Posted September 29, 2018 07:20:23Austin, Texas, is the most expensive city in the U.S., according to a report from real estate research firm Trulia.
The median price of a single-family home in Austin is $2.4 million, up 9.6 percent from last year.
The city’s median price increased by 5.2 percent, or $2,639, from the same period last year, according to the report.
Austin’s median sales price increased 3.4 percent, rising to $2 in the second quarter from $1.4 in the first.
The city’s property tax rate dropped to 2.2 percentage points from 2.4 percentage points last year to 7.7 percent in the third quarter.
The median price for a studio apartment rose by 4.2 points to $3,845 from $2 the previous quarter.
The price for two-bedroom apartments fell by 6.6 points, rising by 5 percent to $4,868 from $3.6.
The report noted that Austin has the most single- and two-family homes per capita of any city in America, with a median home valued at $4.5 million.
Austin also had the highest rate of affordable housing units per capita.
“Austin is a diverse and diverse city, with an emphasis on economic development and inclusive housing,” said Trulia Senior Director of Real Estate Research and Analysis Michelle McQuillan.
“Its residents are looking for affordable housing that will offer opportunities to live in a quality place and have a meaningful role in the community.”
The average monthly rent in Austin rose 5.4% to $1,099 from $974 in the fourth quarter, according the report, adding that rent increases are expected to continue this year as a result of a weak economy.
Austin had the second-highest rent growth rate in the nation for the quarter.