Here are some crazy stats for you. Did you know that Austin, TX is way behind the entire State of Texas in Home Ownership?
I figured that since Austin was considered the "richest" city in the state, according to Tierra Grande January 2009, with a median household income of $77,939, that the owner occupancy rate would be through the roof, especially with all the affordable housing in the area.
This chart shocks me. Granted, Austin could be considered a "College Town", however, those same college students are considered in the median household income numbers. You can't have it one way and not the other.
Why are people in Austin not buying homes in accordance with the state averages? They can definitely afford it. Are they trying to stay within the city limits, yet the prices within the city have become out of their reach as they don't want to go to the 'burbs for a 3000 sqft home priced at under $250k?
Or are the residents of Austin, TX trying to make sure they're mobile, and able to move wherever is necessary at anytime, like with a snap of a finger?
Whatever the reason Austin, TX residents have for not buying, there is an equal or better reason for buying! Are you not tired of paying someone else's mortgage in that rental home or apartment? Are you not tired of being told you can't take down the dated wallpaper to make that place a "home"? Haven't you always dreamed of a fenced yard with a dog running around instead of being cooped up in that tiny apartment all day?
Let me know your concerns as to why you're not buying, and I can counter all your concerns with many more and better reasons why you should buy. Haven't you heard that rates are well below 5% right now??
Are you packet yet?
**graphic courtesy of frontdoor.com