We are proud to say that our hometown of Austin, TX, was just named the best place to live in the United States by U.S. News & World Report. Apple Moving Austin has long known that Austin is a special place – from the tacos to the mild weather to the live music, there is a lot to love about living here. In recent years, it seems the world has taken notice of our beloved city, which explains why Austin suddenly seems so crowded. People who have lived here for a while can remember a time when Austin still seemed like a sleepy hippy town. Today it’s a cultural mecca with a strong economy and a booming population. If you’ve been on the market for a new house in Austin, you might be disappointed to find just how much housing prices have increased in recent years. Whether you’re moving here for the first time or looking for a new neighborhood, here are some things to know about Austin real estate:
Population Growth Is Booming
Over 150 people are moving to Austin every day, making this the fastest growing city in the U.S. That growth means a lot more people competing for real estate in the metro area. If you are discouraged by the lack of affordable homes in Austin proper, you might want to look at outlying areas like Round Rock, Kyle, Buda, and Cedar Park.
Local Real Estate Prices Are Increasing
Per Zillow, the median home price in Austin has increased from $196,000 to $318,000 over the last ten years. While the change has been rather astounding to watch, the median list price of $375,000 is still relatively low compared to prices in other major metro areas like L.A., New York, or San Francisco. Though you can’t expect to buy a place in Central Austin on the cheap, overall the cost of living in the Austin area is low, which means most people can afford to live somewhere in the greater metro area.
No Income Tax, But Property Taxes Are on the Rise
One of the many perks of living in the Lone Star State is the fact that we don’t have to pay individual state income tax. However, to offset this tax break, the state relies heavily on property taxes. Based on taxes as a percentage of home value, the state of Texas has the 6th highest property taxes in the country. This should be a consideration if you are debating between buying and renting.
More Renters than Homeowners
Around 47% of the Austin population rents while approximately 45% of residents own a home. Since just slightly more people rent than buy in Austin, experts say this indicates that the dream of home ownership is not out of reach for most of Austin’s citizens. Additionally, homeowners in Austin only spend about 13 percent of their income on mortgage payments, while nationwide, the average income spent on mortgage payments is about 4 percent higher. So if you’re a renter looking to make the leap to home ownership, Austin could be a great place to do it.
What Realtors are Expecting for 2017
While real estate appreciation is expected to slow down over the next five years it is still predicted to outpace the national average. The job sector is booming in Austin and will continue to do so this year, fueling increases in population and home values. As more skilled workers and young people flood into the city there will be increased demand for rental properties. This, in turn, will create more demand for housing, raising home values even higher.
Relocating to Austin may be the best move you ever make. The city’s growing population, relatively affordable real estate, and booming job market make it one of the best places to invest in real estate. See for yourself why Austin is the greatest place to live in America.
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