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Here's how much income you need to afford a nice apartment in Austin

Zillow reveals how much you must earn to afford an apartment in Austin.

Photo courtesy of Amli

Just how much money do you need to make to rent a nice place in Austin? According to a Zillow analysis released in June, quite a bit. The analysis shows that it's almost impossible to rent a median-priced apartment in most of the 35 largest U.S. metro areas on an income of $15 an hour.

The annual household income required to afford Austin's median rent is $67,440.

Zillow uses $15 as the "minimum wage," inspired by Seattle's decision, but that's not an accurate number in most cities. The minimum wage is only $7.25 in Texas.

In Austin, the median-priced apartment costs a whopping $1,686 per month. In a dual-earner household, two people need to make at least $16.86 an hour to afford it. For a single-earner, the required hourly wage skyrockets to $33.72. The annual household income required to afford Austin's median rent — without exceeding a 30 percent threshold — is $67,440.

The picture isn't as grim in other Texas cities. It costs $15.13 an hour for two to afford rent in Houston, but only $14.65 an hour for two in Dallas.

The cheapest places to rent, based on dual-earner households, are Detroit ($11.21), Pittsburgh ($11.24), St. Louis ($11.37), Cleveland ($11.61) and Indianapolis ($11.99). You'll spend the most in San Jose, where two people must each earn $32.87 an hour to afford the median rent of $3,287 a month.

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Howdy, Neighbor

City of Austin checks in for new short-term rental rule debates

Photo by Jakub Żerdzicki on Unsplash

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Austinites may be friendly, but the city as a whole fosters many conflicting feelings about vacation rentals. A January memo from assistant city manager Veronica Briseño alerts the City Council that some proposed changes are coming regarding regulating short-term rentals (STRs).

The changes will have to go through several filters first: public meetings plus separate Planning Commission and City Council meetings in February and April. The memo says "the changes will apply to a significant number of properties throughout the City."

It's difficult to summarize or forecast concerns associated with STRs, because they vary widely depending on changing factors. It's not just who's visiting and how well they behave, but whether or not the homeowners are properly licensed, what each platform's changing policies are, and of course how well either can enforce these things.

Austin has taken swings at creating a system that works, but some court rulings have rendered them unenforceable. Here are some (not all) topics mentioned in the January memo and attached working ordinances:

Changing STR provisions to make them an additional (accessory) use to all residential uses, in zoning terms
Adding density caps on STR owners and operators
Allowing "existing STRs to continue provided that the STR does not become a nuisance and property ownership remains the same"
Making sure STRs fit into their quiet, residential neighborhoods
Avoiding increasing affordability issues
Giving more options for enforcement
Encouraging preserving rather than demolishing buildings in accordance with the HOME Initiative

Before any public meetings, there will be a virtual info session Tuesday, January 21, from 11 am to 1 pm. There will also be three more in-person sessions (listed in at the same link) January 22, 23, and 27 in various locations.

The first meeting scheduled is for the Joint Planning Commission and City Council on Tuesday, February 4, at 1 pm at City Hall. A full schedule of meetings publicinput.com.

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