Damon Mcknight
Austria is a beautiful country with a high quality of life, efficient public transport, and high-quality healthcare and education. It is a great choice for expats, with its strong economy, low unemployment rate, and diverse food scene. The country offers a unique blend of old and new, with its stunning architecture and vibrant culture. However, it is also ranked as one of the most expensive countries to live in, with high costs for housing and utilities. Nevertheless, Austria's geographical location and privacy laws make it an ideal asset storage location.
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What You'll Learn
High quality of life
Austria has consistently been ranked highly for its quality of life. In 2019, a global study placed the country second for quality of life, while its capital, Vienna, has been named the most liveable city in the world for ten years in a row. Austria also ranks highly for press freedom, women's rights, and human rights.
Austria's quality of life is enhanced by its efficient public transport, high-quality healthcare and education, and clean environment. The country's public transport system is well-developed, with buses, trams, metros, and trains operating extensively within and between cities. The railway system, ÖBB, is one of the best in Europe, with punctual and clean trains. The country also boasts an impressive air quality index of 40, drinkable tap water, and breathtaking scenery, including over 160 lakes and Alpine landscapes.
The country also provides free healthcare and education to its residents. The education system is well-developed, with 85% of expat parents rating it highly. Healthcare is also easily affordable, with 79% of expats agreeing. The country's safety is another factor contributing to its high quality of life, with a safety index of 70, making it one of the safest spots in Europe.
Austria also offers a balanced salary-to-living-cost ratio, with an average net salary of €2,966 per month, allowing residents to comfortably cover their expenses. The country also ranks highly for job security, with two-thirds of expats feeling secure in their jobs. The average workweek is shorter than the global average, contributing to a healthier work-life balance.
However, it is important to note that the cost of living in Austria, especially in larger cities like Vienna, can be quite high. Affordable housing can be challenging to find, with many residents relying on subsidized housing. Additionally, the perceived lack of friendliness of locals and the difficulty of learning the German language can make it hard for newcomers to settle in.
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Strong economy and low unemployment
Austria has a strong economy and a low unemployment rate, making it an attractive destination for those seeking work or looking to start a business. The country's gross domestic product (GDP) per capita has been consistently high and, between 2018 and 2022, it increased by 13%. The GDP growth is expected to pick up to 1% in 2025 and 1.4% in 2026. The employment rate in 2023 was 74.1%, significantly higher than the EU27 average. The unemployment rate in 2023 was 5.1%, expected to increase to 5.3% in 2024.
Austria's strong economy is supported by a diverse range of sectors, including manufacturing, agriculture, renewable energy, tourism, and services. The country has a well-developed public transport system, modern infrastructure, and a strong international community, making it a welcoming place to live and work. The working language is generally German, but knowledge of English is also valued, especially in international business.
There is a high demand for workers in sectors such as healthcare, IT, and skilled trades. Large companies, particularly in the industrial and technological sectors, are recruiting engineers, technicians, and IT specialists. Employers seek workers with strong technical skills, language proficiency, and flexibility in working hours. Many companies offer flexible work patterns, including part-time positions and teleworking opportunities.
While Austria's economy is strong, it has faced some challenges. In recent years, the country experienced a period of high inflation, declining real wages, and a slump in investment, leading to a recession. However, the Austrian economy is resilient and is expected to recover, with growth resuming in 2025. The country's main trading partners and the drop in energy costs are expected to boost exports and contribute to economic growth.
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High cost of living
Austria is known for its high standard of living, but this comes at a cost. The country consistently ranks among the most expensive in the world, and this is something that expats need to be prepared for.
Housing is a significant factor in the high cost of living. Renting or buying property in Austria can be very expensive, especially in sought-after areas such as the capital, Vienna. Rental prices have continued to increase over the years, and finding accommodation can be competitive. Utilities, such as electricity, heating, and water, also contribute to the high cost of living. These are generally more expensive than in other European countries and are an important consideration when budgeting.
Another factor is the cost of food and groceries. Eating out in Austria can be pricey, and even buying groceries can be more expensive than in other countries. This is especially true for imported goods, which often carry a premium. Fresh produce, such as fruit and vegetables, can be more affordable when in season, but prices can spike during the winter months. Additionally, certain food items are subject to higher taxes, which further contributes to the overall cost.
Transportation is another area where costs can add up. While Austria boasts an efficient public transport system, tickets and passes can be expensive. Many expats opt for purchasing a car, which comes with its own set of expenses, including fuel, insurance, and road tolls. Tolls are common on Austrian motorways, and these can quickly add up to a significant expense for those who drive regularly.
