@@JosefJochemPodcast Both. If we take into account of the inflation rates and relate it to the money devaluation + the low house inventories while high demands in Austin.. example we have new community named "East village at east parmer ln". This area is under Manor city limits which extremely cheap on the past couple years... people here didn't want to buy much because of extremely high property tax rate and poor school ratings But now more than 2000 buyers are waiting in line to buy..an avg 1400s sqft, 1 story home is abt $450k. And you must spend T least 50k for upgrades bc of KB homes.
Love how they interviewed someone who isn’t even from Austin lol. She’s been here for 2 years. I’d like to see the focus be on people who grew up here, whose family has had to leave because of all this “progress”. I grew up here and it’s nearly impossible to even save up to move away from my hometown. Well off people will always say “boohoo, get a better job, go to school, it’s progress or get over it”. It’s easy to say when you come from money and privilege. I’d like for daddy to give me a head start too; but he couldn’t.
I grew up here and work here, but I cant afford to live here anymore. I bought a house an hour away. The commute can get tiring but I paid 1/4 of what the same type of house on a large lot would cost in Austin.
people coming in from other states with loads of money, its hard to compete if youre a local… cant even get out of my apartment with both my wife and I with full time jobs…
I lived in Austin 2009 - 2013. My Apartment near 38th and Lamar was $639 + electric. The same apartment now rents for 1,499. I'm pretty sure they are sitting on that property to eventually sell for a maximum price so it can be demolished and replaces with a high rise.
That was after the 2008 financial crash when a ton of people lost their job. Do realize that you are wishing for another hard recession in order to get rents back down low.
The same thing happened to Seattle during the tech boom here in the 2010s. Facebook, Google, Amazon, and tons of other tech companies offering salaries to tech workers 3-5 times more than an established blue collar Seattleite. Prices of houses and goods shot up and have displaced many who used to call Seattle home. Looks like the same has happened in Austin. Hope there's something they can about the affordability otherwise being a software engineer is one of the few options left to continue living in Austin.
Same thing is happening in Montana. New minimum wage for city employees in Bozeman is $21/hr and they can't even afford a mortgage! Median home price is 900k and they would need 4.7k/month vs the 3k they are making. Absolutely ridiculous!!!
@@taebby78 People leaving California, WA, and OR for lower cost of living. They sell their houses and move here, buying everything up. Lots of people from Texas and east coast as well. It's getting crazy! Billings is still more affordable than Bozeman and Missoula, but won't be for long. Salary hasn't kept up here with COL. We are leaving this summer!
I moved to Austin in 2013. Rent wasn’t cheap but it was still affordable and now it’s become another SF or Seattle with the influx of people moving here, mostly from California. My boyfriend and I are planning to leave in a few years max. It’s not the quiet, quirky city medium sized city it once was. Now it’s just gentrified and commercialized urban sprawl.
When I moved there for college in 2010 my rent was $570/mo in the NW near Anderson Mill. When I graduated three years later my rent went up by $200. At the time I thought $800 was a lot for rent, but little did I know it would be double that today. Austin seems to have lost that Texas spirit it once had. Feels like a LA now.
We just moved out of Austin, and thank goodness. Rent was so high for apartments that were filled with mold and often crawling with wood roaches, with investment firms for landlords who just didn't care about the health or well-being of their renters at all. We made well over $100K by the time we left and couldn't dream of affording a house there, and the just total inconvenience of living in Austin, the horrible and worsening weather, and the lack of things to do compared to other smaller cities made the prices completely unreasonable. It's so bad living in Austin that I have to wonder if the tech corporations moving there are paying Austin's way into all those "best places to live" articles to try to convince primarily Californians to move to a state that's tax-friendlier to the business. I would not be surprised if there's a mass exodus in the next few years - all I can say is that being back in Chicago has lifted many enormous weights off of my shoulders after living in Austin for four years.
I agree; the housing market is ridiculous right now; reminds me of San Francisco prices for a 1 bedroom. I don't have a extra dollar to my name for my daughter and my salary is above nation average
@@joshbanker8743 Austin and Dallas have more diversity, better food, bigger metro areas, less homeless (per capita anyways). Austin is great if you’re a white liberal college student who loves edm music and Mexican restraunts owned by white people.
It's not a product of "low pay". It's a product of government policies that restrict the construction of new housing units and an antiquated zoning code that focuses on single family detached housing while making it difficult to build multifamily attached housing. But when put to the voters in Austin they rejected revisions to the zoning laws.
That's because people with money don't want multi-family housing. They want separate larger homes on larger lots. They want space. If you want a multi-family situation, go rent an apartment. People buy houses to get away from apartment living.
