Austin-area home prices are on the rise, but that's not slowing down our hot market. In fact, a new study says Austin is the best place in the U.S. to buy a home.
The folks at SelfStorage.com examined the 60 biggest metro areas in the country to determine where potential homeowners should buy. Specifically, they looked at long-term economic growth, long-term job growth, availability of new housing, cost premium (ratio of median home value to median salary), recent price increases and real estate taxes.
Austin ranks No. 1 on the list, thanks in part to job and economic growth. "The capital of Texas boasts the highest long-term job growth and the second-highest economic growth numbers among the Top 12," notes SelfStorage.com. Interestingly, Austin boasts the "second-highest share of recent construction." And according to the study, home prices are still relatively affordable: Median prices are only slightly higher than three times the median income.
Our biggest downside? Real estate taxes, which are higher than any other city on the list.
Austin isn't the only Lone Star spot highlighted. Houston (No. 2), San Antonio (No. 5) and Dallas (No. 6) are also among the best places to buy a home. Houston outperforms Austin with lower cost premiums and real estate taxes. Dallas and San Antonio share similar economic numbers, notes SelfStorage.com, but San Antonio has the lowest real estate taxes of any Texas city on the list.
To see the rest of the best cities for buying, visit SelfStorage.com.