A fairly whopping 48 percent of Austin-area renters paid at least 30 percent of their income in rent in 2015, according to recent analysis by the researchers at the “Rentonomics,” making it #37 on the affordability list for the nation's top 100 largest metros.
That’s actually pretty good news, at least compared to the rest of the country. Numbers of cost-burdened renters in the Midwest and Texas were relatively low compared to such cities Miami, where the share is more than 63 percent. Other particularly afflicted areas include New York, Orlando, and basically all of Southern California.
Here’s how Austin stacked up against other Texas cities in the study:
It’s probably important to note that the 30 percent figure is the general rule of thumb for determining if a household is “rent-burdened” or “cost-burdened,” meaning affordability numbers come from both rents and incomes. The study reported that from 2005 through 2015, rents in Austin increased by 24.8 percent, while renter incomes increased by 20.3% percent—meaning not so much that rents are low, but that many Austin salaries have kept up with them.
• Which Metros Have the Most Cost-Burdened Renters? [Apartment List]