When would you say Austin became too expensive for the average person? (Round Rock: 2013, condo)

[Melissa78703]

I was reading through some of these topics over the weekend and started thinking about how impossible it would be for average wage-earners (read: those who make the median family income) couldn't possibly afford to live in Austin unless they had additional income coming in from somewhere (e.g., inheritance, lottery, investments, etc.).

When do you think Austin first started to become too expensive for most people to afford without making serious concessions? To my mind, I think it was unaffordable for most people by the time the late 1990s rolled around.

What do you say?

BTW, I am NOT talking about Round Rock, Cedar Park, Pflugerville and outlying towns. I'm referring to the actual City of Austin.

[centralaustinite]

We bought our first in the city of Austin in 1999. Our price range then was $150,000 and we had a wide variety of choices. Crestview, Brentwood, Dawson (S. First), Bouldin (should have bought there!! but there were still shacks and goats there), French Place, Hyde Park north of 45th. Places with great elementary schools were higher (Allandale, Zilker, Barton Hills, Hyde Park below 45th).

So it wasn't that long ago. The underlying value of the land has risen so much with the proximity to downtown. Nearly every place we considered in 1999 -- now just the lot itself would be worth at least $150K!

I remember when it seemed crazy that nearly every house in Tarrytown was $500K or more. Now, you need a million just for one of the less desirable places in that neighborhood.

[CarnivalGal]

I don't think it's too expensive. I know people like to complain about the cost of living in Austin, just because it has increased so much recently. But it is still less than the national average.

[Komeht]

Late 1990s it was picking up but I still had a gorgeous 2 bedroom 1100 SF duplex in central Austin for 1000/mo. Had a roommate for a while and it was cheap for what I had. Today...you'd be lucky to get that same place for less than 2500.

Then towards end 1990s we bought a place in a beautiful central Austin neighborhood. Set us back about 200K. When we sold it for above 525k in 2007 we had done pretty well.

The big runup in prices had occured 2000-2008 and then 2012 to now.

Of course the early 1990s were ridiculous...rented a prewar fourplex two bedroom place in Tarrytown for 300/month...thems were the golden days of affordability.

[Melissa78703]

Originally Posted by mm57553

I don't think it's too expensive. I know people like to complain about the cost of living in Austin, just because it has increased so much recently. But it is still less than the national average.

'Scuse me, what --?

From the National Association of Realtors as of 8/9/2013:

"Home prices made strong growth on both a monthly and yearly basis in every region in June. The median price in the Northeast rose to $270,400 from $259,000 the month before. It was up 6.8 percent from the previous year. The Midwest experienced a median price jump to $170,100 in June, up from $159,500 in May and up 8.9 percent from June 2012.
The median price in the South increased to $186,300, up from May's $177,000 and up 13.7 percent from a year ago.
In the West, the median home price grew to $282,000, up from $274,400 in May and up 19.9 percent from the year before."


Now, where on earth can you find a house in Austin that's commensurate with these prices? Sure, you might be able to find a 1/1 condo for $200,000. But a house?



You must live in one of the far, far, faaaaar-flung ex-burbs if you can find property for that cheap.

[Novacek]

Originally Posted by Melissa78703

'Scuse me, what --?

From the National Association of Realtors as of 8/9/2013:

"Home prices made strong growth on both a monthly and yearly basis in every region in June. The median price in the Northeast rose to $270,400 from $259,000 the month before. It was up 6.8 percent from the previous year. The Midwest experienced a median price jump to $170,100 in June, up from $159,500 in May and up 8.9 percent from June 2012.
The median price in the South increased to $186,300, up from May's $177,000 and up 13.7 percent from a year ago.
In the West, the median home price grew to $282,000, up from $274,400 in May and up 19.9 percent from the year before."


Now, where on earth can you find a house in Austin that's commensurate with these prices? Sure, you might be able to find a 1/1 condo for $200,000. But a house?



You must live in one of the far, far, faaaaar-flung ex-burbs if you can find property for that cheap.

Plenty under 200,000. NACA, Scofield, Gracy Woods, etc.

[Melissa78703]

Originally Posted by Novacek

Plenty under 200,000. NACA, Scofield, Gracy Woods, etc.

= far-flung ex-burbs.

[CarnivalGal]

Originally Posted by Melissa78703

'Scuse me, what --?

From the National Association of Realtors as of 8/9/2013:

"Home prices made strong growth on both a monthly and yearly basis in every region in June. The median price in the Northeast rose to $270,400 from $259,000 the month before. It was up 6.8 percent from the previous year. The Midwest experienced a median price jump to $170,100 in June, up from $159,500 in May and up 8.9 percent from June 2012.
The median price in the South increased to $186,300, up from May's $177,000 and up 13.7 percent from a year ago.
In the West, the median home price grew to $282,000, up from $274,400 in May and up 19.9 percent from the year before."


Now, where on earth can you find a house in Austin that's commensurate with these prices? Sure, you might be able to find a 1/1 condo for $200,000. But a house?



You must live in one of the far, far, faaaaar-flung ex-burbs if you can find property for that cheap.

Moderator cut: link removed, competitor site

Austin is more than just downtown and Endfield. Search the MLS for single-family houses in Austin (not the outlying suburbs), and you will find hundreds of them for that price.

[scm53]

Originally Posted by Melissa78703

= far-flung ex-burbs.

Really having a hard time knowing what you are talking about. Because earlier you said:

Originally Posted by Melissa78703

BTW, I am NOT talking about Round Rock, Cedar Park, Pflugerville and outlying towns. I'm referring to the actual City of Austin.

Are you talking about the CoA, or the central core? Not trying to pick a fight - trying to understand.

[hound 109]

Originally Posted by Melissa78703

= far-flung ex-burbs.

per Google Maps, Gracy Woods is 2 miles closer than Circle C to the Capital. (10 miles vrs. 12 miles.....same awful traffic from either direction). Is Circle C a far flung ex-burb?

I agree that it isn't a hood that I'd like to live in, but it isn't an ex-burb. I also agree that most of Austin city limits is out of reach for your "average" middle class person looking to "escape" insert blue state megalopolis.
.