Forbes corrects article on Austin rent after KVUE Verify

Following a Verify piece in which KVUE Reporter Jason Puckett found disparities in the rent-to-income ratio for the city of Austin in a Forbes article compared to his own analysis, the website has rewritten the article to correct their error.

In the original article, the Austin and Round Rock area were listed as number 15 on the list of "The Best Cities For Young Professionals 2017."

Using Payscale and Apartment List, the business-oriented website originally found that Austin has a median salary of $51,800 for recent grads and the median rent as a share of the median salary was listed at 10 percent - or $5,180 total per year. However, when broken down into monthly payments, it equals roughly $430 a month.

While the median salary was correct, according to Payscale data, the rent-to-income-ratio was off.

Puckett took the same sources and computed a different set of numbers: $730 or 17 percent of the median salary.

Forbes responded to the KVUE article to confirm there was an error importing the data in the initial version of the story and it affected several cities on their list as a result. In fact, seven metro areas on their list dropped off the list after their data was re-analyzed, according to Forbes Staff Writer Samantha Sharf.

While Austin and Round Rock might have come in 15th place in the original article, the two metro areas actually jumped into second place on the updated list -- making it one of the top cities for young professionals.

Click here for the updated list. Go here for their updated methodology.

Read Forbes full statement below:

Thank you for covering Forbes’ list of the Best Cities For Young Professionals 2017. Yesterday, we were made aware of an inaccuracy in our story. We found that due to an error importing data, the initial version of this list was incorrect and some of the statistics cited regarding individual metro areas were incorrect.

Seven metro areas that appeared in the top 25 in the initial version of our list dropped off in the current, corrected version: Warren-Troy-Farmington Hills, Mich.; Jacksonville, Fla.; Fort Worth-Arlington, Texas; Anaheim-Santa Ana-Irvine, Calif; Tampa-St. Petersburg-Clearwater, Fla.; St. Louis; Charleston-North Charleston, S.C.

These were replaced by: Dallas-Plano-Irving; Washington-Arlington, Alexandria; Cambridge-Newton-Framingham, Mass.; Nashville-Davidson-Murfreesboro, Tenn.; Grand Rapids-Wyoming, Mich.; Albany-Schenectady-Troy, N.Y.; and Portland-Vancouver-Hillsboro, Ore.-Wash. A corrected version is now live on our website.

© 2017 KVUE-TV


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