Austin, Texas Ranks #3 Best Cities for Middle-Class Buyers
- By websitebuilder
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- 07 Apr, 2018
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Sky-High Prices Got You Down? Here Are the Top Middle-Class Housing Meccas
- #3 Austin, Texas
- Median household income: $74,300
- Middle-class home price range: $216,100 to $564,800
- Percentage of middle-class homes on the market: 69.9%
A steady rise in man bun sightings does not necessarily mean a neighborhood's real estate prices are on the way up, despite what you may have gleaned from hipster havens such as Portland, OR, or Brooklyn, NY. In fact, Austin's housing market is still very much dominated by the middle class.
The funky city, whose unofficial slogan is "Keep Austin Weird," is all about growth. The population in the capital of Texas has exploded to 2.1 million in 2017, from 1.2 million in 2000, according to U.S. Census data.
All of those folks need places to live, which is pushing the development and popularity of new neighborhoods into the suburbs outside of Austin.
Buyers can find new homes, built in the past five years, in the burbs. Many of these single-family residences come with at least three bedrooms and measure about 2,500 square feet. And these newer communities on the rise are creating parks and bringing in new restaurants and other entertainment venues to lure city residents.
The Pew Research Center defines middle-class Americans as those households earning between $42,000 and $125,000 annually—although most hew closer to the $59,000 median. As a group, they face endless challenges: income stagnation, rising costs of living, ever-escalating debt loads.
Home shoppers are unwilling to negotiate on certain amenities, and prime among them are central air conditioning and a private patio or backyard, according to a new survey of more than 1,000 homeowners conducted by remodeling site Porch.com. On the other hand, prospective buyers are less likely to consider stainless steel appliances or a swimming pool as deal-breaking must-haves.
Renters and homeowners differ quite a bit in their priorities, the survey found. While homeowners ranked central air, private backyard areas, and guest bedrooms as high priorities, renters ranked central air, an in-unit washer and dryer, and pet-friendly building policies as their top amenities.
