Austin, Texas has a vibrant cultural scene to explore. With its lively cafes, fabulous brunch spots, vibrant nightlife and beautiful scenery, the Texas capital offers many unforgettable experiences for everyone.
Austin's population has exploded, and more and more out-of-states are calling the city home. Although Californians are rumored to have tumbled in, many people actually come outFlorida and New YorkMoving into the steadily growing metropolitan region.
But as the population has grown rapidly over the past decade, the question of supply and demand for housing options has arisen. Austin is a less expensive city to live in compared to San Francisco and New York City, which contributes to its popularity.
But is Austin still an affordable city to live in? Let's look at the numbers and find out.
Housing
Austin has become one of the fastest growing cities in the United States, with many new residents working in the booming technology industry. In fact, the city's population has grown by about145 people per day. With supply comes demand, as does the rising cost of living.
Homebuyers in the past decadeMove to Austinhave grown steadily with the immense growth in population. In fact, according to a March 2020 Census Bureau report, the metropolitan area is Austingrew by 30%von 2010-2019.
However, the number of homes and apartments available is limited compared to the many new residents moving in72.7% in one year, which correlates with population growth. There are currently not enough homes for sale to compete with these potential buyers.
So overall, is Austin affordable or overpriced? Let's take a look.
rental rates
TheAverage rent in Austinis around $1,437, which is fairly close to the national average rental price of $1,463. However, the rental prices vary depending on the district.
The downtown areas like Warehouse District and Rainey Street can be priced easily$2,300 or more. while moreaffordable rentscan be found in South Austin neighborhoods like Riverside for around $1,300.
Meeting in the middle are East Austin neighborhoods like East Downtown and Windsor Park Apartments, which are typically in the $1,700 range.
If renting alone sounds overwhelming, Austin is an ideal place to share housing expenses with roommates. You don't know anyone in Austin? No problem! There are numerous helpful sites to link you to other people who are also looking for a roommate (or two or three...).
Boxroommate nation, where you can post in their online classifieds and search for your future roommates instead of randomly selecting them for you. This way you have full control over who you share a place with. And you can post your own description of who you are and what type of living situation you are looking for so other potential roommates can easily find you too.
If Roommate Nation doesn't interest you, there are other roommate matching sites like Circle. This app works through your facebook friends to find mutual friends and friends of friends you can actually verify. It's like a dating app but for finding roommates!
And don't worry about storage problems that might arise from sharing an apartment with other people: there are manySelf storage facilities in Austin, and you can rent a unit to store the items you don't use on a daily basis.
purchase prices
The real estate market also remained strong, with the average selling price of a home rising18.4% higher2021 than last year. Homes in Austin are cheaparound $454,896, that's twice as muchnational averagefrom $276,717. However, these homes are still significantly less expensive than homes in more expensive cities like San Francisco and New York.
Of course, housing costs tend to be cheaper the further away you are from the center of a city. Mostaffordable housing in Austinare usually found in North and East Austin, particularly in the suburbs like Cedar Creek and Round Rock. But keep in mind that the property tax rate in Texas is 2.06%, one of the highest in the United States.
The hottest neighborhoods
Downtown Austin is the place to be if you're looking for bar hopping, live music, museums and plenty of restaurants. Known for its lively activity, you'll find something new to experience around every corner. Check out some of the most popular neighborhoods below.
Rainey Street:Popular with 20's, Rainey Street is the life of the party. With its rows of quirky bungalows converted into bars and restaurants, it truly is one of Austin's most unique places to live. If you're looking to spend late nights on one of downtown's funniest streets, Rainey won't disappoint.
Wells-Zweig:Wells Branch is not only where you, as a first-time buyer, can find a great deal on a home, but it's also a great place to startraise a family. This neighborhood is 15 miles north of downtown Austin, so it's a convenient spot if you want the best of both worlds. Even though this area is in the suburbs, there's plenty to do on the nearby biking and walking trails. Plus, locals recommend it as asafe and quiet community, so it's no wonder why it's a popular area to buy a home.
