City dwelling comes at a cost: smaller living spaces. That couldn’t be more true in Houston, where the average-size apartment is out of reach for those earning the median income.
That’s according to a new study from RentCafe that looked at how much space residents can afford to rent on the local median income, without spending more than 30 percent of their earnings and becoming cost-burdened.
A Houston resident earning the median income of $3,143 a month can afford 757 square feet of apartment, which comes to $943 a month. The average apartment in Houston, though, is 879 square feet and costs $1,094 a month, according to the study.
It is only natural that you would want to get as much space for as little money as possible. But should you get your hopes up? It depends where you live.
New York, Boston, and Los Angeles are places where many dream of living in hopes of having a better job, a bigger income, and thus more accessibility to the downtown lifestyle. However, these cities offer the least amount of space one can afford to rent on a median income, even though they are among the cities with the highest average monthly incomes in the country. In Manhattan, Brooklyn, and Boston, if you were to limit your spending to 30% of your income on rent, you’d have to live in less than 300 square feet of space. Meanwhile, in Los Angeles, you could rent 333 square feet