Finally, the cost of entertainment and leisure activities should be considered. Socialising in Austria often revolves around cafes and bars, which can be expensive. Cultural activities, such as visiting museums or attending concerts, also typically come with a fee. Even outdoor activities, like skiing or hiking, often require the purchase of lift passes or specialised equipment, which can be costly. Overall, the high cost of living in Austria is something to be mindful of and prepared for.
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Excellent public transport
Austria has an excellent public transport system, which is among the best in Europe. The country has a dense bus and rail network, with trains being the main way to get around the country. The national rail company, ÖBB, has a reputation for great service, with a punctuality rate of 97%. Over 1.3 million passengers use ÖBB services every day. A second company, Westbahn, offers routes to smaller towns.
The capital, Vienna, has the best transport system in the country, including buses, trams, trains, and a metro. Wiener Linien is the main transport company in Vienna, and in 2019, it carried over 4.59 billion passengers. The city is also served by the U-Bahn metro system, which links up with the bus and tram network.
Public transport in Austria is also very affordable, with tickets for a single journey costing on average between €2.00 and €2.60. There are also various deals for tourists, as well as discounts for children, pensioners, and students. Tickets can be purchased at stations, from tobacconists, and online.
Public transport in Austria is generally punctual, clean, and comfortable. However, during the high season, trains and buses can become very busy, making it difficult to find a seat.
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Rich culture and history
Austria is a country steeped in rich history and culture. The country's cities are known for their historic architecture, charming coffee houses, and world-class museums. The country has a high standard of living, excellent healthcare, education, and public transportation systems.
Austria's urban architecture reflects the broad architectural styles and cultural movements that have appeared throughout Europe's history. These include the Romanesque and Gothic styles, most notably in churches and monasteries from the Middle Ages. Other important historical styles include Renaissance, rococo, historicism, and modern. The Italian-inspired architecture of the Baroque period is reflected in the combination of religious piety and worldly opulence. Austrian architects created a distinctive national style, Austrian Baroque, featuring irregular outlines, dynamic use of bold and delicate colours, and rich ornamentation.
Austria is also known for its lively festivals and outdoor recreational activities. The country celebrates Fasching, a Carnival celebration held the week before Lent, and Almabtrieb, a September celebration of the return of herders from Alpine pastures. Austrians also observe National Day on 26 October, Independence Day on 12 November, Nikolo (Saint Nicholas) Day on 6 December, and New Year's Day on 1 January. The arts are highly respected in Austria, and Vienna was a world centre of culture, especially music, in the 18th and 19th centuries. The country has produced several famous artists, including Gustav Klimt and Egon Schiele, and composers such as Haydn, Mozart, Beethoven, Schubert, and Brahms.
Austria's capital, Vienna, is a lively city that blends the old and new, with a vibrant culture, natural beauty, and a diverse food scene. The city boasts stunning architecture, such as the Hofburg Palace, Schönbrunn Palace, and St. Stephen's Cathedral. It also offers plenty of exhibitions and museums, allowing visitors to explore its rich artistic and cultural heritage.
Graz, another Austrian city, is known for its rich history and stunning architecture. The Old Town features narrow streets lined with beautiful buildings from various historical periods, including the Renaissance and Baroque. Graz also has landmarks such as the Graz Clock Tower and Graz Cathedral, as well as a thriving arts scene that attracts young professionals and families.
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Frequently asked questions
Austria ranks as the 18th most expensive country to live in the world, with high costs of living and housing. However, it has a strong international community, modern conveniences, and a high quality of life. It also has a good healthcare system, a high level of safety, and stunning scenery.
Austrian culture is generally warmer and more inviting than in neighbouring countries. However, people in Austria tend to be very straight-to-the-point, inflexible, and business-minded. Smoking is also very common.
The cost of living in Austria is high, with the country ranked as the 18th most expensive in the world. Eating out can cost between 12 and 50 EUR, a monthly gym pass is around 32 EUR, and a cinema ticket is about 10 EUR. Housing is also expensive, with rents being higher than in the United States for less space.
Austria has a lot to offer in terms of nature and outdoor activities, including lakes, national parks, Alpine landscapes, and waterfalls. In the winter, skiing and snowboarding are popular activities. Austria is also well-connected to the rest of Europe by train and plane, making it easy to travel to other countries for a weekend getaway.
