Those who work in retail in Austin tend to live in more affordable areas of town and see most of their income go towards rent according to a new analysis by the Austin Business Journal.
One place they aren’t living is a huge area of central Austin, from Mopac to Shoal Creek and from 45th to Enfield Road. That area has almost no residents who work in retail.
Retail workers are about 11 percent of all workers in the Austin area and total 106,000 people. The median income for retail workers is around $24,600 per year. That’s much lower than the overall median income for the region, which is $36,660 annually. The income for professional, scientific, and technical workers, (the 2nd largest group of workers in the area), is $65,600.
This means that retail employers live mostly in affordable regions of Austin. The map shows a lot of retail workers living in Southeast Austin and a very heavy concentration in Cedar Park.
In the top quarter of neighborhoods with the highest concentration of retail workers, median rent averages $1,090 a month compared to $1,156 per month for the Austin region. Even though the median rent is 5.6 percent lower in the retail worker saturated areas, the residents in those areas pay more of their income, 32.7 percent, for rent. Median gross rent across the Austin area is 31.2 percent of income. In general, housing costs that are over 30 percent of income is considered unaffordable.
By contrast, skilled workers pay an average median rent of $1,230 monthly, but that is just 29.75 percent of their income. Wealthy renters are also on the increase in Austin.
Are you a retail worker who is having trouble finding an apartment that fits in your budget? Austin Apartments Now can help. We have up-to-the-minute knowledge of rental rates, vacancies, and specials at all the best apartments in Austin. Give us a call at 512-258-8224 to find your dream apartment today!