Yes, it is getting more expensive to buy a home in Austin, Texas, but according to SelfStorage.com, it’s still the best city in the United States in which to buy a home.
SelfStorage looked at the 60 biggest metro areas in the U.S. and factored in recent real estate price increases, long-term economic growth, long-term job growth, availability of relatively new housing, cost premium (the ratio of the local median home value to the local median income,) and real estate taxes – all to declare Austin the winner.
How did we stack up? The report cited:
- Austin had the highest long-term job growth, at 3.1%.
- Austin the second-highest economic growth among the Top 12, at 4.1%.
- Austin had the second-highest share of recent construction, at 33.1% of homes built in the year 2000 or later.
- Austin’s median home prices were only slightly higher than three times the median income, at 3.2. (Three times the median income is considered affordable.)
How did we not fare well?
- Austin’s real estate taxes were higher than any other city in the Top 12, at $911 per capita.
Price increases in Austin were noted at 16.8%.
Other Texas cities made the list. In fact, four of the top 12 cities were in Texas. Houston made the number two spot, and, in fact, outperformed Austin in some areas: “Cost premiums are lower, prices recently have increased more and real estate taxes are lower. However, there’s less recent construction in Houston, and economic growth — while healthy — is slower than in Austin.”
San Antonio took the fifth spot, and Dallas was sixth.
Read more on the SelfStorage.com Moving Blog.