Brushy Creek:Also north of Austin, this neighborhood is known for its access to excellent educational opportunities. As the home of the Round Rock Independent School District, families will find plenty to choose fromhighly rated schoolsnear home. It's also close to the booming tech scene with Dell, Inc. offices nearby. Brushy Creek has a small-town vibe but has a lot to offer with its walkable downtown areaShops, cafes and restaurants.
Müller:This north Austin neighborhood is up and coming for growing families and young professionals. If you are looking for oneunique place to call home, this community focuses on being environmentally conscious by using recyclable, non-toxic materials in their home designs. As a matter of fact,Austin energyerected an on-site power plant that sets requirements for environmentally friendly buildings in the area. This could also result in lower electricity bills, so it really pays to be eco-conscious! The community also has a variety of dishes ranging from southern comfort and classic Chinese dishes in its restaurants, to get to the point.
Emerging Neighborhoods
these neighborhoodslocated throughout north, south, and east Austin are burgeoning hotspots for new Austinites. North and South Austin offer more residential areas that are quieter and more sophisticated than their nightlife counterparts.
These neighborhoods are more affordable because they're away from popular bar hotspots. The vibe in East Austin varies, but the closer you get to downtown, the trendier it gets. Also, there are some cute cafes to check out!
The domain:Dubbed Austin's "second downtown" for its array of shops, restaurants and bars that contribute to nightlife, this neighborhood offers a great balance of living and working. In fact, many of the floors above the shops are apartments! What makes The Domain even more up-and-coming when it's a more laid-back environment? The booming tech industry is moving in! If you love the convenience of living close to local amenities without breaking the bank, this is the place to start looking for your next housing situation. Plus, if you work in tech, you can avoid the busy commute to the office!
Windsor-Park:This neighborhood will bring out the adventurer in you with its hidden treasures just waiting to be discovered. It's another good choice if you're looking for a quieter place that still has personality. Looking for a dog friendly bar? CashHeumacherfor refreshment after a long day at the dog park. This area originally became popular for its more affordable housing, but prices have risen as the area has become more popular. Another thing to note - the houses tend to be older and a bit dated. The best part is that you are 15 minutes from downtown!
Süd-Manchaka:Another neighborhood near downtown, South Manchaca, features ranch-style homes and tree-lined streets. If you'd rather not get caught in a crowd during tourist season, this area is a great place to call home. Much like the homes in Windsor Park, you won't find the fanciest of all the bells and whistles of housing, but if you prefer a simpler place, this could be the perfect area for you. You can visit the local restaurants, parks and the Central Market for most entertainment nearby.
Allandale:You'd think a low-key neighborhood wouldn't be so up-and-coming, but Allandale's laid-back vibe appeals to people who need to get away from the hustle and bustle. This is the place to live if you are looking for a house, but the apartments are also a good choice. Since it is a popular residential area, many families live here. So if you want to get away from the noisy bars, this is the place to be. However, that doesn't mean you're in the middle of nowhere! There are several nice shops and restaurants likegrocery store, where you can enjoy a French-inspired brunch.
Affordable Neighborhoods
South, East and Southwest Austin offer some of the most affordable neighborhoods. Whether you're looking for an apartment or buying a home for the first time, these areas are sure to please your bank account. And you benefit from a quieter area with full access to all the city life you want at any time.
River bank:One of the cheapest places to live in Austin, you'll also find a younger vibe here. If you're okay with not being near the newest and biggest attractions, Riverside is a good option. East Riverside is known for its entertainment value with its diverse dining options, affordable shopping, music venues and even direct access to the boardwalk at Lady Bird Lake. Older homes in this area canaverage around $300,000, but recently built homes can be twice as expensive at $436,500. But you would live near the airport and who can beat that? So if you are looking for something affordable this is the place to go.
