Gen Xers may be surprised to learn which Texas city costs the most money to be a renter in — and no, it isn’t Austin or Dallas.
Key findings from a GOBankingRates study of the average rental cost across 46 U.S. cities revealed 12 Texas cities ranked within the list. Overall, the average monthly rent in these cities peaked at nearly $1,800. The same Texas city that costs the most to rent an apartment in is also the same city where the average median household income is just over six figures.
View More: 20 Best Cities Where You Can Buy a House for Under $100K
Read Next: 9 Things You Must Do To Grow Your Wealth in 2024
Which cities are we talking about? In order from most to least expensive, here’s how much Gen X would pay for rent in these 12 Texas cities.
1. Plano
- Average monthly rent: $1,745
- 1 bedroom average rent: $1,444
- 2 bedroom average rent: $1,827
- Total cost of living (monthly): $3,704
- Median household income: $105,679
Discover More: America’s 50 Fastest-Growing Suburbs With Home Values Under $500,000
Be Aware: 5 Types of Homes That Will Plummet in Value in 2024
2. Austin
- Average monthly rent: $1,501
- 1 bedroom average rent: $1,330
- 2 bedroom average rent: $1,619
- Total cost of living (monthly): $3,557
- Median household income: $86,556
That’s Interesting: 3 Best Florida Cities To Buy Property in the Next 5 Years, According To Real Estate Agents
3. Irving
- Average monthly rent: $1,430
- 1 bedroom average rent: $1,258
- 2 bedroom average rent: $1,548
- Total cost of living (monthly): $3,496
- Median household income: $76,686
4. Garland
- Average monthly rent: $1,394
- 1 bedroom average rent: $1,144
- 2 bedroom average rent: $1,397
- Total cost-of-living (monthly): $3,496
- Median household income: $71,044
Explore Next: 6 Best Florida Suburbs to Buy Property in the Next 5 Years, According to Real Estate Agents
5. Fort Worth
- Average monthly rent: $1,373
- 1 bedroom average rent: $1,172
- 2 bedroom average rent: $1,353
- Total cost-of-living (monthly): $3,454
- Median household income: $72,726
6. Dallas
- Average monthly rent: $1,354
- 1 bedroom average rent: $1,237
- 2 bedroom average rent: $1,464
- Total cost-of-living (monthly): $3,452
- Median household income: $63,985
Trending Now: 5 Cities Where Homes Will Be a Total Steal In Two Years
7. Arlington
- Average monthly rent: $1,340
- 1 bedroom average rent: $1,158
- 2 bedroom average rent: $1,365
- Total cost-of-living (monthly): $3,425
- Median household income: $71,736
8. Houston
- Average monthly rent: $1,287
- 1 bedroom average rent: $1,136
- 2 bedroom average rent: $1,346
- Total cost-of-living (monthly): $3,361
- Median household income: $60,440
Learn More: 5 Worst Florida Cities To Buy Property in the Next 5 Years, According to Real Estate Agents
9. Corpus Christi
- Average monthly rent: $1,218
- 1 bedroom average rent: $1,010
- 2 bedroom average rent: $1,236
- Total cost-of-living (monthly): $3,096
- Median household income: $64,449
10. San Antonio
- Average monthly rent: $1,212
- 1 bedroom average rent: $1,036
- 2 bedroom average rent: $1,276
- Total cost-of-living (monthly): $3,136
- Median household income: $59,593
For You: You’ll Need at Least $50K Saved To Buy a Home in These 13 Affordable Housing Markets
11. Lubbock
- Average monthly rent: $1,191
- 1 bedroom average rent: $965
- 2 bedroom average rent: $1,164
- Total cost-of-living (monthly): $3,059
- Median household income: $58,734
12. El Paso
- Average monthly rent: $1,073
- 1 bedroom average rent: $854
- 2 bedroom average rent: $1,023
- Total cost-of-living (monthly): $2,951
- Median household income: $55,710
Methodology: For this study, GOBankingRates analyzed the average rental cost of major cities and the cost of living in those cities. First GOBankingRates found the 100 most populated cities according to the U.S. Census American Community Survey. For each city, GOBankingRates found total population, total households, population ages 65 and over and household median income, all sourced from the U.S. Census American Community Survey; the cost of living as sourced from Sperling’s BestPlaces; the average overall rental cost, one-bedroom rental cost, and two-bedroom rental cost, all sourced from ApartmentList; the average cost of a condo or coop as sourced from Zillow Home Value Index; the livability index as sourced from AreaVibes; and the national average expenditure costs for all residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey. Using the average condo/coop value, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate, the average mortgage was calculated. Using the overall rental cost and expenditure costs the total cost of living for each city was calculated. The cities were sorted to show the average apartment costs in major American cities. All data was collected on and is up to date as of Sept. 13, 2024.
More From GOBankingRates
- 3 Things You Must Do When Your Savings Reach $50,000
- 8 Rare Coins Worth Millions That Are Highly Coveted by Coin Collectors
- 3 Ways a Balance Transfer Helps You Manage Debt (And How Much it Could Save You)
- 6 Items From Costco You Shouldn't Wait To Buy on Black Friday
This article originally appeared on GOBankingRates.com: Here’s What Gen X Should Expect To Pay for Rent in 12 Texas Cities
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
