In Austin's sizzling real estate market, the odds of snagging affordable properties in hot neighborhoods are lukewarm. As the market continues to see an uptick in home sales, a new study from Redfin shows that Austin lacks neighborhoods with a balanced mix of home prices.
Redfin looked at the economic integration of 20 cities by comparing home prices to the purchasing power of a local, median-income family. According to the report, most Americans live in an economically segregated neighborhood that lacks balance between affordable and high-end homes.
Sixteen percent of Austin neighborhoods offer a balanced mix of home prices, making it the ninth most economically integrated city. Boston, Seattle, and Washington top the list. Fifty-one percent of Boston has a balanced mix of home prices. In comparison, only 4 percent of Columbus, Ohio, the least economically integrated city on the list, offers a balanced mix of prices.
The Austin neighborhoods with the best mixture of high-end and affordable homes are the sought-after areas of Zilker, Rosedale, Bouldin Creek, and Allandale.
Redfin says 73 percent of Austin offers homes that middle-income Austin families can afford. The most affordable neighborhoods are Holly, Garrison Park, South Manchaca, West Congress, and Highland. The neighborhoods with the most high-end properties? Cat Mountain Villas, West Austin, Bryker Woods, and Windsor Road.
There is even less diversity in other Texas cities. Only 12 percent of Houston offers a balanced mix of home prices; in San Antonio, it's 8 percent.
JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
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