Sankt Elmo:Located in the heart of South Austin, this neighborhood is relatively affordable for first-time buyers. You can findHomes for around $400,000 to $500,000, which is actually a lot less than the houses not too far north. You are near South Congress, a desirable brewery area, a short drive to downtown and one of the cutest neighborhoods to stroll through. And there's the St. Elmo Public Market, a large retail market with amazing foodie finds. It's a unique market that you really shouldn't miss!
Mansion:If you're looking for a price point similar to what you would find a decade ago, be sure to consider the Manor Quarter. TheAverage price of housesThis range is around $332,000 and they are varied in style. From renovated ranches to more modern buildings, you might find your forever home here. It is close to Windsor Park, previously mentioned as an affordable residential area. Plus, the return on the investment will pay off in the future as the neighborhood continues to grow.
Tanglewood-Wald:This may be an older South Austin community, but Tanglewood Forest definitely has its charms! Located south of Slaughter, this neighborhood offers nice, wide, tree-lined streets and even a bit more space between the houses. Because the houses in Tanglewood Forest werebuilt between 1982 and 1996, lots here tend to be larger than newer lots. There is also a beautiful duck pond behind some of the houses and a park with lots of green space. This is an ideal place to start a family if you prefer a quieter neighborhood, more affordable housing and more outdoor space!
operating cost
Living in Texas generally calls for air conditioning for those hot and humid summers, but there are other utilities to keep in mind. The average costs for gas, electricity, water and garbage disposal are approx$146 per month.
Annually, that would cost up to $1,752, which might sound like a lot, but it's actually 15% cheaper than thatnational averagefrom $2,060 per year. Also, internet service in Texas typically costs around $62 per month, which is less expensive than other internet services that can easily incur monthly costs of over $100.
transit costs
Although not a fully walkable city, Austin is ranked the 29th best walkable city in the United States. With ascore on footFrom 41, you can get around the city center comfortably on foot, with a bicycle sharing service or with a bicycle taxi. If you're trying to get to another neighborhood, your best bet is to take a car, taxi, or Uber.
In fact, most Austin residents commute by car83% drive alone or carpool, while people who use public transport, walk and bike, make up only 9% of public transport.
Since a car is the most practical way to get around in Austin, it means a lot of people pump gas. Since the end of 2019, gas prices in the city have fluctuated between $2.37 per gallon and $1.45 per gallon. That's what makes Austin gas prices about40 cents cheaperper gallon than the national average.
Alternatives to car ownership
But if owning a car in the city isn't your thing, you have public transportCapital Subway. They have buses and a commuter train that runs from downtown to the extreme northwest of Austin. The cost for one person on the busescosts $1.50, but you also have the option to purchase an all-day pass for $2.50.
Although you also have the ridesharing services, it will cost you more. Because Austin is more dispersed, a single car trip from a part further from the city center can cost as much as $30.
food costs
With Austin's booming foodie culture, eating out doesn't come cheap depending on where you go. A typical meal in an inexpensive restaurant can cost one personaround $15.00.
If you want to go cheap, check out the food trucks and pop-up restaurants for around $5 to $7 per person. A three-course meal for two at an average restaurant usually costs up to $50.00, but it can certainly go higher.
food costs
As eating out gets expensive, you need to consider saving your paycheck for the grocery store. With staples like milk, bread, cheese, meat, and eggs totaling about $18.32, the average Austin grocery bill is actually 11% cheaper than the national average of about $18.32$372 per month. You can expect to pay approx302,12 $on your monthly trip.
maintenance costs
Entertainment in Austin is more affordable than other major cities like New York City, especially when it comes to bars. The average cost of a single beer at an Austin bar is around $4.35 compared to thatNYC average of $7.75.
There are many activities and excursions in and around Austin. You can check thoseSightseeing Tour of Austin and Hill Countryand see the city from afarwith the kayakat Lady Bird Lake. You can also embark on an adventureVisit Austin's breweriesand explore Hill Country with theirWine and appetizer experience.
