Just How Affordable is the Austin Real Estate Market?
Austin is growing at a rapid rate and that includes its population. In fact, Biz Journals relayed last year’s estimates by the US Census Bureau which revealed that over 58,000 people were added to the city’s population. That’s an average of 159 people per day.
Inevitably, the demand for housing is also increasing. But just how affordable are Austin properties?
When it comes to renting, there’s no straight answer considering that there are a lot variables involved. We explained all of those in detail through the post ‘Cost of Renting in Austin’ wherein it was also specified that everything is dependent on the policies of the leasing party.
However, when you factor in the rates in other cities, it’s easier to see the affordability of Austin’s real estate. The Austin Relocation Guide magazine shared the findings of ACCRA which lays out the cost of living in Austin in comparison to other major US cities. In the ‘Housing’ column of the chart below, it’s clear that the city ranks among the least expensive metros to live in.
(data: ACCRA via Austin Relocation Guide)
A separate report by Curbed Austin showed how the capital of Texas ranks against major cities in both the East and West coast in terms of average listing prices. As of last month, Austin’s average is $345 per square foot while the lower and upper end of the price range are $109 and $1,640 per square foot, respectively.
By contrast, Los Angeles averages at $417 per square foot. San Francisco has even higher rates at $1,185 per square foot which is over three times that of Austin. On the East Coast, Manhattan has a whopping average listing price of $1,773 per square foot, with its lower and upper end rates at $437 and $10,338 per square foot, respectively. Miami, another Eastern US real estate hotspot, also has prices comparable to Manhattan. Discover Homes Miami listed some of the most affordable neighborhoods in the city and they already have prices that range from $620 to $1,840. Based on the tallies, the only major city that has considerably cheaper real estate pricing is New Orleans.
Nevertheless, you also have to consider Austin’s low population density, or the number of people per square mile. This means that each citizen can have more space as there are fewer people within a given area. And in sectors with numerous developments, that means you have more options when looking for a property. To help you find that perfect abode, you can use Uptown Realty’s Search feature or call us at 512-651-0505.