Study: Over 60 hours of work needed just to pay average rent in Austin
A new study says renters in Austin need to dedicate over 60 hours of their work pay to cover average monthly rent.
The study by SmartAsset looked at cities where rent takes the most hours of work. They looked at average hours worked per year, average earnings per year and average monthly rents.
Austin came in at #13 out of the 25 largest cities in the U.S., right behind San Antonio.
SmartAsset estimated the hourly earing, after taxes, for the average Austin worker at $18.64. The median monthly gross rent was $1,194. Therefore, an Austin renter would need to work 64 hours just to pay the rent.
Surprisingly, Houston was #8 on the list. Rent there is cheaper, but the average worker also gets paid much less.
San Jose, California was at the top for the most hours needed at 89.7.