Living in Houston is getting expensive, study shows

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Tuesday, June 23, 2020
Living in Houston is getting expensive, study shows
Are you even making enough to continue living in Houston? Hit play to find out.

HOUSTON, Texas (KTRK) -- A new study shows it is getting more expensive to live in the Houston area, especially for renters.

According to a study by Rice University's Kinder Institute, 47% of renter households in Harris County spent more than 30% of their income on housing. That's up 24% from 2010 to 2018.

"Harris County and Houston have a reputation for housing affordability, but many of the findings of this report show that this affordability is disappearing," the study states.

Financial experts recommend housing costs never amount to more than 25% of your income.

In the meantime, Kinder researchers found Houston households must earn $21.02 an hour to afford an average two-bedroom, market-rate rental. The earning is nearly three times the minimum wage in Texas.

Researchers say this is troubling due to the growth of single-parent households and people living alone.

To read the full study, visit Kinder Institute's website.