Not everyone is cut out for living with roommates, but finding an affordable place to live alone can be tricky. Luckily, Dallas-Fort Worth sits among the top 10 most affordable U.S. metros for living by yourself, according to a new report.
Analysts at Apartments.com discovered North Texas renters spend the seventh lowest share of their monthly income on single-bedroom rent out of the 50 biggest metros in the U.S.
The study used a 30 percent "common budgeting guideline" to calculate the share of median renter household income spent on one-bedroom asking rents across the 50 largest U.S. metros, and determined renters can only afford to live alone in 24 of the 50 metros without crossing the 30 percent threshold.
The median annual income of a DFW renter household is $63,172, and the findings show the typical asking rent for a one-bedroom apartment comes out to $1,348 per month. The study determined single renters spend 25.6 percent of their monthly income on rent based on the budgeting suggestion.
Texas' favorable rental market also extends outside of the Dallas-Fort Worth Metroplex: Austin surprised as the No. 1 most affordable metro for living alone, and San Antonio appeared among the top 10.
Austin renters spend the smallest share of their income on single-bedroom apartment rent, at 23.1 percent. That's based on a median renter household income of $70,008 and a $1,348 monthly one-bedroom asking rent price.
Dwindling rent prices and the prevalence of major tech employers are also attracting new renters, and the city has an 11.6 percent apartment vacancy rate.
"The average rent in Austin has decreased year over year, and construction of new housing increased by 30 percent over the past decade," the report's author wrote. "Tax incentives in Texas draw large tech corporations, like Google and Apple, to the Austin area, which has increased average wages, added more jobs to the local economy, and attracted renters in the process."
San Antonio ranked right above DFW in sixth place nationwide with solo renters spending 25.4 percent of their monthly income on single-bedroom rent, coincidentally the same share as single renters living in Raleigh, North Carolina and Salt Lake City, Utah.
This is the income and one-bedroom rent data in San Antonio:
- $51,029 – median renter household income
- $1,082 – one-bedroom monthly asking rent
A separate Apartments.com survey found 39 percent of U.S. adults would never feel comfortable living with a roommate, and 16 percent of renters would rather pay more in rent to live alone than consider living with a roommate.
"Factors contributing to lower rents may include recent high levels of construction, rising vacancy rates as renter demand catches up to supply, and fewer regulations, such as flexible zoning and lower development costs compared to other parts of the country," the report said. "Living alone has become a non-negotiable for many renters, and some renters are willing to make tradeoffs to afford this lifestyle."
The top 10 most affordable U.S. metros for living alone are:
- No. 1 – Austin
- No. 2 – Oklahoma City
- No. 3 – Phoenix
- No. 4 – Raleigh, North Carolina
- No. 5 – Salt Lake City, Utah
- No. 6 – San Antonio
- No. 7 – Dallas-Fort Worth
- No. 8 – Denver
- No. 9 – Portland, Oregon
- No. 10 – Columbus, Ohio