@@DIVISIONINCISIONnot everyone who wants to own a home wants a detached single family home. In many large cities detached homes are much less common than single family attached homes. Like Brownstones, townhouses or condominiums.
@@christianbrother4724 Housing costs have outpaced wages in all states. Voting for a certain party isnt gonna do anything. You have a pea sized brain if you think the solution to everything trouble is voting for a certain party. This has been slowly happening the last 5 years. This isnt something that happened overnight. Its now reached rural states like montana
House of cards. There is not enough water for the growth. We are also experiencing more and more droughts. Notice all the pollution in the water anf other water issues that are happening quite often now.
We’re bringing in these big tech companies but how many are actually giving Texans jobs I see a lot of these tech companies bringing there employees from other states
I was a high producer in the Austin real estate market. Back when the 2008 recession happened, we didn't really go after the Wall Street criminals. Instead we passed Dodd-Frank. Dodd-Frank did away with most of the ways a buyer's realtor used to get first time homebuyers a loan. That means we lost the bulk of first time homebuyers for 15 years. First time homebuyer rates are at 1938 levels of participation. We didn't build the homes we needed for those buyers. That's a huge part of the lack of housing. For most people, buying a home will be the best investment they will ever make. Most first time homebuyers, I served to buy homes, were converted would be renters. Most of my clients didn't think they were going to be buying a home, they typically would call on an ad, or walk through an open house, while looking for a place to rent. Without a way to get first time homebuyers in a homes, the agents who knew how to put deals together disappeared. It is an art form to get all the things done so most first time homebuyers could buy a home. The US government spent decades building a reliable market, that worked for first time homebuyers, and the agents/builders, that supported them. If out government doesn't understand the importance of helping first time homebuyers, and fix this problem, we will see more of these problems. Buy a home when you're young, and you'll be protected when you're old. Otherwise, when you can least afford it, you'll be chasing higher rent prices and/or even be homeless.
The federal government wants lower/middle income families to keep renting. That prevents them from creating generational wealth and having any real equity that can be passed on from generation to generation. That keeps them and their children in the lower/middle income brackets in perpetuity. This makes them easier to manipulate. I'd like to say this is one party or another, but it's both for different reasons. Dems want a bigger voter base. Republicans blindly support donors that profit from policies that disenfranchise lower income citizens.
Agreed, bought my house in 03 with help from a friend as you mentioned. Now couldn't buy a house even if I wanted to. Rents are now more than my mortgage and couldn't afford those either. I get offers all the time from people that would mow down my house and jam two houses with no yard on the lots for profit not sustainable living
It will come to the point everywhere when rich people are looking for services and find none because people can't afford to live in the area to provide them.
Income plateaued decades ago. Remember the late 70’s, early 80’s. Wages stagnated. Cost of living kept rising. Same craziness today. Cost of housing and food is not only affecting Texas but all over America 🇺🇸 Canada 🇨🇦 the world 🌎 and everyone. Texas is not alone or unique in this economy.
Austin Texas is in the top 5 places where people are moving to there's not enough apartments or homes to rent or buy. I am from Austin and i left 2 years ago you can't move to any town surrounding Austin the rent/cost of a home is the same now you have to drive into the city contributing to another problem. Everyone that i knew grew up with have left.i was making 18.00 an hour paying 1.100 for rent
Shout-out to the people moving to Austin Texas from out of state that are paying 4 times the market value. You're making a lot of people wealthy. -Commenting for a friend.
There's a strategic reason Austin Texas is bringing all future tech and AI to be developed here. It's an issue of national security It's the reason Elon Musk had to move all his development to Austin. The US military has rolled all future tech development for all branches of the US military into the Joint Domain program. All future tech for the US government will be developed through the Army Futures Command, located in Austin. This means anyone doing AI, robotics, or any integration of tech, has to come to Central Texas. This will be bringing more people from the US and the entire world to the area. Some things will be spaced out, for the affordability of their workers ie: actual aircraft development out of San Antonio, telecom in Dallas, energy in Houston, but they will all have to have a presence in Austin. Austin Texas has been the number one destination of retired military and intelligence officers for over a decade. Now that the Army Futures Command officially opened in 2018, this will really snowball. Anyone who wants to be a player in technology has to have a presence near Austin Texas. Central Texas will be growing faster than it already has been, for decades. Buy anything real estate you can. Even if it's in a bad neighborhood.
Well they moved out there because people with high paying jobs priced them out. I hope you keep this attittude when you or your children have to move to a cheaper part of town, cheaper town or state when you or your children get priced out.
