If you've lived in Austin for more than ten years, you have a special appreciation, or disdain, for the escalation of housing costs in our beloved city. Every year Austinites sit around their double lattes and lagers and grumble about the soaring price of living. Everyone you speak with has their own solution, yet the City is still at odds with several factors which are multiplying faster than legislation can be passed including the hundreds of new residents who arrive each day and their willingness to pay exorbitant prices just to be within the city limits.
Today I opened up one of my favorite neighborhood construction news sites, Austin Curbed, and noticed an article about a 572 square foot home on Montopolis being sold for $329K. Another listing was for a "well maintained 1928 bungalow" at 888 sq. ft. for nearly half a million.
Now, to New Yorkers (City), that's still a steal when you're coming from paying that much for a closet or parking space. But when the average income in Austin continues to stay way below the "cost of living" this creates a wedge in our society where the "working class", the people who hold the city together, are fast being inched out of the city. $329K for a house barely bigger than an efficiency apartment? One has to wonder how much longer this trend will continue and what it will take to finally cap these soaring prices.
So, how much is too much? What do you think the "glass ceiling" will be for the Austin home market? We want to hear from you. Leave your comment below, hit us up on Facebook or tweet to us on Twitter.