Austin Ranks #7 in Forbe’s new list!

7. Austin, Texas

Population: 715,000

Patents per 10,000: 19

Venture capital invested: $707 million

Average household expenditures: $51,877

Average commute: 21 minutes

Sources: Coldwell Banker Home Price Comparison Index; Zoom Porespector; U.S. Patent Office; U.S. Census; Growthink Venture Capital Research

While it might not be easy to save money in Manhattan or Beverly Hills, the cost of living in Austin, Texas, or Sunnyvale, Calif., is far more reasonable. With the economy in its current straits, expect to see a lot of former high-fliers looking to pinch pennies.