10 more years until retirement. I have been in Austin 55 years. The cost of living and the failed policies of the mayor and city council will force me out.
Student housing is just morbid. I lived with 5 roommates through college and lived in a shared room (the apartment was two shared rooms and two private) and I still payed 700 a month. Private rooms were 900, and a partial lease in a private room went for 1100. The apartment wasn't large either, and there was only a single fridge for 6 hungry college guys. Needless to say we bought another fridge.
People are moving here from other states like California. Hello California people thank you for raising our prices to live. Guess what we do not get paid enough money to live here in Austin. I work for the City of Austin and they do not pay us the cost of living 😒 to live here. It's not right that people like me have to live in a different city 100 miles away round trip just to live. I was born and raised in Austin. Where i live now the rent and mortgage prices are going up and the jobs there sucks their pay wages are very low. It is really sad that rent and mortgage is so high. Fast food places can't keep workers and are closing early everyday. Something has to change 🤔. These jobs need to pay us more money to live. Gas is high grocery stores are high everything has went up in price but my check.
I moved to Austin and lived off of Slaughter Ln and 1st 2015-2016. I was laying $1000 for a 1bedroom. That’s same apartment is 1300, so only $300 in 6-7 years. My fiancés place off of oltorf was $895. Not sure what it is now.
Times like these makes me glad that I work from home. With every lease renewal I can pretty much guarantee a rent hike. At least I can up and leave without having to go through the pain of switching jobs. I love my area, but at some point it will no longer be sustainable to live here, or in the rest of the city for that matter.
Every year rent goes up and sustainable life needs goes up. However, finances are not in the loop! People are greedy! Homelessness is not a choice! Stop the property taxes from going up, while these properties still look the same. Put a cap on the amount a property owner may raise rent. Even the shelter has a lack of housing options and a lack of reality to assist the needed! Most Austin residents are one to a few steps away from this frustrating reality!
No one should be able to tell a landlord how much money can make. How would you like it if you went to work and were told, nope, the state said you aren’t allowed to get raises beyond 2% regardless of your col, taxes, insurance and all your bills? You’d lose your mind. Landlords are running a business.
Can we acknowledge a basic fact? Landlords have all the power with tenants having few basic rights and even then are not enforced. This is especially true for Austin because of the growth. A landlord can issue a "non-renewal" notice to not renew the tenants next lease and give no reason for it. Furthermore, the next rental can refuse to rent based on a non-renewal notice giving the tenant no representation. With few enforceable rights the landlord holds all the cards. How many here have had their rents skyrocket? Anyone report a basic maintenance issue like a broken appliance and it took weeks to fix? How many days have you gone without hot water while the landlord characterizes this as an "inconvenience"? Anyone had difficulties getting the owner to take care of the cockroach or rat problems? What other bills in your life will cost ten percent more for being late a day? I can be two weeks late on a car payment with no problem but two weeks late on rent leads to eviction. How many actually get their security deposit returned? Are you scared of posting a bad review for fear of reprisal? Is there such thing as tenant advocacy beyond the volunteers at The Austin Tenants Council? Any of this ringing true for you?
@@plap. that's why if I'm moving, I tell the landlord that I'll be using the security deposit as my last month's rent. They're not going to evict you because you're already leaving. They don't like it, but I refuse to let anyone steal my money anymore. I always clean the place really well so if a future landlord calls them for a reference, they really can't say anything bad.
Similar problems in Denver, but employers have raised wages all across Colorado. Texas still pays low. Example: Home Depot in Denver, starts at $21/hr. Home Depot in Houston, TX starts at $11/hr. I work in IT Support and made 50k in Texas. Working the same job in Denver, making 70k. So glad I left Texas..
Have had my house up by lake Travis for seventeen years. It was built in 1964 on two lots and get offers all the time ,I'm not selling. If I did sell they would mow it down and jam two houses here with no yard for profit. I couldn't buy another house even if I wanted to. Money from selling and my income is not sufficient to live or get something else. Apartments now are more than my mortgage. My only goal is to pay it off so I can have a roof over my head without rent when I'm to old to work. I might be able to at least scrape together enough to pay the property taxes. Just have to keep it from falling apart around me. Also not an easy task.
@@Hawtload Ya, it was $900 a year when I first purchased. Now it is $3800, who knows in ten or twenty years. They also play with the property values when they want to raise the rates, dropping value so the payment looks the same for a year or two. The land value is even less combined, compared to lots that are individual and sized the same. Pushing to jam as many houses they can next to each other, with yards so small lawns can be cut with scissors. They even let the houses built next to me recently be put right on the property line with no easement, so I end up giving five feet of my property for their greed
A couple years ago I had an expression of desire to move to Austin, i’m glad I never went since I probably would’ve been dealing with some problems like this.
