In recent years, there has been a steady stream of people leaving Austin, citing affordability as the main reason. The cost of living in Austin has been on the rise for years, particularly when it comes to housing expenses.
The Cost of Living in Austin
From 2010-2020, Austin housing prices increased an average of 82%, nearly double the national average. The median home price in Austin is now $550K, which is significantly higher than the national average of $280K. As a result, many people are struggling to afford homes in Austin and are choosing to relocate to more affordable areas.
Related: The Ultimate Guide About Living in South Austin, TX
Property Taxes and HOA Fees
One of the biggest contributors to the rising cost of living in Austin is property taxes. As home values increase, so do taxes. Homeowners are often hit with several thousand dollars in taxes each year, making it more difficult to afford their homes. Additionally, Austin has a large number of HOA communities, and the HOA fees can add up quickly. Many downtown condos have HOA fees of $500 or more per month, making it difficult for many people to justify the expense.
Lifestyle and Culture in Austin
Despite the high cost of living, many people still enjoy the laid-back lifestyle that Austin has to offer. However, the increasing costs are starting to make this lifestyle unattainable for many. Some longtime Austinites are selling their homes for significantly more than they bought them for, enabling them to buy a comparable home outright in another location (with enough money to retire/semi-retire on).
Related: 10 Reasons Why People Are Moving To Austin
Affordability Concerns and Relocation
Furthermore, Austin has undergone significant cultural changes in recent years, and not everyone is happy about it. As the city has grown rapidly, some people have found it difficult to adjust to the changes. Others have simply outgrown Austin and are ready to move on to something new.
The rising cost of living in Austin is driving many people to seek more affordable locations. With high property taxes, expensive HOA fees, and a culture that is rapidly changing, it’s no surprise that many people are leaving Austin for greener pastures. However, for those who can afford to stay, Austin still offers a unique and exciting lifestyle that is hard to find elsewhere.
Next: 17 Hidden Costs of Moving in Austin
