According to recent data from Smart Asset, a personal finance website, buying a house in Austin may be more affordable than you think. Using median home value, estimated down-payment cost, estimated length and percent interest rate of mortgage payments, and predicted annual inflation, SmartAsset calculated monthly home payments for the largest 15 cities in the country.
Monthly payments on the average home in Austin, Texas are around $1,426, making the suggested yearly salary for buying a house $47,523. While Austin is home to some of the highest property taxes, overall home value remains reasonable, making our city more affordable than big California cities.
This list from Smart Asset ranks the 15 largest cities in the U.S. by salary needed to afford a home. Austin sits at number 6, followed by Chicago, Dallas, then Houston. As Austin continues to be a popular destination to relocate, the housing inventory will decrease, which will continue to drive prices.
So, if you are looking to buy a home in Austin, now is the time! Use these monthly payment estimates to decide if Austin is affordable for you. The below image outlines the salary needed to afford home payments in the top 15 cities—Austin is No. 6.
Click here to read more insights from this in-depth study.
(Shared article from SmartAsset.com)
