Income growth outpaces Houston rental growth – Houston Agent Magazine

Income growth surpassed rental growth in 37 of the largest 50 U.S. metros this October — including Houston, according to new research from Zillow.

The typical asking rent for an average rental unit reached $1,646. Though that’s a 0.2% increase from last year, the median household income outpaced this acceleration, growing 3.9% during the same time frame.

At this rate, a new renting household earning the median income would need to spend 23.1% of their income to afford the typical rent — below the national average of 27.2%.

Houston residents also have increasing access to forms of rental assistance. Data showed that 48.7% of rental units in the city offer concessions, up from 39.1% a year ago.