Bayou city banks

Salaries stretch further in Houston than most metros

The study examined used the average annual salary for white-collar "business" jobs in Houston. Photo by Zview/Getty Images

It truly pays to live and work in Houston. A new ranking from BusinessStudent.com puts the Bayou City — and Dallas and Fort Worth, too — among the top 10 places in the U.S. for stretching your salary.

To come up with its ranking, BusinessStudent.com examined the average annual salary for 127 white-collar "business" jobs listed on career website Indeed — such as HR director, marketing manager, and IT manager — and subtracted the average rent for a two-bedroom apartment, based on data from apartment search website Rent Jungle. According to that measure, Houston is No. 7. Dallas is tops in the Lone Star State at No. 4, while Fort Worth is No. 9.

In all, BusinessStudent.com sifted through data for 65 major U.S. markets.

"When deciding where to work and live, it is critical to look at more than just what salary you can make," BusinessStudent.com says. "Because if rents are sky high, you may net out at zero, or even worse with mounting credit card debt."

The BusinessStudent.com study calculated an average yearly salary of $79,579 in Houston and an average monthly rent of $1,401 for a two-bedroom apartment. The difference: $62,767.

BusinessStudent.com also computed an average yearly salary of $82,609 in Dallas and average monthly rent of $1,422 for a two-bedroom apartment. That resulted in a difference of $65,545, behind Palo Alto and San Jose, both in Northern California, and Detroit.

In Houston, at least, all types of workers are benefiting from stable rent growth. According to apartment search website Apartment List, the growth of rent for a two-bedroom apartment in Houston has gone up 3.6 percent over the past year, 0.8 percent in Austin, 0.4 percent in San Antonio, flat in Dallas, and 1.8 percent statewide.

For Fort Worth, the average yearly salary for a white-collar job added up to $75,797, according to BusinessStudent.com, with average monthly rent of $1,108 for a two-bedroom apartment. That left a gap of $62,501.

Aside from Houston, Dallas, and Fort Worth, Irving (No. 12) and Plano (No. 19) showed up in BusinessStudent.com's top 25.

In Irving, BusinessStudent.com discovered the average yearly salary was $77,527, with average monthly rent of $1,327 for a two-bedroom apartment. The difference was $61,603.

Plano had an average yearly salary of $75,988, with average monthly rent of $1,350 for a two-bedroom apartment. The gap: $59,788.

At the other end of the spectrum, College Station ranked No. 1 in the country for the lowest after-rent salary. There, the average yearly salary for a white-collar job was calculated at $55,086, with average monthly rent of $906 for a two-bedroom apartment. The leftover amount: $44,214.

San Antonio was the only other Texas city in the bottom 25. In the Alamo City, the average yearly salary was computed as $67,195, with average monthly rent of $1,195 for a two-bedroom apartment. The difference: $52,855. That put San Antonio at No. 12 among the bottom 25.

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This story originally appeared on CultureMap.

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Building Houston

 
 

Just after announcing an investment from United, NEXT Renewable Fuels Inc. scored a SPAC-based IPO. Photo via nextrenewables.com

It’s been a momentous month for Houston-based NEXT Renewable Fuels Inc.

On November 15, United Airlines Ventures announced an investment of up to $37.5 million in the next-generation, low-carbon fuel producing company.

Just a week later, the company revealed it’s going public through a SPAC merger with Industrial Tech Acquisitions II Inc. The deal, expected to close in the second quarter of 2023, assigns a $666 million equity value to NEXT. The publicly traded company will be named NXTCLEAN Fuels Inc.

NEXT, founded in 2016, produces low-carbon fuels from organic feedstock. The company plans to open a biofuel refinery in Port Westward, Oregon, that’s set to start production in 2026. The refinery could produce up to 50,000 barrels per day of sustainable aviation fuel, renewable diesel, and other renewable fuels.

“West Coast states are demanding a clean fuels conversion of the transportation and aviation industries with aggressive targets necessitating rapid increases in clean fuel supplies,” Christopher Efird, executive chairman and CEO of NEXT, says in a news release. “[The company] is advancing toward becoming one of the largest U.S.-based suppliers of clean fuels for these markets, and is investigating and pursuing potential vertical expansion into other clean fuels.”

The proposed public listing of NEXT’s stock on the Nasdaq market and United’s investment are poised to help NEXT reach its goal of becoming a leader in the clean fuel sector. United’s investment appears to be the first equity funding for NEXT.

“Right now, one of the biggest barriers to increasing supply and lowering costs of sustainable fuel is that we don’t have the infrastructure in place to transport it efficiently, but NEXT’s strategic location and assets solve that problem and provide a blueprint for future facilities that need to be built,” Michael Leskinen, president of United Airline Ventures, says in a news release.

United’s investment arm, launched in 2021, targets ventures that will complement the airline’s goal of achieving net-zero emissions by 2050.

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