Despite the concern in San Antonio over rising housing costs, a new study by the web site SmartAsset. com shows that San Antonians are not overburdened paying the cost of rent, News Radio 1200 WOAI reports.
A study by SmartAsset shows that San Antonio is 16th, or in the bottom half, of the nation's 25 largest cities, when it comes to the hours needed to work to pay for a median priced apartment.
The study compared average wages with median apartment prices, and found that generally, places where wages are higher usually find that more of that income is eaten up by rent than places where wages are lower, like San Antonio.
The study says the average hourly wage for both hourly and salaried workers in San Antonio, based on a 40 hour work week, is $14.81.
The median monthly rent for an apartment in the city is $926. That means the average individual in metro San Antonio works 62.5 hours, or a little over a week and a half, to earn the rent. Obviously, with a couple, that figure is halved, but even if a single person rents an apartment, that person pays a little bit more than the one third of monthly income recommended go for housing costs.
Up the road in Austin, the average wage is far higher than it is in San Antonio, at $19.., but that $926 apartment in San Antonio goes for $1244 a month in Austin, forcing the higher paid worker to work another three hours a week to pay for housing.
And don't even think about the west coast. Even at Google and Facebook level wages, averaging $25.63 an hour in San Francisco and $21.70 in San Jose, that $926 San Antonio apartment will cost you a whopping $2109.00 a month, meaning even a highly paid tech worker will work 97 hours to earn a month's rent, or nearly one week more than a worker in San Antonio.
The most reasonable rents of the 25 big cities studied are in Indianapolis and Detroit, where workers making the average hourly wage have to work about 57 hours to may a month's apartment rent.