Roanoke and Flower Mound were ranked one of the most budget-friendly cities for renters in Texas, according to a new study by LendEDU, a financial services website.
Roanoke ranked No. 1 in Texas and No. 35 in the U.S., while Flower Mound ranked No. 5 in Texas and No. 108 in the country.
According to the report, Roanoke has an average rent-to-income ratio of 14.39%, with its average annual rent cost of $16,500 and a median household income of $114,633. Flower Mound has an average rent-to-income ratio of 15.65%, with its average annual rent cost of $21,209 and a median household income of $135,557. It is recommended that a person’s rent should cost no more than 30% of their annual income, so these numbers speak to proximity to high-paying jobs relative to the affordable housing in the area, according to a news release from the town of Flower Mound.
To compile the results, the company used real estate data from the U.S. Census Bureau on over 25,000 cities and ranked them according to their rent-to-income ratio (proportion of a city’s median household income that goes to annual rent costs).
View the full report online here.