Raising The (Price of Your) Roof: As Austin explodes, the cost of living is too

AUSTIN SKYLINE

By Sam Sumpter

Not-so-breaking news: If you want to buy a house in Austin…or a sandwich, actually…you would’ve been better off doing it a decade or so ago. In terms of housing prices, Austintexas.gov hosts a report charting the median prices of homes in the Austin Metropolitan Statistical Area (MSA) from 2000 ($150,000) through 2013 (around $200,000). According to Forbes, however, the median price of homes in the Austin-Round Rock MSA is currently a cool $206,000—which, based on other results, might even be a conservative estimate.

Various reports cite between 110 to 157 people are moving to Austin each day…all the condo construction in the world can’t keep up with that kind of growth

And it’s not just buyers who are out of luck. Anyone with an apartment can attest to the fact that renting is no wallet-friendly walk in the park, either. The Joint Center for Housing Studies at Harvard recently released their annual report, “The State of the Nation’s Housing,” detailing how the cost of rent has changed between the years of 2000 and 2013. The median rent increased nearly 35 percent between those years, reaching $1,000 in 2013.

And that was two years ago.

Various reports cite between 110 to 157 people are moving to Austin each day, and even if you take that with a grain of salt and keep in mind that some of those people—married couples, families, etc.—will be cohabitating, all the condo construction in the world can’t keep up with that kind of growth. And due to supply and demand (thanks, intro to economics!), that is set to affect cost. Evidence? KVUE reported at the beginning of this year that rent is expected to increase 4.5 percent in 2015.

There is some good news for your wallet, however. While your home might be more expensive than ever, your energy bill is actually set to decrease. According to a press release, “Austin Energy residential customers will begin seeing a decrease in their typical monthly bill starting with bills this November.” But don’t get too excited, as the benchmark 1,000 kilowatt-hour bill will only be reduced by a paltry $3.33.

Which, in Austin, might just buy you half an IPA. Cheers!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s