AUSTIN, Texas — While more and more headlines appear to sprout up suggesting the cost of living in Austin is skyrocketing, one new report from Rent.com appears to offer some good news: Austin is still more affordable than other bustling metropolises.
The report states that the overall cost of living in Texas' capital city is now 1.8% above the natural average.
Still, Rent.com says the most expensive part of living in Austin is indeed housing. The report says these costs are actually offset by the savings on transportation and food.
The report states that the average rent for a one-bedroom apartment dropped in Austin by 13.5% compared to last year at $1,318 a month.
On the other hand, home prices are now averaging around $370,234. As recent headlines have stated, many homes are currently going well over the asking price. A recent report from Redfin said Austin homes are selling at the biggest premium in the country at 7% above asking prices, and these homes are typically spending about 30 days on the market.
To read the full report, click here.
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