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As rents continue to rise in Austin and elsewhere, the share of adult Austin residents with roommates is at an all-time high, Austin Culturemap reports.
Austin’s median rent of $1,690 is the highest in Texas and contributed to the fact that the percentage of adults living together has increased to 30.4 percent from 23 percent in 2000.
San Antonio, Houston, and Dallas Fort-Worth all saw a similar increase in the number of adults living together.
Texas’ number of adults living together mirrors in the country as a whole, where 30 percent of adults live together, an increase from 22 percent in 2000. Across the country, renters are likely to spend 28.8 percent of their monthly income on rent, which translates to $1,432.
Los Angeles and Miami have the highest percentage of roommates, 45.5 percent and 41 percent respectively, and they also have some of the highest rents in the US.
Two Austin neighborhoods made a list of the 25 hottest neighborhoods in the country, the Austin American Statesman reports.
Austin’s Holly neighborhood nabbed the 12th spot on the list, scoring high on the budget, weather, and walkability measures of the ranking.
Central East Austin was named the 10th hottest neighborhood in the US and did well in the same categories as Holly. Both scored low in the entertainment measure.
The list took into account walkability, transit, budget, entertainment, lifestyle, and weather, These were measured by examining how many bars and restaurants were in a neighborhood, local taxes, how severe the seasons were, and pet friendliness.
Houston’s Lower Westheimer neighborhood was the only other area in Texas to make the cut.
Looking for an apartment in one of the hippest neighborhoods in the country or anywhere else in Austin? Austin Apartments Now can help! Give us a call today at 512-258-8224 to find your dream apartment ASAP!
The majority of Americans surveyed believe renting is more affordable than owning a home, the Wall Street Journal reports.
Apartment construction is up, which has led to rent increases slowing down across the country, but home prices continue their upward climb.
76% of millennials said that renting is the cheaper option, about 10% more than a year ago. About 82% of baby boomers now say renting is more affordable, compared to 71% last year, and 75% of Generation X now believe renting is cheaper. Just 56% of Gen X felt that way in September 2016.
Across the country, home prices were up 5.9% between this past July and July 2016.
When it comes to reasons to rent, 7% of millennials cited maintenance costs as the number one reason not to own a home, while 28% of respondents over 65 said they were a factor.
23% gave convenience and flexibility as their top reason for renting and 18% said they don’t have the down payment saved to buy a home.
The survey also found that just 14% are planning to buy a home soon, a decrease of 7% since January 2016.
A recent survey found that Austin has the 2nd best economy in the United States, only beat out by Provo, Utah, the Austin Business Journal reports.
Austin had been number one for the past two years. The cities are ranked using numbers from the U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, and the U.S. Census Bureau.
Austin added 275,000 new people to the city in the past half decade, which is a 15.5 population increase. 2,900 jobs were added in the private sector each month since 2012, which is a growth rate of 26 percent.
They also suggest taking the CapMetro Bus 10 or renting a B-cycle to spend a day exploring the boutiques, vintage shops and bakeries along the street, and of course recommend a stop by the ubiquitous “Greetings from Austin” mural at the corner of Annie and South First.
The other destinations in the country that Lonely Planet said were must visits are East Liberty and Lawrenceville, Pittsburgh; Avondale, Chicago; Point Loma, San Diego; East Nashville, Nashville; Capitol Riverfront and Yards Park, Washington D.C.; Montavilla, Portland; and River North, Denver.
A new multi-use project in downtown Georgetown is transforming Austin’s neighbor to the north, and a former NFL player is to thank, the Austin Business Journal reports.
The 32 acre, $225 million development is called the Summit at Rivery Park and is near the county courthouse and overlooks the San Gabriel River. Phase 2 includes offices plus 60,000 square feet of retail on the ground floor and is completed. Woops bakery is already open, and Orangetheory Fitness will open soon. Spa Luxe will be open to the public early next year. Four restaurants are also part of this phase, including BB’s Home Cooking.
The third phase, which will complete the project, will have more ground-floor retail and urban lofts and will break ground soon.
The first phase of the project began in 2015 with 114 single-family homes and 223 apartments and a Sheraton Hotel. The homes are called the Texas Brownstones and the apartment community is called the Rivery Park Luxury Apartment Homes. The former NFL player turned developer, Jeff Novak, was finally able to get the project off the ground after years of failure by others.
