Austin Shines As Top 10 City For Housing Market For New Graduates
College graduates living in Austin already have their plates full this summer, juggling job hunting and career development. Thankfully, their search for the perfect place to settle down is stress-free. According to a recent Zillow report, Austin has ranked as the tenth best housing market for recent graduates in the US in 2024.
Zillow’s Analysis Method
Zillow analyzed the 100 largest US metropolitan areas’ rental affordability, job market, and demographic statistics to pinpoint the best housing markets for recent graduates. While Austin may be known as a student city, it surely surprised many that its economic situation offered new graduates an attractive prospect for settling down after earning their degrees.
Austin Vs. San Antonio
Notably, the neighboring San Antonio ranked considerably higher at the fourth position. The city climbed up the ladder from its 60th position in 2023, according to an ApartmentAdvisor report, while Austin slipped slightly from the eighth spot. The remaining top housing markets include Phoenix, Arizona (No. 1), Albuquerque, New Mexico (No. 2), Colorado Springs, Colorado (No. 3), and Portland, Oregon (No. 5).
Austin’s Rent Affordability and Job Market Data
The median rent price in Austin, according to Zillow Rentals Data, is $2300 per month. The report reveals that Austin’s rent accounts for roughly 32% of a graduate’s annual income. It permits residents to experience everything this vibrant city has to offer or save money for a future home,
Despite its appeal as a city with concessions or renter’s perks, Austin lagged slightly in job market strength for graduates. San Antonio outshone other Texas cities in the country’s national housing market study, with Dallas (No. 6) and Austin (No. 10).
Top 10 Housing Markets for Graduates
Here is the official list of the top 10 housing markets for recent graduates in 2024:
- Phoenix, Arizona
- Albuquerque, New Mexico
- Colorado Springs, Colorado
- San Antonio, Texas
- Portland, Oregon
- Dallas, Texas
- Raleigh, North Carolina
- Denver, Colorado
- Spokane, Washington
- Austin, Texas
Full report findings are available on Zillow’s official website.
Austin’s Home Prices Jumped 87 Percent Over Ten Years
A recent real estate report confirms what many Austinites already suspected: the city’s housing prices have witnessed a significant increase over the last decade. According to PropertyShark’s analysis, median home sale prices in Austin jumped by a staggering 87%.
In 2014, Austin’s median home sale price was $287,000. A decade later, in 2023, that number nearly doubled to land at $538,000. The shift to home-based work during the COVID-19 pandemic led to a dramatically increased demand for housing. But the reasons for Austin’s price growth remain unanalyzed.
Downtown Austin vs. Outskirts
Unfortunately, the rates of growth were even higher in Downtown Austin, where median sale prices jumped from $530,000 in 2014 to $742,000 in 2023. The trend supports the tale Austinites know only too well – living close to downtown has always been expensive, but as prices in all areas rise, the outskirts are catching up.
This report offers a detailed insight into the real estate trends in Austin and presents a valuable resource for new graduates looking to start their post-college lives in this thriving city.
