"Austin rents slide sharply, but affordability is still tight The popular Texas metro posted one of the steepest year-over-year rent declines among the nation's largest metros. Median asking Austin rent for 0- to 2-bedroom units fell 6.6% from last November, coming in at an average of $1,388 - a clear cooling off period after years of rapid growth. Despite that drop, the typical rent remains difficult for households earning at the bottom of the pay scale."
"With Texas still defaulting to the federal minimum wage of $7.25 an hour, two minimum-wage earners working full time would each need to log about 77 hours per week to afford the median Austin-area rental while keeping housing costs at 30% of income. That workload underscores how far rent levels have climbed relative to wages, even in a market now trending downward."
Falling asking rents are offering some relief after years of pandemic-era pressure, though affordability remains a challenge for lower-wage households. Median asking rent for 0- to 2-bedroom units in the Austin-Round Rock-San Marcos area fell 6.6% year over year to $1,388. Two full-time minimum-wage earners at $7.25 per hour would each need to work about 77 hours per week to keep housing costs at 30% of income. The improvement reflects lower rents rather than higher wages. Supply growth and softer demand across the Sun Belt have produced more listings and longer days on market, expanding renter options.
Read at SFGATE
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