Cheaper to Rent Than Buy in Austin
According to the June 2022 report by Realtor.com it's cost less to rent than buy a starter home in Austin. The median rent in Austin-Round Rock (ARR) is listed as $1,864 compared to a monthly buy cost of $3,685. Nationally, the overall median rent is $1,876, 14.1% higher than a year before. Medians for Studio is $1,544, One-Bed $1,738 and Two-Bed $2,104.
YOY rent increased 19.6% and buying 37.7% in ARR magnifying the cost differential mostly brought on by higher mortgage interest rates. In this regard, ARR has the largest % difference for buying over renting at 97.8% or $1,822, followed by the Bay Area 79.9% or $2,523, Seattle 78.3% or $1,801, and New York-Newark-Jersey 70.0% or $2,092.
See realtor.com for methodology and other details.