The Cost Of Living Is Skyrocketing In Texas

Matt Lillywhite

Everyone knows that rent prices in Texas have been rising around the country for a while. But unfortunately, the cost of renting a home or apartment is expected to soar even further in 2022.

One of the most affected cities is Austin, with a 40% increase in rental prices over the past year, according to The Guardian. "There is less housing available for rent or sale now than anytime in the past 30 years, with supply shortages worsening, contributing to rising rental costs, inflation, and making home ownership more unattainable."

Rising rental costs are typically associated with an overheated housing market, when pent-up demand has resulted in record-high housing prices, per CNBC. Also, due to the ridiculous cost of buying a home in Texas (and several other states), potential homeowners have been priced out of the real estate market, forcing them to rent.

Most of the homes being built right now are aimed at higher-income earners, according to data published by NBC News. "The National Association of Home Builders found that of all the new single-family homes built last year across the U.S., none were priced below $100,000. A mere 1 percent fell in the range of $100,000 to $150,000."

According to Texas A&M University's Real Estate Research Center, the typical cost of buying a home in Texas has increased by 43% since 2016. One reason why Texas is becoming more expensive is population growth. Based on the most recent census data, Texas gained the most population of any state between 2010 and 2020.

Some of the largest cities in the United States are located in Texas, making it an attractive location for anyone looking to start a better life. However, a constantly growing population makes it difficult for builders to keep up with demand - further increasing the price of housing.

What do you think about rising rent prices? Leave a comment with your thoughts. And if you think more people should read this article, share it on social media.

Comments / 40

Published by

Matt Lillywhite publishes national news and local stories. He can be reached via email at


More from Matt Lillywhite

Comments / 0