On a budget? There are many free things to do in Austin such as B. Greenbelt walks or hikes on some of the Greenbeltsbeautiful nature trails. Plus, exploring the city on your own walking tour is completely free! But you will stop for coffee at least twice at one of the manyunique cafes in Austin.
Salary in Austin
On average theThe hourly wage in Austin is $26.53that's about $55,182 a year. Austin hourly wages are slightly higher compared to the national average of $25.72. The minimum wage is equivalent to the federal minimum of $7.25 an hour.
If you work in tech, Austin will definitely make you more on average than other Texas cities. This is because the city of Austin and the University of Austin are major employers for future tech workers. The city also has a thriving service industry, so you don't need to work in the tech industry to afford living there.
Lives in Austinwith a salary of $30,000 to $50,000 is much more doable compared to other popular cities like San Francisco and New York City. It's easier to make a comfortable living in Austin than in other major cities. This is why so many people from cities in California, New York and Florida, to name a few, are making Austin their new home.
When you buy a home in Austin, you have more choices in the type of neighborhood atmosphere you want. Whether you want to be where the action is every night or you want to retreat to your quiet suburban paradise, there are many Austin housing options.
If you want to move to Austin,looking for apartments for saleor feel free to browseNeighborhoods of Austin!
FAQs
How much does it cost to live in Austin Texas 2023? ›
Summary about cost of living in Austin, TX, United States: Family of four estimated monthly costs are 3,770.4$ without rent. A single person estimated monthly costs are 1,075.8$ without rent.
What salary do you need to live comfortably in Austin? ›The U.S. Census Bureau reports that the average salary for Austin residents is $78,96. However, to stick to the rule of spending only 30% on your monthly income on rent, you will need an income of $59,320 to live comfortably in a one bedroom apartment, which currently costs $1,483.
How much has cost of living gone up in Austin TX? ›...
Cost of Living Austin, TX by Expense Category.
| Category | Compared to national average |
|---|---|
| Food | 7.4% |
| Healthcare | 13.0% |
| Housing | 1.1% |
| Transportation | -3.7% |
Austin's unaffordability problem: Pay hasn't kept up with the rising cost of housing. Austin's demographer says income has gone up by 44% in the last 10 years. However, rent and housing prices are rising at a much faster rate.
Is Austin over priced? ›According to a new study, Austin homes are among the most overvalued in the United States. According to the study conducted by researchers from Florida Atlantic University and Florida International University, homebuyers in Austin are paying nearly 51% more than expected for houses.
Is Austin housing overpriced? ›Homebuyers in the city are paying a whopping 67.7% more for homes than they would in a normal housing market, according to researchers at Florida Atlantic University and Florida International University. That makes Austin the second-most overpriced metropolitan city in the country.
What is middle class salary in Austin? ›| AUSTIN MSA | UNITED STATES | |
|---|---|---|
| Median household income | $86,530 | $69,717 |
| Median family income | 109,059 | 85,806 |
| Per capita income | 47,161 | 38,332 |
Austin, Texas
Its median income is only slightly less than that of Denver, with a middle-class income range of $53,023 to $159,084.
Valencia said the growth Austin has seen in the last 10 years likely will continue into the foreseeable future. The census counted 961,855 people in 2020 and forecasts there to be 1,126,151 in 2022.
Why is Austin cost of living so high? ›Regulatory factors such as significant delays in the city's permit review processes, lack of developable land zoned for high density residential development, minimal “by-right” entitlements, and fierce neighborhood opposition to density and affordable housing also contribute to increasing housing prices in Austin.
Is the cost of living higher in Austin or Houston? ›
The cost of living in Austin, TX is 11.2% higher than in Houston, TX. You would have to earn a salary of $66,732 to maintain your current standard of living. Employers in Austin, TX typically pay -3.3% less than employers in Houston, TX.
Why not to move to Austin? ›Its EXPENSIVE: the average home price in Austin has increased by 28% year over year! No pro sports: Austin does not have a single professional sports team. Extreme weather: The concrete jungle and exhaust amplify the dry heat. Austin is also prone to tornadoes, hailstorms, and floods.
