Bayou City Banks

Houston declared one of the most affordable places to live and work in 2019

Houstonians get to keep a good bit of cash in their pockets. Photo by Jacob Power

A new study indicates it's worth it to live and work in Houston. The study, done by BusinessStudent.com, puts Houston among the country's 25 most affordable places to live and work for 2019.

Four other Texas cities appear ahead of Houston in the report: Fort Worth (No. 7), College Station (No. 18), Irving (No. 21), and Dallas (No. 22). Noticeably absent from the top 25 are Austin and San Antonio.

"Making a high salary is great," BusinessStudent.com points out, "but if rents are so high that you have very little disposable income left over, are you going to be able to put money away for a rainy day?"

"Obviously," the website adds, "a person's individual cultural and social tastes should also be considered, but from a purely financial standpoint, it would be wise to consult this list ... before you begin your next job or home search."

To come up with its list, BusinessStudent.com examined salaries for 100 business-related jobs on Indeed.com and compared them with the average rent of a two-bedroom apartment listed on Rentjungle.com. In the top three positions on BusinessStudent.com's affordability list are Tulsa, Oklahoma; Lexington, Kentucky; and Oklahoma City, Oklahoma.

The study found that in Houston, residents had 79 percent of their salary left after paying rent. That's based on an average annual salary of $79,579 and average monthly rent of $1,401.

Fort Worth residents have it the best in Texas, with 82 percent of their salary left after housing costs, with an average annual salary of $75,797 and rent of $1,108. In College Station, 80 percent of the average salary ($55,086) remained after paying rent ($906 a month).

In Irving, 79 percent of the average annual salary ($77,527) was left after paying rent ($1,327 a month). Dallas had the same share of salary remaining after paying rent (79 percent), but the average salary ($82,609) and average rent ($1,422) were considerably higher than Fort Worth or Irving — and slightly higher than Houston.

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This story originally appeared on CultureMap.

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Originally expected to raise $150 million, Mercury's latest fund is the largest raised to date. Photo via mercuryfund.com

A Houston venture capital firm has announce big news of its latest fund.

Mercury, founded in 2005 to invest in startups not based in major tech hubs on either coast, closed its latest fund, Mercury Fund V, at an oversubscribed amount of $160 million. Originally expected to raise $150 million, Fund V is the largest fund Mercury has raised to date.

“We are pleased by the substantial support we received for Fund V from both new and existing investors and thank them for placing their confidence in Mercury,” Blair Garrou, co-founder and managing director of Mercury Fund, says in a news release. “Their support is testament to the strength of our team, proven investment strategy, and the compelling opportunities for innovation that exist in cities across America.”

The fund's limited partners include new and existing investors, including endowments at universities, foundations, and family offices. Mercury reports that several of these LPs are based in the central region of the United States where Mercury invests. California law firm Gunderson Dettmer was the fund formation counsel for Mercury.

Fresh closed, Fund V has already made investments in several companies, including:

  • Houston-based RepeatMD, a patient engagement and fintech platform for medical professionals with non-insurance reimbursed services and products
  • Houston and Cheyenne Wyoming-based financial infrastructure tech platform Brassica, which raised its $8 million seed round in April
  • Polco, a Madison, Wisconsin-based polling platform for local governments, school districts, law enforcement, and state agencies
  • Chicago-based MSPbots, a AI-powered process automation platform for small and mid-sized managed service providers

Mercury's investment model is described as "operationally-focused," and the firm works to provide its portfolio companies with the resources needed to grow rapidly and sustainably. Since 2013, the fund has contributed to creating more than $9 billion of enterprise value across its portfolio of over 50 companies.

“Over the past few years there has been a tremendous migration of talent, wealth and know-how to non-coastal venture markets and this surge of economic activity has further accelerated the creation of extraordinary new companies and technology," says Garrou. "As the first venture capital firm to have recognized the attractiveness of these incredible regions a dozen years ago, we are excited to continue sourcing new opportunities to back founders and help these cities continue to grow and thrive.”

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