What It Costs Retirees To Rent in These 12 Texas Cities

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There are plenty of Americans who want to buy homes and don’t because it isn’t a financially safe move to make. And then there are those who prefer to rent, citing not only the affordability of renting, but also the distinct freedom it brings. You can easily move around, possibly even to another country, without being bogged down by the headaches of homeownership. When you hear these perks, you may think, “Renting is ideal for young people, like Gen Z.” It can be, sure; but it can also be ideal for retirees living on fixed incomes and looking to make their dollars — and their independence — stretch.  

The majority of people living in Texas own their homes, but that doesn’t mean there aren’t a sea of rentals occupied or on the market. What do one-bedroom and two-bedroom units go for in the Lone Star State? In a recent study, GOBankingRates analyzed the average rental costs in major U.S. cities, including 12 large metros in Texas. Cities are ranked to show the least to most affordable, in terms of the average monthly rent cost. 

12. Plano 

• Livability: 83 
• Average rent for a one-bedroom: $1,444  
• Average rent for a two-bedroom: $1,827  
• Average rent overall: $1,745 

11.  Austin

• Livability: 83  
• Average rent for a one-bedroom: $1,330   
• Average rent for a two-bedroom: $1,619   
• Average rent overall: $1,501   

10. Irving

• Livability: 78  
• Average rent for a one-bedroom: $1,258   
• Average rent for a two-bedroom: $1,548   
• Average rent overall: $1,430   

9. Garland

• Livability: 73  
• Average rent for a one-bedroom: $1,144   
• Average rent for a two-bedroom: $1,397   
• Average rent overall: $1,394   

8. Fort Worth

• Livability: 80  
• Average rent for a one-bedroom: $1,172   
• Average rent for a two-bedroom: $1,353   
• Average rent overall: $1,373   

7. Dallas

• Livability: 81  
• Average rent for a one-bedroom: $1,237   
• Average rent for a two-bedroom: $1,464   
• Average rent overall: $1,354   

6. Arlington

• Livability: 78  
• Average rent for a one-bedroom: $1,158   
• Average rent for a two-bedroom: $1,365   
• Average rent overall: $1,340 

5. Houston 

• Livability: 74  
• Average rent for a one-bedroom: $1,136   
• Average rent for a two-bedroom: $1,346   
• Average rent overall: $1,287 

4. Corpus Christi

• Livability: 80  
• Average rent for a one-bedroom: $1,010   
• Average rent for a two-bedroom: $1,236   
• Average rent overall: $1,218 

3. San Antonio

• Livability: 80  
• Average rent for a one-bedroom: $1,036   
• Average rent for a two-bedroom: $1,276   
• Average rent overall: $1,212 

2. Lubbock

• Livability: 78  
• Average rent for a one-bedroom: $965   
• Average rent for a two-bedroom: $1,164   
• Average rent overall: $1,191 

1. El Paso

• Livability: 81  
• Average rent for a one-bedroom: $854   
• Average rent for a two-bedroom: $1,023   
• Average rent overall: $1,073 

Methodology: For this study, GOBankingRates analyzed the average rental cost of major U.S. cities and the cost of living in those cities. First, GOBankingRates found the 100 most populated cities according to the U.S. Census American Community Survey. For each city, a number of factors were found including; total population, total households, population ages 65 and over, household median income all sourced from the U.S. Census American Community Survey, the cost of living indexes as sourced from Sperling’s BestPlaces, the average overall rental cost, 1-bedroom rental cost, and 2-bedroom rental cost all sourced from ApartmentList, the average cost of a condo or coop as sourced from Zillow Home Value Index, and the livability index as sourced from AreaVibes. Using the cost of living indexes and using the national average expenditure costs for all residents as sourced from Bureau of Labor Statistics Consumer Expenditure Survey. Using the average condo/coop value, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate the average mortgage can be calculated. Using the overall rental cost and expenditure costs the total cost of living for each city can be calculated. The cities were sorted to show the highest population places first showcasing the average apartment costs in major U.S. cities. All data was collected on and is up to date as of Sept. 13, 2024.

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