In a recent report by SelfStorage.com, Austin was named the best city to buy a home in the US in 2015. Though I’m sure home buyers experiencing multiple offers and overbids might be frustrated, they should rest assured that their efforts will pay off if this report by SelfStorage.com holds true.
Criteria Used to Make this Best Cities List
Home prices weren’t the only criteria used to make the list, so if you are expecting a list of the cheapest cities to buy, this isn’t the right list. To determine the best cities to buy a home in the US, SelfStorage.com looked at the 60 largest metros in terms of:
- Long term economic and job growth
- Availability of homes built in 2000 or after
- Cities where housing costs were at most ⅓ of the home owner’s annual income
- Median price increases from 2012-2014
- Real estate property taxes paid per capita
Austin Named Best City to Buy a Home in the US
For those of us that live here and have experienced the tremendous growth in the last decade, it isn’t surprising to see Austin landed at the top of this list. According to SelfStorage.com, Austin showed the highest long-term job growth and the second highest economic growth numbers. As we’ve seen, Austin is also growing tremendously, which has encouraged builders to put up new neighborhoods wherever they can. As such, Austin had the second highest share of recent construction. And, Austin is still affordable – with the median housing price less than ⅓ most buyer’s annual incomes. The drawback for Austin? It came in dead last in the top 12 for real estate taxes. But, remember, Texas doesn’t have State Income Tax, which usually is a much bigger savings than the difference in property taxes.
Texas Dominates the Top 12 Cities to Buy a Home in the US
If you’ve been following relocation patterns across the US, you’ll see Texas is seeing quite an influx of residents. Not only do Texans enjoy no state income tax, but cost of living is reasonable compared to other bigger cities. It’s really not surprising all four large metro areas in Texas made the top 10. In case you’re curious, here’s how the rest of the list shaped up.
Top 12 Cities to Buy a Home in the US
- Austin, TX
- Houston, TX
- Raleigh, NC
- Las Vegas, NV
- San Antonio, TX
- Dallas, TX
- Charlotte, NC
- Orlando, FL
- Atlanta, GA
- Phoenix, AZ
- Portland, OR
- Salt Lake City, UT
If you want to read about how these cities compare, you can read SelfStorage.com’s article here.
Honestly, Austin appearing at the top of so many best cities lists is one of the reasons we decided to consider it when we were thinking of relocating from San Francisco. Though we’d been to Austin, we came to check it out again and completely fell in love with the city. 22 days later, we packed up all of our stuff and still haven’t looked back. Austin has been a great move for us and we are glad to be residents.
Considering Relocating to Austin?
If you are considering relocating to Austin, we can help make the process as easy as possible. Not only have we done it ourselves successfully, but we’ve helped many other families do the same with 100% satisfaction. For more info about relocation to Austin, check out our Guide to Relocating to Austin and our Austin Relocation Blog. Then, call us at (512) 827-8323, email us at info@11OaksRealty.com or fill out our Relocation Survey to get started.