{"id":392,"date":"2016-04-01T10:00:09","date_gmt":"2016-04-01T10:00:09","guid":{"rendered":"http:\/\/www.mymilestone.com\/blog\/?p=392"},"modified":"2016-08-17T17:15:35","modified_gmt":"2016-08-17T17:15:35","slug":"buy-vs-rent-austin-texas-homes","status":"publish","type":"post","link":"https:\/\/www.mymilestone.com\/blog\/buy-vs-rent-austin-texas-homes\/","title":{"rendered":"Why buying a home beats renting in Austin, Texas"},"content":{"rendered":"

\"Summer<\/p>\n

Facing the buy vs rent dilemma? The age-old debate is still going strong in Austin, and you’ll find plenty of folks lined up to argue for both sides. But with one of the biggest rent hikes in recent memory expected to hit Austin in the next year, things are looking better than ever for those who plan on buying a home\u2014and worse for renters.<\/p>\n

A\u00a0rising city<\/strong><\/h1>\n

It’s no secret that Austin is booming. Forbes magazine\u00a0ranked Austin<\/a>\u00a0the second fastest-growing city in the U.S. for 2015, with a population growth rate topping 2.5%. Austin has a lot of things in its favor\u2014an agreeable climate, ample job opportunities, friendly neighborhoods\u2014but there’s a downside to rapid growth, and it comes in the form of housing shortages.<\/p>\n

\"Rising<\/p>\n

Bad news for renters<\/strong><\/h1>\n

With so many people clamoring to call Austin home, affordable rental properties are increasingly hard to find. With scarcity come rising prices.\u00a0Austin\u00a0CultureMap\u00a0reports<\/a>\u00a0that a 5% price increase for home rentals is expected in 2016, and the average monthly price of a single-family rental home is projected to reach\u00a0$1,787 by the end of the year. That’s a big hit to renters in a city that is\u00a0named<\/a>\u00a0the most expensive city to rent in Texas.<\/p>\n

Buy vs rent? Buy!<\/strong><\/h1>\n

Of course, high rent isn’t bad news for everybody. It certainly doesn’t have homeowners worried. With the price of rental homes skyrocketing, buying a house in Austin has never seemed like a wiser choice.<\/p>\n

To be fair, there are still plenty of reasons why renting might be better for some people. Investing in a home when you’re not ready for it is\u00a0a big mistake. If\u00a0your career future is uncertain or if you don’t plan to be in Austin for more than a year or two, looking for a rental may still be your best bet.<\/p>\n

Ask yourself a few questions to determine if home ownership is right for you:<\/p>\n