I agree. I have been here for long time, and it is fake pretentious, i have zero friends and gigantic costs. Just have not decided where to move, the grass is greener on the otherside? And what is killing me is no one no one is protesting, everyone is swallowing the craziest price increase!!! Where to complain?
@@internationalpianoperforma3946 I am 58 and I am a native Austinite. I can remember when Austin was a totally cool and awesome town. 13 years ago I moved away for job purposes. I came back 3 years ago to an Austin I don't even recognize.
If you increase the wages you will see an increase everywhere else. It's basic economics. If a community has more access to more money via higher wages across the board then you will see an increase in everything else.
Boise, Bozman, Colorado, Minnesota, South Carolina, North Carolina, ... We have too many people having too many kids. Many families have more than 2 kids.
It sounds weird but we should drop the affordable housing programs, they hold up new building initiatives. We need to focus on higher density housing, townhomes, A/B units on the same property, more condos. Simply more supply with the same amount of demand means lower prices.
Also remote workers are part of the equation. If I get paid California wages but can live in Texas that's a huge incentive. We currently live in Austin and would love to move to a more affordable area but the job is unwilling to go 100% remote because they don't want to lose their culture although it worked perfectly fine for 2 years.
I am a Austin native born and raised, I make 70k a year on my own without my wife’s income and with our current prices I feel like I’m still making 30k with a home purchase far out of sight.
@@joshsan32not sure why? Cause even if your yearly net was 70k or lower after taxes that used to be decent money. Back in the early 2000’s here in Austin 35k a year was allot that you could live comfortably on.
Put something in place so property taxes don’t go up with the appraised value of the home every year. And then add a small income tax or gas tax or something like that. A gas tax could push people more towards EV‘s well making money for the government or something. They just need to lower property tax
Yep. This is what California did back in 60 and 70s. There property taxes are largely tied to purchase price, not market value. It makes sense. In Austin, your neighbor selling their house for a lot put no money in your pocket and sticks you with a higher property tax bill.
When I visited Austin for the 4th of July, I was amazed by the amount of homelessness. Under some bridges, they even created their own tent cities… Truly a housing crisis.
My question is what will the corporations gonna do when nobody is applying for apartments due to unaffordable rent. And the trend for no applicants continue for years. Then what ?
Or income has been running ahead and housing costs are just catching up. Looking at most other developed countries you'll see something strange...half the median income as in the US, houses cost 2x more per sq ft and homeownership is higher??? How can people in other countries can afford homes but Americans can't? Oh and then there's the reality that homes in Austin are being bought very quickly. How can any product be "unaffordable" yet sell fast. When something is unaffordable it means people can't buy it. Well, that's what affordable used to mean. Now apparently it means cheap news story a bunch of people sitting at home want to hear.
Didn't help Californians had sold there homes for millions came here and is taking over. You can sell your home all day but can't compete with them to buy a home. Then EVERYTHING went up EVERYTHING except income. I used to love it here. The small town I live in has been overran with section 8 a pretty much crimeless town is now nothing but crime. Sad .
@@truthhurts3532 no. I live in central Calif. Bought a house for $225K in 2019. It's now worth around $325K. That's probably the average price here in my city. LA or Bay Area, that's a different story.
@@ahmedzakikhan7639 it's a sympton of the downfall of cities with democrat leadership. Regulations on high rises aren't the problem. Those high rises are priced high also.
@@ninjaface2342 Property taxes are a function of mismanagement which stems from regulations. Building high rise is very difficult in the US these days - which tend to make costs of construction expensive. Renters are penalized because of this. Another problem is single-family zoning - which makes it difficult to increase housing supply. China has easily solved these printers by relaxing regulations to build high rise wherever and whenever - which would bring down rent and property costs to accommodate high migration to a particular city. I am up for Republic views too. And that is to END REGULATION. Let construction companies build 100s of buildings without red tape and restrictions. Public transport will flow and property taxes will automatically come down if more people use less Roads - because high density improves fiscal efficiency of a city - which will reduce property tax per person.
Austin is definitely catering to the upper class here and trying to push out the poor. Methamphetamine is also all over the streets. Lived here my entire life and the only thing that's changing is how much everything costs... I've worked hard, saved for an apartment when the time came, I couldn't afford it.
