Jan 24, 2025
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. RELATED: Austin rents have fallen for nearly two years. Here's why. 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, TexasMedian asking rent in December 2024: $1,394Income required to afford median asking rent in December 2024: $55,760Estimated median renter income in 2024: $69,781 Houston, TexasMedian asking rent in December 2024: $1,239Income required to afford median asking rent in December 2024: $49,560Estimated median renter income in 2024: $58,287 Dallas, TexasMedian asking rent in December 2024: $1,460Income required to afford median asking rent in December 2024: $58,400Estimated median renter income in 2024: $64,417 Salt Lake City, UtahMedian asking rent in December 2024: $1,476Income required to afford median asking rent in December 2024: $59,040Estimated median renter income in 2024: $64,271 Raleigh, North CarolinaMedian asking rent in December 2024: $1,418Income required to afford median asking rent in December 2024: $56,720Estimated median renter income in 2024: $61,463 Denver, ColoradoMedian asking rent in December 2024: $1,695Income required to afford median asking rent in December 2024: $67,800Estimated median renter income in 2024: $72,803 Phoenix, ArizonaMedian asking rent in December 2024: $1,476Income required to afford median asking rent in December 2024: $59,040Estimated median renter income in 2024: $63,157 Washington, D.C.Median asking rent in December 2024: $2,039Income required to afford median asking rent in December 2024: $81,560Estimated median renter income in 2024: $86,644 Baltimore, MarylandMedian asking rent in December 2024: $1,600Income required to afford median asking rent in December 2024: $64,000Estimated median renter income in 2024: $66,745 Nashville, TennesseeMedian asking rent in December 2024: $1,495Income required to afford median asking rent in December 2024: $59,800Estimated 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 IslandMedian asking rent in December 2024: $2,145Income required to afford median asking rent in December 2024: $85,800Estimated median renter income in 2024: $50,408 Miami, FloridaMedian asking rent in December 2024: $2,373Income required to afford median asking rent in December 2024: $94,920Estimated median renter income in 2024: $57,157 New York, New YorkMedian asking rent in December 2024: $2,805Income required to afford median asking rent in December 2024: $112,200Estimated median renter income in 2024: $71,376 Los Angeles, CaliforniaMedian asking rent in December 2024: $2,780Income required to afford median asking rent in December 2024: $112,200Estimated median renter income in 2024: $73,419 Boston, MassachusettsMedian asking rent in December 2024: $2,660Income required to afford median asking rent in December 2024: $107,400Estimated median renter income in 2024: $73,116 San Diego, CaliforniaMedian asking rent in December 2024: $2,831Income required to afford median asking rent in December 2024: $113,240Estimated median renter income in 2024: $78,357 Riverside, CaliforniaMedian asking rent in December 2024: $2,266Income required to afford median asking rent in December 2024: $90,640Estimated median renter income in 2024: $63,162 Tampa, FloridaMedian asking rent in December 2024: $1,735Income required to afford median asking rent in December 2024: $69,400Estimated median renter income in 2024: $54,654 Philadelphia, PennsylvaniaMedian asking rent in December 2024: $1,865Income required to afford median asking rent in December 2024: $74,600Estimated median renter income in 2024: $58,970 Buffalo, New YorkMedian asking rent in December 2024: $1,310Income required to afford median asking rent in December 2024: $52,400Estimated median renter income in 2024: $41,905 The full report is available online.
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