Happy Thursday, Y’all! New data from a recent study by SmartAsset ranks Austin as the #1 city in the U.S. where millennials are moving to (see below for the full data). This isn’t too much of a surprise, as Austin has exponentially grown in popularity over the past few years with increased career and lifestyle opportunities for young professionals.
However, what is quite a surprise is that another recent study was released that ranked Austin as now the 5th most expensive U.S. city for rent prices. According to the data, "the median rent in August this year in Austin was $2,930, a more than 86% increase since August 2021. That’s $820 more than the nationwide median asking rent in August and puts Austin just below the Bay Area, Boston and New York for large cities with the most expensive asking rent."
These rent prices are not expected to drop anytime soon, and with how the current housing market is going, choosing to purchase a home rather than renting is a smart prospect for those moving to Austin or those who are currently affected by these major rent increases! Not only are there incredible opportunities for buyers right now in the Austin area, but buying over renting allows you to get long-term appreciation and return on your investment. Plus, my team and I have some great resources and programs to help anyone get started on their first home buying journey.
If you know anyone that would like to chat about this further or is considering making the switch from renting to buying, I’d love to help!