DALLAS (KDAF) — Making minimum wage means you probably wouldn’t be able to afford living in these Texas cities as GO Banking Rates has ranked them amongst the 15 least affordable in the U.S. when it comes to making minimum wage.
Here are the cities in North Texas and beyond in the Lone Star State that are some of the least affordable for those making minimum wage:
- Austin: GO Banking Rates said, “A bustling cultural hub, the capital city of Texas has become another city where the cost of living has far outpaced the wages — thanks in part to the $7.25 minimum wage. However, the city has been steadily attracting higher-wage earners, with nearly 200 people relocating there daily.”
- Plano: “With housing almost 30% above the national average, and utilities at 14% higher, Plano was recently determined to be the most affluent city in the U.S. Which makes it hard to get by unless you’re on the higher end of the wage scale.”
- Irving: “Irving, Texas, has costs that edge out the national average by a few percentage points, but similar to other entries, is hindered by a low minimum wage that is outpaced greatly by housing costs. Granted, this part of the larger DFW metroplex in north Texas is home to five Fortune 500 companies and more than 8,000 companies overall.”
- Dallas: “Dallas, Texas, might be a lucrative place to start a business, but this cornerstone to the DFW metroplex is less forgiving to renters on the low end of the wage scale. In the past five years, there’s been a nearly 80% increase in home values, with more than 18% year-over-year growth.”
- Fort Worth: “With an active downtown and popular tourist spots like the Stockyards, Fort Worth is another Texas city where its low wages counter its relatively cheaper housing costs. However, it’s also considered to be one of the most overpriced cities in the U.S.”
Here’s how GO Banking Rates reached their findings, “For this piece GOBankingRates first looked at the biggest cities (in terms of population) that had 2022 one-bedroom rent data as sourced from ApartmentList. With these 100 qualifying cities isolated, GOBankingRates then found the minimum wage and 2022 average rent for a one-bedroom in each city. The hours of work needed to afford one-bedroom rent was also included, and the list was narrowed to the 15 most and least affordable cities.”
For more on this study, click here.