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Rent prices in Austin experiencing year-over-year increases
Managing editor with Rent.com Brian Carberry says Austin is an overlap city having experienced year over year price increases in both one and two-bedroom apartments. Carberry has more on rising prices and tips to help negotiate a reduction in rent.
AUSTIN, Texas - Austinites know things can get expensive, and a new report reveals just how much it costs to live comfortably in the "Live Music Capital of the World".
The National Low Income Housing Coalition released its 2022 Out of Reach report, which breaks down living costs in each US state.
According to the report, the Austin-Round Rock area is the most expensive area in all of Texas.
The average Texan needs to make a minimum of $22.54 an hour and work full-time to afford a two-bedroom apartment. If you want to live around the Austin area, however, you have to make over $5 more than that per hour.
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Austin 2nd most overvalued housing market in U.S., study finds
Libbi Farrow spoke with the ABoR president, Cord Shiflet, about the Austin housing market.
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The average Austin resident needs to make $27.90 an hour to afford a two-bedroom rental home or apartment. 41% of those living around the area are renters, with the average renter making an estimated $26.69 an hour.
Two-bedroom rentals in the Austin area cost an average $1,451 per month, almost $300 more than the state average of $1,172.
The high cost of living isn't constricted to just Travis County. Counties surrounding Austin, like Williamson, Hays, Bastrop and Caldwell, are all averaging the same cost of living.
Martin County, Lynn County and Falls County are among the lowest cost of living in Texas, with average residents needing to earn $14.56 an hour at a full-time job to afford a two-bedroom.
To view the full report, click here.
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Austin 2nd in nation when it comes to rising rents
Real estate company Redfin says rent prices in Austin have gone up by 35% year over year on average.