Austin holds the distinction of being the most expensive residential market in the state. While that might be good news for many professionals in the city’s real estate community, it certainly pinches the pocketbook of would-be homeowners.
According to the latest Marcus & Millichap Apartment Research Market Report, while median household income in Austin is high enough to afford a median-priced home in the market, home prices in Austin’s core fall well out of range for potential homebuyers. This has created a sharp demand for apartments near employment and cultural districts in the city.
Read more...Apartment rent, and demand, still rising in Austin - Austin Business Journal