Renting in Texas isn't cheap. According to the Bureau of Labor Statistics, Americans spend around 25% of their income on rent. But how much do you need to work in Texas' largest cities to pay rent?
SmartAsset (via KXAN) created a formula based on average salaries and rent for the 25 biggest cities in the US to determine how much of a worker's salary is used on average for rent.
For example, in San Jose, California, a renter needs to work 77.4 hours at an estimated after-taxes hourly wage of $28.84 to pay the median monthly rent of $2,232. Renting in San Jose requires nearly two weeks' worth of work – the most in the US, according to SmartAsset's data.
Austin is the only Texas city in the top ten. Coming in at number eight, renters in Austin need to work 57.4 hours at an average after-tax hourly wage of $23.44 to pay the city's median rent of $1,397. At number 12, Dallas renters need 53.9 hours at an estimated hourly wage of $20.61 to pay the median monthly rent of $1,111.
Below are the Texas cities that were included in the list.
EL PASO
- Median monthly rent: $857
- Estimated hourly wages*: $18.02
- Hours of work needed to pay rent: 47.6 hours
- Percent of income going to pay rent: 29.7%
SAN ANTONIO
- Median monthly rent: $1,025
- Estimated hourly wages: $19.78
- Hours of work needed to pay rent: 51.8 hours
- Percent of income going to pay rent: 32%
FORT WORTH
- Median monthly rent: $1,115
- Estimated hourly wages: $21.35
- Hours of work needed to pay rent: 52.2 hours
- Percent of income going to pay rent: 33%
HOUSTON
- Median monthly rent: $1,086
- Estimated hourly wages: $20.20
- Hours of work needed to pay rent: 53.8 hours
- Percent of income going to pay rent: 33%
DALLAS
- Median monthly rent: $1,111
- Estimated hourly wages: $20.61
- Hours of work needed to pay rent: 53.9 hours
- Percent of income going to pay rent: 34%
AUSTIN
- Median monthly rent: $1,346
- Estimated hourly wages: $23.44
- Hours of work needed to pay rent: 57.4 hours
- Percent of income going to pay rent: 36%
*The estimated hourly wages are median wages after taxes.
El Paso is the only large Texas city where the average percentage of salary going to rent is close to the national average of 25%. The other large Texas cities are well above that number.
In case you missed it, check out Local Profile's tips for finding the perfect rental house.
