Mountain City
REAL ESTATE
New report says it's cheaper to rent than to buy a starter home in Austin
AUSTIN, Texas — When it comes to searching for the perfect place to call home, Austin might just be the place – for renters. According to a recent study from Realtor.com, it's more affordable to rent in the Texas capital than it is to purchase a two-bedroom starter home.
Homebuyers Must Earn Nearly $80,000 to Afford the Typical U.S. Starter Home, Just Shy of the All-Time High
In half of the 50 most populous U.S. metros, a family earning the local median income can’t afford a starter home. The monthly housing payment for the typical U.S. starter home that sold in July was $1,981, up 4.4% from a year earlier, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That means homebuyers must earn $79,252 annually to afford the typical starter home, also up 4.4% year over year and just a few hundred dollars shy of last October’s all-time high.
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