HOUSTON, TX - Houston is changing day by day, and that's clearly seen in rent prices! The Bayou City isn't alone though. Research from ApartmentList.com looked at census date from 1960-2014 and found rent has increased 64% nationwide, while incomes have only risen 18%. In Houston, rent prices went up 15%, even though incomes dropped by 10%.
"It might be cheaper than up north, but still, you have to have the money to afford it, so it's not as affordable as it used to be," said Lawanda Robinson, a single mom who lives in an apartment with her 8-year-old daughter.
Ideally, renters will not spend more than 30% of their income on housing.
"That 30% mark is a really good stand point of understanding where your finances are," Ryan Bokros, managing director of Bamboo Realty Houston said. "Houston is definitely a city that can be affordable. If you look at the median cost of a one bedroom, I think we're still below $1,000."
Statistics from ApartmentData.com show Houston has had rental price growth of 1.4% over the last 12 months, as opposed to 6.2% in Dallas/Fort Worth and 5% in Austin.
"You can only increase rent so much on people before you start running into an issue of vacancies," Bokros said. "I think a lot of these properties, and the management companies are understanding that."