• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

3

Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

3

Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
Personal Financeapartment rentals

Austin millennials and Gen Zers are flocking to social media to complain about soaring rent

By
Amiah Taylor
Amiah Taylor
Down Arrow Button Icon
By
Amiah Taylor
Amiah Taylor
Down Arrow Button Icon
June 9, 2022, 4:23 PM ET
Add Fortune on Google for similar content.

Nationwide, average monthly rent in February soared 15% to a record-breaking $1,901 compared to a year earlier, according to online real estate listing site Redfin. However, in Austin, rent increases outpaced the rest of the country by surging 40%, putting the city at the top of Redfin’s list of places with the fastest-rising rent.

Feeling the sticker shock, Texas-based millennials and Gen Zers have taken to social media to air their grievances and joke about higher rent. Last month, one TikTok creator, Kim Vega, posted a clip of someone asking incredulously “$30,000?” with a caption saying, “paying rent for a 1 bed, 1 bath, 750 sq ft apartment near downtown in Austin TX.” She also said she would be moving back in with her parents, but it was unclear whether she was serious. Vega did not respond to a request for comment.

@kimcasv

brb moving back with my mom lol #austintexas #rent @vinnyvegga

♬ Not me starting a TikTok trend purrrrr – Prestonisoverparty

In a similar vein, Katelyn Fletcher—a popular Gen Z TikToker—posted a humorous video that featured her stretching and jumping in front of boxes with the caption, “Packing and prepping to be homeless starting next week cause our rent in Austin just increased from $2,200 to over $4,000.” 

https://www.tiktok.com/@katelynfletcher/video/7103997196315446571?is_copy_url=1u0026is_from_webapp=v1u0026q=Austin%20tx%20high%20rentu0026t=1654786500681

Fletcher previously posted a video that showed an email about her rent rising from $2,200 to $4,678, a 113% increase that sparked widespread commiseration among her followers. 

“The audacity to write ‘congratulations’ in the email,” one commenter, Myca San Miguel, wrote, referring to the landlord’s message to Fletcher.

“Dude I live in the Austin area and it’s impossible to live here anymore, rent is $2-3k and they want 3x that in income so I need to bring 6k+/month,” another commenter, Alyssa Papke, wrote in response to Fletcher’s post.

Fletcher ultimately moved from her apartment to a new living space.

The cost breakdown for being a renter in Austin

In the first quarter of 2022, the average annual salary in Austin was $74,000, an increase of 0.9% from a year earlier, according to Payscale, a salary data website. A Texas-based individual with $74,000 income can expect to pay an estimated $772 monthly in federal income tax, $382 in Social Security, and about $89 in Medicare—or a total of $1,244, according to job search engine Talent.com. After taxes and withholdings, the monthly pay for that average Texan would be $4,923.

Fletcher did not immediately respond to Fortune’s request for comment on how her salary compared to the average monthly take-home pay in Austin. Assuming an average Texas salary, she would be left with a meager $245 to cover her expenses after paying rent. However, in most cases, the required salary for renters is three times the asking price of the rent. This means that in order for Fletcher to qualify as a new renter, she would have needed to make a minimum of $14,034 monthly, or about $234,000 annually in gross pay. That salary would put Fletcher in the top 5% of household take-home pay in Austin, according to Statistic Atlas, a demographic statistical atlas of the United States.

Homelessness is rising in Austin

In cities where people spend more than 32% of their take-home pay on rent, a spike in homelessness will follow, according to a Zillow report. While homelessness may have been Fletcher’s joking response to surging rent prices, it’s the reality for many Texans. Within the first four months of this year, citizen hotline calls about homeless encampments have risen dramatically. There were 1,471 calls from January to April this year versus 548 over the same period in 2021, as reported by KXAN. The Austin–Travis County region has approximately 18 homeless people per 10,000, about double the statewide rate in Texas and about triple the rate in the greater Houston region, according to the National Alliance to End Homelessness, as analyzed by Austonia, a Texas-based news organization.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.

About the Author
By Amiah Taylor
Instagram iconLinkedIn iconTwitter icon
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Personal Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in Personal Finance

Man holding his hands open
InvestingStock
A new group of stocks is transforming global equities markets. Meet ‘Memi,’ the $3 trillion sector fueled by AI’s insatiable hunger for memory chips
By Amanda GerutJuly 22, 2026
10 hours ago
Trump Accounts draw 6.5 million sign-ups, but some families are still waiting on the promised $1,000 funding
InvestingDonald Trump
Trump Accounts draw 6.5 million sign-ups, but some families are still waiting on the promised $1,000 funding
By The Associated Press and Moriah BalingitJuly 22, 2026
13 hours ago
gen z
Real EstateHousing
The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
By Nick LichtenbergJuly 22, 2026
13 hours ago
t
Personal FinanceWhite House
Trump said Australia’s system ‘worked out very well’ with $200,000 saved by 67 — so why didn’t he apply that model to Trump Accounts?
By Kris Iyer and The ConversationJuly 22, 2026
15 hours ago
Current price of gold as of July 22, 2026
Personal Financegold prices
Current price of gold as of July 22, 2026
By Danny BakstJuly 22, 2026
17 hours ago
Top CD rates from major banks July 22, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
Personal FinanceCertificates of Deposit (CDs)
Top CD rates from major banks on July 22, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
By Joseph HostetlerJuly 22, 2026
20 hours ago

Most Popular

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
Real Estate
The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
By Nick LichtenbergJuly 22, 2026
13 hours ago
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Success
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
By Sasha RogelbergJuly 20, 2026
3 days ago
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
AI
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
By Eva RoytburgJuly 21, 2026
2 days ago
OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
Cybersecurity
OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
By Jeremy Kahn and Emily ForliniJuly 21, 2026
1 day ago
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
Success
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
By Emma BurleighJuly 21, 2026
2 days ago
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
Economy
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
By Sasha RogelbergJuly 22, 2026
11 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.