy vino connoisseurs, while craft brew enthusiasts will cheers to options like Pint & Plow Brewing Co., Basement Brewers of Texas, and Trailhead Beer Garden.
Other popular eateries include Bumdoodlers Lunch Company, Francisco’s Restaurant, Grape Juice, and Rails: A Cafe at The Depot.
Shop to it
Visitors flock to downtown Kerrville to explore upscale shops as well as unique boutiques and antique stores. Schreiner Goods stocks a curated selection of women’s clothing, accessories, and stylish home goods, while Rustic Elegance is a home furnishing aficionado's dream store.
Stop by Creations, a destination for fabric artists; shop for crystals and other mystical items at The Fairy Moon Emporium; or go antique hunting at Sunrise Antique Mall. Of course, shopping for a piece of James Avery jewelry is a given while in Kerrville!
Rest your head
The River Trail Cottages are a fun way to depart from the normal hotel experience, with a unique variety of retro overnight options like Motor Court Cottages, newly built midcentury-themed Depot Alley or River View cottages, and vintage RVs filled with modern amenities.
At the River House, all guest rooms offer direct access to the river and the Kerrville River Trail that leads straight through downtown. The facilities also come with grills, bicycles, river floats, fishing poles, kayaks, and backyard games.
Yogi Bear’s Jellystone Guadalupe River Camp Resort is the perfect place for families traveling with little ones. Enjoy putt-putt, jumbo-sized jumping pillows, laser tag, playgrounds, and a water slide park.
For those looking for a resort feel, a stay at Inn of the Hills Hotel & Conference Center is an excellent choice. The hotel features a courtyard, swimming pools, 21,000-square-foot conference center, delicious dining at the full-service restaurant, and the Inn Pub, which features entertainment on the weekends and is the only dance hall in Kerrville.
Since 1985, the World Affairs Council has honored an individual who has significantly contributed to San Antonio's growth as an international city. Last week, the Council celebrated a giant in the city's social justice community, Waheeda Thawerbhoy Kara, as International Citizen of the Year.
Kara's commitment to community service sprung out of hardship. She lost her father during childhood as her family fled genocide in her native Bangladesh. But the challenges of being a young refugee only ignited a lifelong devotion to giving back. Guided by her Shia Ismaili Muslim faith, she has been a civic service force for over 35 years.
According to a release, Kara has been working with the City of San Antonio since 2008, when she co-developed the Muslim Cultural Heritage Society. Among her cultural contributions are spearheading the first city-sponsored Eid Festival and bringing the Aga Khan Foundation's Partnership Walk to San Antonio. More recently, she was selected to serve on the Mayor's Council on Police Community Relations.
Her involvement with nonprofits has spanned more than 35 years. Currently, she is the president of the National Inter-organizational Collaborative, an Interfaith Committee member at San Antonio Food Bank, and an Advisory Board member at UTHSC Mays Cancer Center. The work has led to widespread recognition, including being named a Woman of Substance by Dream Week and being honored by a state resolution.
"Waheeda Thawerbhoy Kara is the epitome of international citizenship," said Mayor Ron Nirenberg via release. "Her story is one of tireless work on behalf of our community and our world through an array of nonprofits..."
Kara was honored on March 15 at the Tobin Center for the Performing Arts. The award ceremony included a keynote speech from Pulitzer Prize-Winning Author Doris Kearns Goodwin.
