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SW Austin proving difficult for first-time homebuyers SW Austin proving difficult for first-time homebuyers https://www.recenter.tamu.edu/news/newstalk-texas/?Item=172582017-08-01T05:00:00Z2017-08-01T21:00:00Z

​​​​​​​​SOUTHWEST AUSTIN – Although the home inventory shortage in Southwest Austin is an indicator of the strong local housing market, one demographic is struggling to find a way in.

The Millennial age group makes up close to 36 percent of Austin’s population. The problem, however, is that there are not many houses available in Austin, particularly Southwest Austin, that fit within this age group’s price range. ​

With millennials—people born between 1981 and 1997, according to the Pew Research Center—making up nearly 36 percent of Austin’s population, real estate experts say there are not many homes available within the city limits in their price range. Those homes fall outside the city boundaries, such as in Buda and Del Valle.
Map of Austin housing affordability and inventory
​Especially among those who are first-time homebuyers.

The median price for a Southwest Austin house is $350,000, according to the Austin Board of Realtors (ABoR). 

Close to 30 percent of people relocating to Austin in 2014 were Millennials with a median annual household income of $51,810, based on information from the National Association of Realtors.

ABoR President Brandy Guthrie told Community Impact News that young professionals want smaller houses with nice amenities, that are located in areas with a light commute. 

But that type of housing, much of which is located in the urban core, isn’t available at the Millennial price range, she added.
Community Impact Newspaper
Austin-Round Rock
Housing
https://communityimpact.com/austin/housing-real-estate/2017/07/26/first-time-homebuyers-cannot-afford-live-southwest-austin/

​​Check out Connect ​for more of this story. ​​​

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