Building momentum

$2 billion development plants seeds for more growth near Austin’s new Apple campus

A more than $2 billion mixed-use project is set to emerge in Northwest Austin near the new Apple campus.

Once it’s completed, the 156-acre Pearson Ranch will include 2.6 million square feet of office space; 200,000 square feet of retail, restaurant, community, and cultural space; two hotels; thousands of high-end residences; and 30 acres of parkland. The site is at West Parmer Lane and RR 620 (State Highway 45).

Austin-based Inspire Development, developer of Pearson Ranch, just broke ground on the project. Pittsburgh-based Urban Design Associates is designing it.

“Located in the new premier hub for major technology companies, Pearson Ranch will provide needed access to office space for employers, generating new jobs and providing onsite access to retail, housing, and park space for Central Texas,” Williamson County Judge Bill Gravell says in a news release.

The first phase of Pearson Ranch includes development of 41 acres, featuring about 600,000 square feet of office space, three apartment complexes, and retail shops. The entire 156-acre project is expected to be finished in 10 to 15 years.

Growth in the area around the future Pearson Ranch continues to explode. Apple is nearing completion of its $1 billion campus at 6900 W. Parmer Ln., about 2 miles from Pearson Ranch. The Apple office campus is eventually supposed to house as many as 15,000 employees. About 7,000 people already are assigned to Apple’s nearby office campus, located at West Parmer and Riata Trace Circle.

Developers just broke ground on the project, which won't be completed for another 10 to 15 years.

Rendering courtesy of Inspire Development

Developers just broke ground on the project, which won't be completed for another 10 to 15 years.

technology hotels shopping

bang for your buck

These are the 5 most affordable Austin ZIP codes for renters

Belterra neighborhood in southwest Austin

Belterra Community Association - Facebook

Southwest Austin's 78737 ZIP code, which includes neighborhoods like Belterra, was named the No. 1 most affordable area for renters in the city.

Trying to afford buying a home in Austin is difficult enough with current mortgage rates, and doubly so if you're already paying high rent on an apartment or a house. But there are five Austin ZIP codes where renters can get the most bang for their buck, according to a new study by financial services company CashNetUSA.

To find the most affordable ZIP codes for renters in the U.S., analysts compared median household incomes by ZIP code to the average annual rent costs in those areas using the Zillow Observed Rent Index. ZIP codes where the average annual rental constituted the lowest percentage of median household income were considered the "most affordable."

Austin's 78737 ZIP code stood out as the No. 1 most affordable in the city for renters. This area encompasses several Southwest Austin neighborhoods across Highway 290 West and FM 1826, including Belterra, Highpointe, Goldenwood, Lewis Mountain Ranch, and more.

According to the study's findings, the average monthly cost of a rental in 78737 comes out to $1,870, while the U.S. Census Bureau estimates the ZIP code's median household income is more than $164,000 per year. The study's analysts then calculated that the annual rent of a home in this area only takes up 16.05 percent of a household's median income.

In the No. 2 spot citywide is 78732, which spans wealthy West Austin neighborhoods like Steiner Ranch, Bella Mar, Lakeland Park, Marshall Ford, Comanche Village, and more. CashNetUSA says the average rent cost in this ZIP code is $2,638, but since the median household income is more than $194,000 (more than double the citywide median), this level of affordability might not feel relatable to the average Austinite. Annual rent costs in 78732 take up 17.53 percent of a household's income.

In Northwest Austin's 78750 ZIP code (No. 3), which stretches from Jester Estates all the way to Pecan Park in Lakeline, renters pay an average $1,594 per month for their homes, which amounts for 17.60 percent of the median household income ($123,722 annually) for the area.

The remaining two ZIP codes that CashNetUSA says are the most affordable for Austin-area renters are 78749 (Oak Hill, Circle C, Legend Oaks, Sendera, Village at Western Oaks, Maple Run, and more), and 78717 (Avery Ranch, Davis Spring, and Brushy Creek). Annual rent costs in both ZIPs amount to 18.64 percent of a household's median income, the study found.

In 78749, the average rent costs $1,752 per month, versus $1,865 monthly in 78717. The Census Bureau estimates the ZIP codes' median annual incomes to be about $114,000 and more than $140,000, respectively.

The top ZIP codes for renters in America
CashNetUSA found the No. 1 most affordable ZIP code for renters nationwide is 66224 in Leawood, Kansas, where annual rent only takes a 10.57 percent cut out of a household's median annual income.

Elsewhere in Texas, San Antonio's 78248 ZIP ranked as the No. 4 most affordable ZIP code for renters in the U.S., and the No. 1 most affordable ZIP code statewide.

Two Houston-area ZIP codes – 77401 and 77094 – ranked No. 9 and No. 12 nationally. The North Texas ZIP code 75013 in Allen ranked two spots behind Houston to claim the No. 14 spot nationally.

The full list of the top 15 most affordable ZIP codes for renters includes:

66224 in Leawood, Kansas
66221 in Overland Park, Kansas
48324 in West Bloomfield, Michgan
78248 in San Antonio, Texas
15228 in Pittsburgh, Pennsylvania
50323 in Urbandale, Iowa
48186 in Northville, Michigan
57005 in Brandon, South Dakota
77401 in Bellaire, Texas
43035 in Lewis Center, Ohio
48335 in Farmington, Michigan
77094 in Houston, Texas
60304 in Oak Park, Illinois
75013 in Allen, Texas
58554 in Mandan, North Dakota

rent rent prices affordable housing