REPORT: Austin metro leads in rent affordability improvement in US
AUSTIN (KXAN) — The Austin metro saw the most improvement in rent affordability between December 2023 and December 2024, according to a new analysis released by real estate resource Redfin on Wednesday.
In Austin, the income level needed to afford a median asking rent dropped more than 16%, decreasing from $66,600 in December 2023 to $55,760 in December 2024. Redfin's report found the bulk of metros with the best rent affordability improvements were located in the Sun Belt regions, with Tampa, Jacksonville and Nashville all in the mix.
The median asking rent in Austin this past December landed at $1,394, with the estimated median renter income in the metro last year reported at $69,781. That estimated median income is just over 25% higher than the income requirement for the median asking rent, at $55,760, per Redfin.
Looking at national figures, Redfin estimated renters need to earn $63,680 to afford the median asking rent for the typical U.S. apartment, which costs around $1,592.
The top most affordable metros for renters are as follows:
- Austin, Texas
Median asking rent in December 2024: $1,394
Income required to afford median asking rent in December 2024: $55,760
Estimated median renter income in 2024: $69,781 - Houston, Texas
Median asking rent in December 2024: $1,239
Income required to afford median asking rent in December 2024: $49,560
Estimated median renter income in 2024: $58,287 - Dallas, Texas
Median asking rent in December 2024: $1,460
Income required to afford median asking rent in December 2024: $58,400
Estimated median renter income in 2024: $64,417 - Salt Lake City, Utah
Median asking rent in December 2024: $1,476
Income required to afford median asking rent in December 2024: $59,040
Estimated median renter income in 2024: $64,271 - Raleigh, North Carolina
Median asking rent in December 2024: $1,418
Income required to afford median asking rent in December 2024: $56,720
Estimated median renter income in 2024: $61,463 - Denver, Colorado
Median asking rent in December 2024: $1,695
Income required to afford median asking rent in December 2024: $67,800
Estimated median renter income in 2024: $72,803 - Phoenix, Arizona
Median asking rent in December 2024: $1,476
Income required to afford median asking rent in December 2024: $59,040
Estimated median renter income in 2024: $63,157 - Washington, D.C.
Median asking rent in December 2024: $2,039
Income required to afford median asking rent in December 2024: $81,560
Estimated median renter income in 2024: $86,644 - Baltimore, Maryland
Median asking rent in December 2024: $1,600
Income required to afford median asking rent in December 2024: $64,000
Estimated median renter income in 2024: $66,745 - Nashville, Tennessee
Median asking rent in December 2024: $1,495
Income required to afford median asking rent in December 2024: $59,800
Estimated median renter income in 2024: $61,236
The least affordable metros in the country were primarily concentrated along the east coast and in California, based on Redfin's analysis.
- Providence, Rhode Island
Median asking rent in December 2024: $2,145
Income required to afford median asking rent in December 2024: $85,800
Estimated median renter income in 2024: $50,408 - Miami, Florida
Median asking rent in December 2024: $2,373
Income required to afford median asking rent in December 2024: $94,920
Estimated median renter income in 2024: $57,157 - New York, New York
Median asking rent in December 2024: $2,805
Income required to afford median asking rent in December 2024: $112,200
Estimated median renter income in 2024: $71,376 - Los Angeles, California
Median asking rent in December 2024: $2,780
Income required to afford median asking rent in December 2024: $112,200
Estimated median renter income in 2024: $73,419 - Boston, Massachusetts
Median asking rent in December 2024: $2,660
Income required to afford median asking rent in December 2024: $107,400
Estimated median renter income in 2024: $73,116 - San Diego, California
Median asking rent in December 2024: $2,831
Income required to afford median asking rent in December 2024: $113,240
Estimated median renter income in 2024: $78,357 - Riverside, California
Median asking rent in December 2024: $2,266
Income required to afford median asking rent in December 2024: $90,640
Estimated median renter income in 2024: $63,162 - Tampa, Florida
Median asking rent in December 2024: $1,735
Income required to afford median asking rent in December 2024: $69,400
Estimated median renter income in 2024: $54,654 - Philadelphia, Pennsylvania
Median asking rent in December 2024: $1,865
Income required to afford median asking rent in December 2024: $74,600
Estimated median renter income in 2024: $58,970 - Buffalo, New York
Median asking rent in December 2024: $1,310
Income required to afford median asking rent in December 2024: $52,400
Estimated median renter income in 2024: $41,905
The full report is available online.