Austin's population has doubled every 20 years, making the recent influx of downtown high-rises and condominiums attractive to young professionals. Home to the University of Texas, St. Edwards University, and several other institutions of higher education, Austin is a great location for students, young professionals, and young families.
The cost of living in Austin is 7% lower than the average for the rest of the nation; however, if you choose to live downtown the cost per square foot will be higher. The average income of a downtown dweller is about $85,000. Surprisingly, the cost of living downtown still ranks lower than the national average.
Austin, Texas real estate has held up quite well during the recession. As of November 30, 2009 the average listing price for a home in Austin was $442,563. The average sale price was about $130,000 (in 2008, it was $184,500, according to the National Association of Realtors). On that date, there were about 7,200 homes on the market in Austin.
Trulia.com is a nationwide real estate search engine that is helpful for digesting facts and figures for the real estate market. They offer am Austin real estate heat map that shows the average listing prices all throughout the city.
According to Trulia.com prices on November 30, 2009, here are the average listing prices in Austin’s most popular neighborhoods:
Steiner Ranch: $498,992
Downtown: $424,709
West Oak Hill: $319,977
Allandale: $311,990
Zilker: $479,060
According to the Austin Chamber of Commerce, in the second quarter of 2008, there was an average of 93 percent occupancy in the city, with rents at 97 cents per square foot.
Downtown’s Boom
Austin real estate is changing. In the last few years, Downtown Austin has become one of the hottest place to rent or buy as condominium buildings multiply. Currently, more than 5,900 people call downtown Austin home. That number is expected to grow exponentially in the next 10 years. The downtown area, home to bars, museums, and countless retail locations is undergoing many changes including huge increases in living accommodations, specifically in condominiums.
The renovations mean affordable downtown living as well as competitive development projects. Living in downtown condominiums is an expression of New Urbanism, city living that offers shopping, groceries, and recreation within walking distance of home.
Purchasing Austin real estate in the form of condominiums cuts out the cost of lawn maintenance, home insurance, wastewater, natural gas, and trash. Downtown dwellers also can expect to spend much less on gas and may be able to bike or walk to work. There are an approximate 90,000 employees in downtown Austin, making this growing region of the city the place to work and call home.
