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.