Thursday, June 29, 2017

How Much Income is Needed to Afford an Apartment in Austin



A recent study by the National Low Income Housing Coalition found that an Austin resident would have to earn $22.98 per hour to afford a two bedroom apartment, the Austin American Statesman reports.

That’s over three times the national minimum wage of $7.25 an hour.  The report found that around the country, even in areas with a higher minimum wage, there is nowhere a minimum wage worker could afford a two bedroom apartment.

The study used the standard measure of affordability for rent, which is that the cost of rent and utilities shouldn’t be more than 30% of a person’s gross income.  

The study used $1,195 a month for the rent for a two-bedroom apartment in the Austin metro.  A person would need to earn $47,800 to pay for that apartment.  

If you earned $7.25 an hour, you’d need to work over 3 full time jobs to pay for a two-bedroom apartment.

Texas came in at the 22nd slot in the most expensive cities for renters.  You need to earn $18.38 per hour to pay for a two bedroom in the state.  In the US, workers have to earn $21.21 per hour to swing rent on a two bedroom unit.

Worried about finding an apartment that will fit your budget?  A Plus Apartments is here to help.  Give us a call at 512-231-1400 to use our absolutely free services to find you the apartment of your dreams for less!