Austin has the highest average rent in the state of Texas. And Austinites trying to afford housing on minimum wage need to work close to three full-time jobs.
That鈥檚 according to from the. The non-profit looked at the average fair market rent for Austin apartments and calculated how many hours minimum wage workers need to work so their rent is affordable 鈥� meaning it鈥檚 of their earnings.
For Austinites earning an hourly minimum wage of $7.25, it takes:
- 88 hours a week to afford a one-bedroom apartment, and
- 111 hours for a two-bedroom. That鈥檚 equal to nearly three full-time jobs.
The Housing Coalition鈥檚 Elina Bravve has worked on the study for a few years now and says she鈥檚 no longer surprised by the findings.
鈥淭he things that we see include stagnant wages across renters as a whole while the cost of housing slowly but surely rises,鈥� Bravve says. 鈥淎nd we find this to be consistent not just in hot real estate markets but also in suburban and rural areas all across the country.鈥�
Owing in part to , Austin has the highest average fair market rent in the state of Texas. Prices are:
- $830 for a one-bedroom apartment, and
- $1050 for a two-bedroom.
That鈥檚 well above of $687 and $867, respectively.
After an $78 million affordable housing bond was , the City of Austin is that would fund housing initiatives for low-income Austinites.
