With a population of 799,939 according to the latest U.S. census this capital city seems to be thriving. The average age of residents is 31.1 which gives it an energetic feeling that is obvious when you spend time in the coffee shops, bars and cafes that line the streets around the university downtown.

The city also has a diverse population, which is due in part to the presence of the university. 48.7 percent of residents are Caucasian, with Hispanics comprising 35.1 percent. African Americans account for 8.1 percent and Asians follow closely behind with 6.3 percent. The ratio of men to women is relatively even, and statistics also show that 46 percent of residents are married. With close to half of the population married it would seem like residents should be financially stable which is why it is so surprising to learn that

This has earned it a spot on the list for the nation’s 15 most financially irresponsible cities.

With an average debt of $30,680 per resident and a low credit score it is easy to see why some people are finding that their best option when they need to finance a vehicle is through a Buy Here Pay Here dealership. In many cases it is the only place will to approve a bad credit auto loan to someone who is already carrying a large amount of personal debt.

http://www.austinrelocationguide.com/Austin-Demographic-Information/

There is no denying that it can be expensive to live in Austin. Even though there are new businesses coming into the area and the city is seeing a growth in population, it is still difficult for residents to make ends meet.

When this is combined with a cost of living that is 16 percent higher than the rest of the nation it is not uncommon to find that residents are struggling financially.

Utilities, groceries, food and even gas is priced higher in Austin, and the average cost of a home is $198,083 and this is expected to continue to rise. Rent can range from $1,326 and up a month, and this is before the rest of the living expenses are averaged in. With low salaries and a high cost of living it shouldn’t be surprising that the poverty level is at 19.4 percent.

When all of this is combined many residents find that they have less than perfect credit reports, along with a large amount of debt. In these cases they often find that they only way they can get the financing they need for a vehicle is to apply for a poor credit auto loan from a Buy Here Pay Here lot.

http://www.areavibes.com/austin-tx/cost-of-living/

After reaching near record highs in 2010 the bankruptcy rate for the city is dropping, and has been for the past 5 years. Chapter 7 and Chapter 13 filings are dramatically down, and now the city is only slightly over 2 percent. In 2011 over two percent of homes in the city were in foreclosure, and another 3 percent were delinquent in mortgage payments. By 2012 both of these rates had fallen one percent and have been holding steady despite the high cost of living in the city.

Austin residents were hit particularly hard when the housing market collapsed in 2008, and even though the population is growing and construction is resuming on unfinished neighborhoods it is still difficult to stay afloat. Homes are still priced 23 percent higher in the city and metro area than the rest of the nation, and with residents’ high amount of debt some analysts are concerned that the bankruptcy rate could start to increase again.

For the thousands of residents that filed for Chapter 7 or 13 during the recent recession they may have been able to find some relief from their mounting debt, but they also hurt their credit score. According to Experian a bankruptcy filing can stay on your credit report up to 7 years, and this will make it difficult for you to be approved for a low or high interest loan from a traditional lending institution. Thankfully the majority of the Buy Here Pay Here auto lots are willing to help residents with poor or no credit get the approval they need to purchase a dependable vehicle.

The unemployment rate in Austin is 10 percent lower than the national average at 5.4,

This indicates that while there are jobs in the city, many residents are still finding it difficult to afford the high cost of living.

Housing can range from $1,3126 and up, and utilities for just one person averages around $138. These numbers will dramatically increase when there is more than one person living in the household. For residents not lucky enough to own their own vehicle public transportation also needs to be factored in, and this is usually around $54 per month.

The high cost of living and lower annual salaries has also resulted in a high number of vehicle repossessions, and without reliable transportation it can be difficult to take advantage of the new employment opportunities that are moving into the city and metro areas. In many cases residents who find that they need a car are often left with the only option of seeking approval from a Buy Here Pay Here Lot. Even though they will be paying more in interest their chances of being approved are significantly better than at a bank or credit union.

With the economy rebounding and more employment opportunities coming into the Austin area the number of vehicles that are repossessed each year are finally coming down. Recent statistics provided by Experian show that the city’s repossession rate is down to two percent, even though residents’ average debt continues to rise.

Economists believe that this is a positive sign for the city’s financial future. If residents are willing to take on the added debt of a high interest auto loan, then it indicates that they are confident in their ability to repay it back on time. This also shows that Buy Here Pay Here lots are willing to take a chance on consumers who might have had a vehicle repossessed in the past. This is good news for the auto industry, along with residents who need a vehicle to get to work.

Austin has a rich and vibrant history and there are several events that have helped shaped the city. Some of these include finally being named the state capital after Texas finally gained its independence from Mexico to the tragic shooting from the university bell tower in the 1960’s. During the height of the oil boom the city saw its population soar and several corporations decided to call it home. After the gas shortage and “mini depression” in the 1970’s many of the city’s residents found that they had lost everything.

The city did comeback and by 2007 it had expanded and several new neighborhoods were in the process of being developed. Unfortunately with the collapse of the housing market and subsequent recession many residents lost their jobs, homes and vehicles. Since 2010 the financial outlook for Austin has dramatically improved, and with the population increasing and businesses moving into the CBD and metro areas local leaders are confident that this quirky Texas city is well on its way to making a full financial recovery.

Since Austin is proud of its “weirdness” it only makes sense that it would have several independent business districts all in or near the downtown area. The central business district is located in the city center, bordered by the capital building and Colorado River. Here you will find headquarters for several major insurance carriers, along with local and foreign oil and gas companies. Several medical suppliers also call the CBD home and thanks to recent revitalization efforts more businesses are moving in each year.

