Despite all the concerns about skyrocketing housing prices in San Antonio, a new study by the web site Apartmentlist.com shows San Antonio remains one of the handful of cities where even a family making less than the median family income can afford the average apartment, News Radio 1200 WOAI reports.
The study shows San Antonio's median annual household income is $51,300. To rent a median priced apartment in the city costs $1,062 monthly, or $12,700 a year.
That means an annual income of $42,500 is needed in San Antonio for a renter to avoid being 'rent burdened.'
Compare that to Fremont California, where the average family income is far higher than San Antonio, at about $110,000. But the average rent on that same two bedroom apatment that costs $12,700 a year in San Antonio requires more than $150,000 a year income in Fremont, requiring a pay rate of $72 an hour to avoid becoming 'rent burdened.'
The study showed that, overall, cities on the coast are 'rent burdened' for even high income earners, due to sharply higher housing prices.