I have been in Austin since 74 (52). Wife and I bought our home new in Cedar Park back in 2003. It is a 2400 sq ft home and we paid $146k for it. The same home today, one that has been lived in sells for $495k. A new home this size sells for $650k+. A bed apt in CP rents for $1600. Sad. We need to see a housing market crash as we did in 08. Austin is a shell of what it use to be. The downtown is dirty and a homeless haven. I don't recommend anyone vacation here unless your going to Lake Way to enjoy Lake Travis. But only if the lake is full.
Ironic that the City of Austin demographers office is supposedly concerned about incomes not keeping up with cost of living when the City of Austin is in fact one of the biggest offenders when it comes to not increasing wages of their employees to keep up with said cost of living. Especially in that 50k to 100k segment. The top paid COA employees don't seem to have any issues getting a decent raise, the rest of us however are lucky if we get a 2% yearly increase meanwhile the the cost of living here is going up at a rate of at least 7-8% a year.
That’s both bad policy and unfortunately, a result of lower taxes. If COA really taxed these companies for the benefit of the city, it would also slow the growth and slow the rise of the housing market. Tax and spend!
The gentrification of east side Austin was no joke. People with 50k now have to move to Hutto, Kyle, Buda, San Marcos, you name it Bastrop. You guys can't be serious right. Face it, you are going to have to leave the city as well. I told my dad there will be a mass Exodus out of Texas after all the people have their Exodus from California over there to here first. Everyone is going to have to trade down eventually 🙂
They mean the 18,000 illegal aliens that cross the border everyday. The large number of immigrants that arrive by the millions each year despite being a "racist" nation. Honestly, if you don't have duel citizenship and a steady flow of income with another country you're way behind the curve. Prepping is Cold War era style of thought. $30,000,000,000,000+ is just the national debt we're told about. *Now they're sending your baby formula to feed non citizen children before your children*
Tell the investors to sell their property like the corporations they won't have this problem but nobody wants to check them. The most expensive places to live has the lowest wages how is that.
This is what happens when you make fun of CA prices. Instead of wealthy people moving to CA, that all moved to Texas and are pricing Texas out of Texas. Hey Texans, enjoy moving to Mississippi
Same thing happened a few times in the Bay Area. We had our rent almost double 3 times since 1984. The dot com boom in my home town in Silicon Valley pushed us East to Austin :) if you build it they will come. A real viable solution would be to move to a more affordable area. Many of we Native Californians have had to do it. Yes, we too complained about it at first, but this is a very real issue in a capitalist society. We need to be versatile and change with the times.
This is what happens when rents go from rising 2-3% annually to 35% and rising. Foreigners and other wealthy investors come and buy up the cheap properties as an investment and raise rents. You have to put caps on how much a landlord can raise rents annually.
The trick of the trade is to live like a gypsy. Against the big city. They only care about out-of-towners the ones that can write a big check.. coming from the original Austin night is a Dying Breed. Ture story
Ah another success for business who can change locations and bring in thousands of jobs in a few weeks vs slow inefficient city bureaucracy that takes months or years to even recognize a shift in demand
I'm not against immigration, but we have to cut off immigration til housing, energy, & food supply can be increased. What is happening is the same problem you'd have if you were expected to move multiple people into your home/apartment ... You'll obviously use more energy, food & it will cost a lot more...once rooms are full that is it. What we have is exactly that... Too many people not enough resources.
Austin's solution: Charge more and more and more property taxes while promoting crime, and hope enough people move out to make room for more californians
You know who is inflating prices. BUYERS! the out of state buyers, who are putting up cash on table and even buying more than asked price. They did in the start of 2019-2020, and market got high on that. All sellers kept increasing prices to see how much people are going to fork it over and people rather than rallying together to control the market used all their disposable income to price out EVERYONE. Now we made that climb, salaries for that matter don't work that way. We can rally but companies are not going to increase it because it hurts them. So, we have been burned by that. Trying to buy house for last 3 years, still no luck. Everytime Realtor tells us, offer 20-30k more, no! Why are other doing it. Now interest rates are so high all newly bought houses are back again in market with even more asking price. The greed worked both ways. You just can't put blame on corporations, it's us as well.
The sad story all over this nation… how can rents skyrocket 100%+ in the span of 5 years but wages stagnate? It just makes no sense. And then people have the nerve to complain about homeless people… well how about this? There would be no homeless people if this excessively wealthy country would at least slightly attempt to take care of its people… spend money on building homes and creating jobs instead of conquest and dropping bombs?
This?is happening all across the nation something has to be done about this people who work hard every day can't afford high rent if the govenor can't do anything about it then the president?needs to step in