Is Austin in housing bubble? ›The Austin market is “arguably the largest housing bubble in America based on the fundamental data,” Reventure Consulting CEO Nicholas Gerli said in May. While it takes about five years for a market to crash, Gerli predicted a 30 percent to 40 percent decline in home prices in Austin over the next three years.
Are people moving out of Austin? ›In 2021, close to 24,000 millennials moved to Austin from a different state. With about 13,400 millennials moving out of Austin to a different state, there was a net migration of about 10,500.
Will house prices in Austin go down? ›So, that affordability challenge that buyers have been facing and that has been growing throughout 2022 will continue to be a pretty formidable challenge in 2023,” said Realtor.com Chief Economist Danielle Hale. In the Austin metro, home sales are expected to decline by 6.6% as prices climb by 3%.
Why are people moving to Austin? ›Austin's low cost of living and no state income tax are a few reasons people are flocking to the city. Californians and New Yorkers make up the largest percentage of migration to Austin after Texans.
Is Austin worth moving to? ›People typically ask," is Austin a good place to live?" - the answer is yes. Often regarded as the best place to live in Texas, Austin offers its residents an affordable cost of living, fantastic job opportunities, unique attractions, and some of the best live music in the country.
Is it smart to buy a house in Austin? ›There are many great reasons to buy a house in Austin. It's known for its great music scene and diverse culture. Austin is also a great place to live for its job market with several large Silicon Valley companies relocating and expanding their operations in the area.
Is it cheaper to rent or buy in Austin Texas? ›Austin leads in out-of-reach starter homes
In the Austin-Round Rock market, starter-home buyers now pay almost double what their renting counterparts shell out per month, according to a Realtor.com report, with a 98 percent gap between the average monthly costs.
Houses. Houses provide tenants with more privacy, more space, and a little more freedom. Yards can provide outside areas for relaxation and a place for your dog to wander and roam. However, houses are typically further away from work and social areas and also lack some of the amenities of apartments.
What is considered wealthy in Austin? ›
In order to be considered “rich” in Austin, you would need to make $145,166. The average “rich” person in Austin makes $267,777 each year. The top 10 cities with the highest incomes needed to be considered “rich”: San Francisco $239,840.
What is a good hourly wage in Austin Texas? ›$13.21 is the 25th percentile. Wages below this are outliers. $29.48 is the 90th percentile. Wages above this are outliers.
What is the average monthly income in Austin? ›As of Mar 23 the average annual salary in Austin is $67,997. Just in case you need a simple salary calculator, that works out to be approximately $32.69 an hour. This is equivalent of $1,307 a week or $5,666 a month. Most salaries in Austin range between $50,268 (25th percentile) to $84,219 (75th percentile) annually.
How much does the average person make in Austin Texas? ›| Population | |
|---|---|
| Mean travel time to work (minutes), workers age 16 years+, 2017-2021 | 24.5 |
| Income & Poverty | |
| Median household income (in 2021 dollars), 2017-2021 | $78,965 |
| Per capita income in past 12 months (in 2021 dollars), 2017-2021 | $48,550 |
What is considered upper class in Texas 2022? In 2022, the national median household income is around $75,000, up from $68,000 in 2021. Therefore, as a whole, the typical upper-class household in the new decade has a median household income of over $130,000. $130,000 is a good household income amount.
What is the cheapest part of Austin to live in? ›- Parker Lane.
- Copperfield.
- North University.
- Southeast Austin.
- Windsor Hills.
- West University.
- Sweetbriar.
- Franklin Park.
- Allandale.
- Garrison Park.
- Hyde Park.
- North University.
- Windsor Hills.
South Lamar—also known as SoLa—has recently become an area booming with restaurants, bars, shops, apartments, businesses, food trailers, and so much more. A neighborhood once filled with used car lots, it's now a diverse, progressive, and iconic part of Austin.
