A look at Austin markets in 2020
Updated: Jun 6, 2020
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Should you buy a home in Austin, Texas in 2020?
Austin is a majority renter market with nonstop growth. Does it make sense to buy a house?
Not long ago, owning property in Austin was for those who could afford it a no brainer. Most Austinites took as common wisdom the idea that one’s home could and should be their primary asset, not unlike a big savings or retirement account. And home prices through the late 1980s were affordable on even the most middling state worker salary in this still quiet college town.
Over the past few decades, Austin has faced nonstop growth; the metro population has increased from 1 million to over 2.25 million people since 1980.
Between 2006 and 2020, Austin Still a majority renter market. At the same time, other questions have stoked anxieties over whether one should buy a home, in Austin, in 2020. Should you buy because you can, even if your purchase might contribute to a pattern of displacement and sprawl? And in an era of increasing climate risk, does it make sense to have property as your primary financial asset?
When it comes to Austin, the one constant is the worry that you’ve already waited too long, that the market has peaked or, conversely, that all the good ones are taken. In the 21st century Austin home market, in other words, the time you should buy always seems to be right now!