Austin named No. 2 most overpriced housing market in the U.S. in new study
KVUE — Austin homebuyers are paying far more than many other homebuyers in the U.S., according to a recent study.
Homebuyers in the city are paying a whopping 67.7 percent more for homes than they would in a normal housing market, according to researchers at Florida Atlantic University and Florida International University. That makes Austin the second-most overpriced metropolitan city in the country.
By looking at housing data from Zillow and third-party housing data providers, researchers have found that the average home price in Austin has far surpassed the expected price and has continued climbing. The data shows that homebuyers in Austin started paying a premium on homes as far back as 2017 and it has only ballooned since then.
The most overpriced city in the U.S. is Boise City, Idaho, with homebuyers there paying 72.6 percent more than the expected price. Dallas-Fort Worth also made the list at No. 18 with San Antonio coming in at No. 45.
The climbing cost of homes in Austin continues as the Austin Board of Realtors reports that the median price of a home in the city rose to a record $667,000 last month.
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