Austin’s Gross Domestic Product was the 2nd highest in the nation, the Austin American Business Journal reports.
The Gross Domestic Product measures the total amount of all the goods and services that come out of the Austin metro area and was $125.8 billion in 2016, up 4.9 percent from 2015’s $119.9 billion.
The San Francisco Bay area beat out Austin in the rankings of metros with a population of at least 2 million.
Austin’s growth was strongest in the professional and business services sector, as well as finance and real estate. Construction, trade and information were also robust. The biggest drop in GDP was in the energy and durable-goods manufacturing industries.
Out of the United States’ 382 metropolitan areas, 267 saw an increase in their real GDP. The average rise was 1.7 percent.
In Texas, GDP in Dallas was up 3 percent in 2016, but Houston’s was down 3 percent due to slowdowns in the energy industry.
Austin may have had the best growth in the country last year, it was the smallest increase in Austin since 2012. The Austin Metro Area’s growth has been fast since 2011. GDP was $93.4 billion that year.
Austin came in as the top fun city in Texas in WalletHub’s new study, the Austin American Statesman reports.
It’s probably not surprising to most Texans that we beat out other cities like Houston, Dallas, and San Antonio. However Austinites who like to have a good time may be surprised by the fact that Austin was listed as just the 18th most fun city in the country.
Austin did okay in the Nightlife and Parties category, coming in at number 17, and slightly worse in the Entertainment and Recreation category, snagging the 24th spot, its ranking was tanked by its showing in the costs category: 50th.
Wondering where the most fun is to be had in the US? That would be Las Vegas, Orlando and New York. The least fun cities? Brownsville and Oxnard, California.
How much do you need to make to afford a house in Austin? Culturemap Austin has the answer.
HSH.com’s report analyzed what annual salary is necessary to pay for principal, interest, taxes and insurance on a median-priced home in the most populated cities across the country and Austin came in at the 13th spot for the nation. It was number one in the state.
To afford a $308,000 home, the median price for Austin, Austinities have to make $69,952.75 annually. That’s with putting down 20 percent. If a homebuyer puts down just 10 percent, they would have to make $80,004.77. Across the US, people have to make $56,159.89 to pay for the median priced home, which costs $255,600.
As home prices increased, that required salary increased by $3,008.69 from the first three months of 2017 for Austin.
In Dallas, you’ll need to earn $61,039.97 per year to afford a median priced home, which put it at the number 18 spot nationally. Houstonians need to make $57,346.12, putting the city at number 22 on the list.
Not surprisingly, California is where you have to make the most to afford a house. San Jose is the most expensive in the country with a worker needing to make $221,363.63 to afford a $1.18 million home, the median home price there. San Francisco, San Diego, and Los Angeles take the 2nd through 4th spots.
Your dollar goes a lot farther in San Antonio, which nabbed a spot on the list of 25 least expensive cities. You have to make $53,829.14 to pay for a $222,600 median priced house.
Pittsburgh was the most affordable city in the country, with a median priced home going for $145,000, which requires a $35,329.29 income.
Worried about being able to afford to rent an apartment on your income? Austin Apartments Now can help! We know what income you need to qualify for every apartment and can only take you to places that will fit your budget. Give us a call at 512-258-8224.
The median home price in the city is up 7.2 percent over a year ago to $369,900 and the median price for the Austin metro area is $301,332, a increase of five and a half percent over a year ago.
Hays County’s median home price had shot up 13.1 percent to $270,000 as of last month, the biggest increase over the last year in the area. Travis County’s median home price was up 7.4 percent to $359,865, and Williamson County was up 4.4 percent to $274,450.
As the prices went up, home sales were down a bit in Austin, but they were up dramatically in Hays and Williamson Counties. However, Austin’s sales were up over last year by 2.8 percent, Hays County’s home sales went up 15.3 percent, and Williamson County saw a 2.3 percent increase.
The stock of single-family homes in the area is the highest it’s been since Fall 2012. The Austin Metro had 3.2 months of supply, Hays County had 3.6 months of supply, Travis County had 3.2 months, and Williamson County had 3 months. Inventory of 6 to 6.5 months is ideal.
Experts caution that while home building is booming across the region, new construction has to be at a variety of price levels to slow down the meteoric rise of home prices in the area. Otherwise the new housing stock will still be out of reach of many residents.