Living in a big city comes at a cost: smaller living spaces. That couldn't be more true in Fort Worth, where the average-size apartment is out of reach for those earning the median income.
That's according to a new study from RentCafe that looked at how much space residents can afford to rent on the local median income, without spending more than 30 percent of their earnings and becoming cost-burdened.
A Fort Worth resident earning the median income of $3,279 a month can afford only 788 square feet of apartment, which comes to $984 a month. The average apartment in Fort Worth, though, is 871 square feet and goes for $1,088 a month. That is the most space the median income can pay for of all Texas' major cities.
In Texas' other major cities, the amount of space you can afford on the median income varies, but all are smaller than the average apartment.
Down the road in Dallas, residents earning the median income ($3,214 a month) can afford up to 679 square feet for $964, the least amount of space among Texas' major cities. The average apartment there is 844 square feet and costs $1,199 a month.
In San Antonio, a resident earning the median income of $3,009 a month can pay for up to 756 square feet for $903, but the average apartment is 853 square feet and costs $1,018. Similarly, in Houston, the median income of $3,143 a month gets you 757 square feet for $943, while the average apartment is 879 square feet and costs $1,094 a month.
Austin is the most expensive spot in the state. The median income there ($3,964 a month) covers only 751 square feet and costs $1,189 a month, while the average apartment is 864 square feet and costs a steep $1,369 a month.
Interestingly, in only 14 large U.S. cities can someone earning the median income afford a bigger-than-average apartment. Among them are nearby Plano, where you can live large in 1,137 square feet of apartment (versus the average 935) for the median income, and Irving, where you can get 912 square feet of living space (compared to an average of 852).