According to the experts at a real-estate analytics website called NeighborhoodX, they have recently conducted a broad analysis of affordability in some major cities all over the United States including Austin. They used a metric that would make the information accessible to the general public. Among the results were the 10 most affordable Austin neighborhoods.
Average home buyers are looking affordable Austin neighborhoods but often times, they are not quite sure which ones they have to check. This makes the analysis very useful as a basis for people looking up to live in neighborhoods they can afford. Take note though that the analysis itself does not include income-restricted properties and properties that cannot be purchased with a conventional mortgage such as requiring all-cash purchases due to building code issues. Alongside with this, short sales and foreclosures are also not included as well as properties that are positioned primarily as redevelopment sites. The said study also focused on the properties that have one or more bedrooms since studio efficiencies seem not to be really viable as long-term primary residences.
NeighborhoodX Analysis Results
The image shows mainly listings from the second half of the fourth quarter of 2016.
With the results shown, it is clear that the prices in Austin have been uneven. There are parts in some neighborhoods where prices have risen dramatically. Results also show however that not all areas of Austin have seen equal price growth. This resulted in having pockets of affordability. Another thing to see is the most affordable properties in Central East, East Cesar Chavez and Downtown, and Barton Hills, Govalle, and North Loop. The most expensive neighborhood shown in the results of this study is the Old West Austin, where the most affordable property for sale is $450,000.
While mortgage rates remain relatively affordable, the 20% downpayment required for a conventional mortgage would be ranging from $17,000 for the least expensive property on this list up to $50.000 for the least expensive listing in East Cesar Chavez, Downtown, or Barton Hills and then up to $90,000 for the least expensive one in Old West Austin.
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