A few blocks outside of downtown is the Warehouse district and it is home to several local small businesses. Concert halls and top class restaurants are also in the area. For shops, cafes and galleries the 2^nd Street business district is where residents want to go or they could travel farther away from the city center to the North Loop. South Austin also has its own business district and this is devoted to entertainment, along with stores and shops specializing in collectibles and antiques. These are only a few of the business districts inside the city, and you can find even more in the greater metro area.

This is surprising considering the city prides itself on being “eco-friendly”, but the reality is that it has grown too quickly for the public transportation system to keep up. While plans are being made to expand the current metro line, some of the suburbs and outer lying communities like Round Rock and Hudson Bend are simply too far out for public transportation to be feasible. For residents in these and other communities a car is a necessity.

For residents that live in the downtown area there are buses that regularly run. Servicing the CBD, capital  and university, it is a convenient and environmentally friendly way to get around. There is also metro service to the airport, but once again it is not available for those residents that live or work in the suburbs.

If you live and work in the CBD or any of the other small independent business districts in the city limits then walking will not be a problem, unless it is during the summer. With temperatures that are on average 90 degrees Fahrenheit and higher walking is not only uncomfortable, it can also be dangerous.

Many of the smaller business districts are designed for walking, and the majority of the neighborhoods have plenty of parks and trails. This has resulted in a walking around score of 39, which is slightly higher than the city’s dismal transportation rating of 34. For residents that do not live and work in the same area they will quickly find that they will need to purchase a dependable vehicle if they want to go anywhere outside of their neighborhood. The good news is that the metro area is home to several Buy Here Pay Here lots, and most are ready to offer the financing residents need to purchase a car.

The city of Austin currently has 231 primary and secondary schools in its independent district with a rating of 6 out of 10. On average there are 14 students per teacher, which has some parents questioning why the Austin Independent School District is rated lower than many of those in the metro area. Lake Travis ISD has a rating of 9 out of 10, and there are 15 students per teacher on average. Eanes ISD also has a rating of 9 and its students come from the downtown area. With discrepancies like these it is easy to see why Austin parents are worried about the quality of their children’s education.

The main reason for the varied ratings is due to funding and how much each independent district receives. Each neighborhood is responsible for passing the bonds that are necessary to keep schools up and running. While this is rarely a problem in the wealthier areas, lower income neighborhoods often can’t afford the rise in property taxes that are necessary to adequately fund the schools. This is resulting in a large percentage of students not receiving the education and skills that they need to secure any of the salaried positions that will help keep them out of debt as adults.

Even though the city is recovering from the recent recession and new employment opportunities are coming into the area, city and state officials realize that residents occasionally need a little help. One can find a variety of public assistance programs that can provide help for everything from rent and utility bills to food and clothing. Temporary residences for those who were evicted or are dealing with a foreclosure are also available.

There are also programs that can help with debt relief, along with financial counseling. Residents can learn how to better manage their money, and even keep themselves from falling into debt. When residents have financial stability they often find that they credit scores have improved, and it is no longer necessary for them to depend on the high interest financing offered at the Buy Here Pay Here lots.

Some of the numbers for the assistance programs available to Austin residents include,

• Catholic Charities of Central Texas: (512) 651-6000
• Caritas of Austin: (512) 479-4610
• Deferred Payment Plan: (512) 494-9400

http://www.needhelppayingbills.com/html/travis_county_assistance_progr.html

One of the main reasons residents often find themselves in financial trouble is due to hospital stays and illness. Mounting bills and possible loss of jobs can all have a devastating effect on your credit score. To prevent this from happening the city does has several programs in place that can help residents with everything from prescription costs to hospital bills. There are also free clinics for infants and seniors, which can significantly lower overall medical costs. For residents hesitant about taking advantage of these programs, it is important to remember that one missed payment on a medical bill can stay on your credit report for up to seven years. This can make it difficult to get approved for a loan when you are ready to purchase a new or used car.

Some of the phone numbers that residents might want to take advantage of include,

Texas Medicaid Program: 1-800-925-9126

One-Time TANF: 1-877-541-7905

There is always something going on in Austin whether it is a neighborhood festival or live music event. Every evening from the spring to fall hundreds of residents and visitors gather around the Congress Ave Bridge to watch the largest bat colony in the United States leave their roost, and since the best place to watch the show is in Zilker Park there is plenty to keep everyone occupied. Frisbee golf courses are in the park, along with paddleboat and kayak rentals. Anglers flock to Lake Austin during the fishing tournament, while nature lovers enjoy the peaceful environment around Lady Bird Lake.

A tour of the Texas state capital is not to be missed, and afterwards there are plenty of shops and cafes to visit in the CBD. During the fall residents can also be found at the University of Texas stadium watching the Longhorns football team play. You also can’t forget the state fair and of course the rodeo.

Since 2010 the city of Austin has been seeing an explosion in population and a surge of new businesses coming into the area. This has resulted in new employment opportunities for cash strapped residents that are often finding it difficult to make ends meet. While the city does have a low unemployment rate, it is rated below other large metro areas when it comes to its pay scale. When this is combined with the relatively high cost of living it is easy to understand why many residents are carrying a large amount of debt. This can affect their ability to get approval for a loan, even one to purchase a vehicle. There is hope for Austin residents with bad credit that are ready to take on another bill in the form of the numerous Buy Here Pay Here lots that can be found throughout the metro area. Though it will be a high interest auto loan it is one way residents can start to rebuild their credit and make it to work on time.