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This is a guest post by Abodo.com, a Madison, Wisconsin-based start-up whose mission is to create a new, better kind of apartment listing service.
A recent study by ABODO apartments entitled “Heavy Housing Burden” dug into trends surrounding the availability of affordable housing, namely how many renters across the country are paying more than 30% of their income on rent (the HUD-determined threshold for being housing-cost burdened). Heavy Housing Burden reports that nearly half of all U.S. renters are facing a cost-burden, and that trend largely rings true for Texas.
According to data from the U.S. Census Bureau, in the Killeen-Temple metropolitan statistical area (MSA), 49% of renters are cost-burdened — the highest figure among Texas’ major MSAs. And the percentages loom large across the state: 48% of renters in Houston-The Woodlands-Sugar Land, 48% of renters in Austin-Round Rock, 47% of renters in Dallas-Fort Worth-Arlington, 46% of renters in San Antonio-New Braunfels, and 44% of renters in El Paso are cost-burdened.
And the problem affects more than just low-income households. In the Killeen-Temple MSA, 91% of renters earning less than $20,000 are housing-cost burdened, as are 74% of those who earn between $20,000 and $34,999. For renters earning $35,000 to $49,999 — the income category that includes the area’s median income — nearly 34% are burdened.
While income does contribute to a household being cost burdened, it’s not the only factor. It’s also a matter of knowing your budget, what you can afford, and finding an apartment that fits within budget. Before you sign a lease, consider these budgeting tips to ensure you can afford your rent:
Need Help Setting a Budget?
TSAHC created the Texas Financial Toolbox, a web site that gives you an easy way to find the tools you need to achieve your financial goals. The web site can connect you with an organization that can provide financial education and credit counseling to help you manage finances and stay within a budget.
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