Austin Is Nation's 14th Most Expensive For Apartment Rent: Study

AUSTIN, TX — If you've sensed the cost of living in Austin is increasingly higher, you're not imagining things. In an increasingly expensive city, it's in the area of apartment rentals where the reality becomes abundantly clear as a new study shows.

First, some context: According to the U.S. Department of Housing and Urban Development, a household that spends more than 30 percent of its annual income on rent or mortgage payments is considered “cost-burdened.” In big U.S. cities, the income needed to avoid being cost-burdened by rent varies widely — with Austin cracking the top 15 most expensive cities to rent.

In a new study, SmartAsset calculated the minimum household income needed to comfortably afford the average fair market rent of a two-bedroom in the 25 largest cities. As part of their reckoning, researchers ranked the capital city in the 14th slot given an average cost for a two-bedroom unit of $1,541 and a corresponding salary of $66,038 needed to comfortably pay it each month — that coveted 1/3 of one's monthly salary that is the desirable ratio.

For more details, read the full SmartAsset study.

Other Texas cities making the most-expensive-rent list are Dallas, ranking one notch above Austin. Average rent in the Big D for a two-bedroom apartment is $1,632, according to the report, with an ideal annual salary of $69,959 to easily afford the cost. Houston was two notches below Austin in the 16th slot, with average rent at $1,319 and ideal salary of $56,515.

Other Texas cities making the top 25 list are Fort Worth (18th), San Antonio (20th) and El Paso (25th).

Graphic provided by SmartAsset.