Study: Texas ranks 32nd in affordable housing

From Austin Business Journal, April 16, 2009...

The average worker in Texas needs to earn more than twice the minimum wage to afford a two bedroom apartment, according to a new study from the National Low Income Housing Coalition.

The study ranks states based on their housing affordability. Texas ranks 32nd on the list behind states such as North Carolina (21st), Minnesota (30th), Pennsylvania (31st) and Georgia (27th). According to the report, individuals in Texas would need to earn $15.38 per hour to afford rent and utilities, assuming a 40-hour work week. Minimum wage is currently $6.55 per hour, though it will increase to $7.25 on July 24.

About 46 percent of renters in Texas can’t afford a two-bedroom apartment at fair market rent, according to the study. The federal Department of Housing and Urban Development reports a two-bedroom apartment in Texas rents for an average of $800 a month.

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