April 13, 2019
Though Texas promotes itself as an affordable housing option as compared to other states, a new Apartment List study demonstrates this might not always be the case. In a recent study, “Breaking the Bank: Where is Rent Affordable for Those Earning a Median Income?” Apartment List noted that, in the major Texas metros, annual median income did, for the most part, surpass the recommended gross annual income for renting a two-bedroom apartment unit.
The issue becomes more difficult when discussing minimum wage. According to the Apartment List metrics, the recommended hourly wage to afford a two-bedroom apartment ranges between $20-$27 per hour. That is difficult, given the minimum wage throughout Texas is $7.25 per hour.
Nationally, close to half of renter households are cost-burdened, meaning they spend more than the U.S. Department of Housing and Urban Development’s recommended 30% gross income on rent.
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