Though both Americans and Texans are more likely to buy homes, renting still outranks buying in the Austin area. According to this Community Impact article, 36.2% of Americans rent compared to 38% in all of Texas and a whopping 54.7% in Austin.
Those numbers are based on Census data from 2017. In some Central Austin ZIP codes, the portion is even larger. And while home prices continue to rise, wages remain the same.
In 2018, the median home price in the city of Austin was $375,760, per the Austin Board of REALTORS.
That makes renting the much more affordable option for Austinites, especially those that want to live in the most desirable areas of the city.
Of course, there are other benefits to renting as well. Not only do renters have a management team to handle any issues both inside and outside of their living space, but they also don’t have to pay the state’s high property tax.
Want to compare Austin neighborhoods? Check out this post on three lesser known areas near downtown where prices tend to be more affordable.