Where in Texas are people moving to? ›Areas that have been seeing the most gains in population growth are the major metropolitan areas – Houston, Dallas, Austin and San Antonio. Texas also ranks first in another metric: the number of net domestic migrants (defined as the number of people moving in from other states minus those moving out).
What's the fastest growing city in Texas? ›When looking at the actual number of residents, San Antonio is the fastest-growing city, adding more than 13,600 residents between 2020 and 2021. On the opposite end, Dallas and Houston saw the biggest declines in population of any city in the state, both losing more than 10,000 residents.
What is the most unaffordable city in the United States? ›
The least affordable was Miami, where the median-priced home costs $598,000 and would require a monthly payment of $3,183 to cover mortgage and taxes — more than 85 percent of the local median household income of $44,581 (or $3,715 a month). Los Angeles and New York followed — no surprise given their steep home prices.
Is Austin more expensive than Dallas? ›Compared to other cities of its size, Dallas is relatively inexpensive, with a cost of living below the national average. On the other hand, Austin is considerably more expensive, topping the cost of living in Dallas by more than 17%. And, compared to the national average, Austin is 30% more expensive.
What are the cons of living in Austin Texas? ›- High rent prices. The average rent for a one-bedroom apartment is $1,680 per month, which is slightly higher than the national average of $1,048 per month. ...
- Unbearably hot summers. Summer temperatures can get quite hot in Austin. ...
- Lack of public transportation.
DALLAS (KDAF) — Have you noticed that everything seems more expensive lately? Well, that's because it is and it turns out the DFW metroplex is the most expensive area in Texas.
Is Austin better than Dallas? ›Both Dallas and Austin have safe areas to live in, and they're generally placed around the same area when ranking different metropolitan areas. On average, you'll find that most data ranks Dallas as being slightly safer than Austin, but the difference is fairly small.
Is it cheaper to live in San Antonio or Austin? ›Cost of Living Comparison Between San Antonio, TX and Austin, TX. You would need around 6,387.0$ in Austin, TX to maintain the same standard of life that you can have with 5,000.0$ in San Antonio, TX (assuming you rent in both cities). This calculation uses our Cost of Living Plus Rent Index to compare cost of living.
What are Austin problems? ›Unfortunately, Austin's struggle with affordable housing has also exacerbated the city's struggle with homelessness. Calls regarding homeless encampments have increased significantly in 2022 compared to 2021, and there is still no clear path forward for the city to adequately address the issue.
Is homelessness a problem in Austin? ›We estimate at least 4,611 people experienced homelessness in Austin or Travis County on a single day in October 2022.
Where do most people moving to Austin come from? ›The most significant metro area net contributors to Austin MSA's annual growth are Houston, Dallas, San Antonio, Los Angeles, and New York.
Will home prices drop in 2023 near Austin TX? ›Yes, but: Average home prices started to creep down, especially in Austin's northern suburbs, between July and October, according to Zillow data. In the greater Austin area, home prices have dropped by about 14% from their peak in May, going from a median of $560,000 to $480,000 in October.
Will house prices go down in 2023 in Texas? ›
Texas property inflation trends
The housing market is predicted to grow in Texas in 2023. In the year between 2021 and 2022, house prices across the state rose an average of 19.8% (Zillow) in response to inflation, which saw house sales decrease as a result.
Zoopla said it expects house price falls of up to 5% in 2023. Property consultancy company JLL has forecast house prices in the UK will drop by 6% in 2023. While housing expert and buying agent Henry Pryor says he expects house prices to slip slowly through the year ending 2023 down by around 10%.
Where is everyone moving to 2023? ›In recent years, the state where people have been relocating the most is Texas. Apart from Texas, a few other states are on the list of most popular ones – Florida, Vermont, Arizona, North Carolina, Georgia, and Tennessee.
Does Austin have a housing crisis? ›An article by Ryan Cavataro in Bloomberg CityLab analyzes the causes of Austin's growing housing crisis, which is making it harder for longtime residents to afford housing in the city. Chief among them are outdated zoning codes and an influx of new residents and major employers.
