{ "media_type": "text", "post_content": "Genuinely curious - is it even worth it to buy a house right now, especially considering the sky high property taxes, the increased prices, and how (comparatively) cheap rent is?", "post_id": "61436d8d1124360030023205", "reply_count": 13, "vote_count": 1, "bowl_id": "5c47116f24e0070018d220e5", "bowl_name": "Austin, Texas" }

Genuinely curious - is it even worth it to buy a house right now, especially considering the sky high property taxes, the increased prices, and how (comparatively) cheap rent is?

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Yes. Prices are leveling but I think it’s still undervalued, especially if more Bay Area tech is coming.

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Also I think it is trending for tech companies to not adjust comp for COL (see Zillow announcement), it’s not at a tipping point yet but once it hits that there is even less reason to be in HCOL and Austin becomes even more attractive. The dam hasn’t burst yet but is filling quickly.

It's leveled off slightly but I don't see it crashing. Even the builders, who were once lower than the ridiculous market, have inflated their prices, and it's not because of materials. Home you could have contacted to build a year ago for $550k are now $800k+. People in Austin can talk about the influx of jobs and companies all they want, but not everyone is highly compensated. Talk to any local who works in a lower income profession and they're being priced out and have to move so far out that their commutes aren't sustainable. After my builder added $350k to the verbally quoted price 8 months ago I told them to go eff themselves. Apparently I was the 8th person on the list and the 7 previous buyers told them the same thing. I'm now building a home in KC. At the price of homes now the expectation of appreciation over the next decade is going to be nominal. Of course Realtors and speculators will argue against my position, but that's the entire game.

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Kansas City

Austin prices have gone up every year like clock work. We are still very low on housing supply. Don’t expect a drop. Also depending on where you buy delaying May only make it worse. Suburbs are mostly all exploding in growth as local people get priced out of downtown area.

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I’d wait 6 months. Prices have leveled off a bit. Inventory may be a little better in the spring which should help too

June 2021*

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