How much does it cost a month to live in Austin? ›| Food | Update prices |
|---|---|
| Monthly rent for 85 m2 (900 sqft) furnished accommodation in normal area | $2,676 |
| Utilities 1 month (heating, electricity, gas ...) for 2 people in 85m2 flat | $255 |
| Monthly rent for a 45 m2 (480 sqft) furnished studio in expensive area | $2,374 |
| Austin, Texas | Texas | |
|---|---|---|
| Median rent | $1,334 | $1,091 |
| Rent as % of income | 21.2% | 20.4% |
| Median mortgage-related costs (SMOC) | $2,189 | $1,675 |
| Mortgage-related costs as % of income | 34.8% | 31.4% |
According to PayScale, the cost of living in Austin is three percent lower than the national average. The biggest factor driving up the cost of living is housing, which is slightly higher than the national average. The median home price in the city is $353,246 and the median rent is $1,107 per month.
What is the average housing cost in Austin Texas? ›Austin, TX Housing Market
The median listing home price in Austin, TX was $599K in December 2022, trending up 8.9% year-over-year. The median listing home price per square foot was $347.
| Household Size | Extremely Low Income (30%) | Low Income (80%) |
|---|---|---|
| 1 | $20,550 | $54,700 |
| 2 | $23,450 | $62,500 |
| 3 | $26,400 | $70,300 |
| 4 | $29,300 | $78,100 |
| Population | |
|---|---|
| Mean travel time to work (minutes), workers age 16 years+, 2017-2021 | 24.5 |
| Income & Poverty | |
| Median household income (in 2021 dollars), 2017-2021 | $78,965 |
| Per capita income in past 12 months (in 2021 dollars), 2017-2021 | $48,550 |
Are housing prices dropping in Austin? ›
Are Austin house prices dropping? Yes, housing prices in Austin have been consistently declining. Median home prices are 5.4 percent lower in January 2023 than they were in January 2022, per Redfin, and the current median of $530,000 is more than $100K less than it was in May 2022.
Is it cheaper to buy or rent in Austin? ›Austin leads in out-of-reach starter homes
In the Austin-Round Rock market, starter-home buyers now pay almost double what their renting counterparts shell out per month, according to a Realtor.com report, with a 98 percent gap between the average monthly costs.
The cost of renting versus owning in Austin
For starters, in Texas, you need to earn an average salary of $49,840 to afford an average priced home, according to a report by Go Banking Rates. That would allow you to pay a monthly mortgage of $1,246 according to the report.
- Barton Hills. A popular residential neighborhood located in South Austin's 78704 zip code. ...
- Downtown Austin. When it comes to listing the best neighborhood to live in Austin, TX, downtown is one of the best. ...
- Mueller. ...
- Teravista. ...
- West Lake. ...
- Travis Heights. ...
- Cherrywood. ...
- Tarrytown.
Compared to other cities of its size, Dallas is relatively inexpensive, with a cost of living below the national average. On the other hand, Austin is considerably more expensive, topping the cost of living in Dallas by more than 17%. And, compared to the national average, Austin is 30% more expensive.
Is it worth buying a house in Austin? ›There are many great reasons to buy a house in Austin. It's known for its great music scene and diverse culture. Austin is also a great place to live for its job market with several large Silicon Valley companies relocating and expanding their operations in the area.
What are the predictions for the housing market in Austin? ›The median price of an average house in Austin was 462158 USD on 2023-02-11. Based on our forecasts, a long-term increase is expected, the predicted price of an average home in the "Austin" area is 560660 USD by 2028-02-29.
Is it cheaper to live in Austin or Houston? ›The cost of living in Austin, TX is 11.2% higher than in Houston, TX. You would have to earn a salary of $66,732 to maintain your current standard of living. Employers in Austin, TX typically pay -3.3% less than employers in Houston, TX.