The report said the monthly cost of purchasing a home rose by 9.2% from this time last year, but rents dropped a whopping 8%.
It said the Austin housing market has cooled recently, with prices now about 2% below where they were in August 2022. But the modest price declines are nothing compared with the impact of higher mortgage rates on the average monthly payment.Homebuyer confidence growing, according to new report from Austin Board of Realtors
To calculate the data, Realtor.com used the August 2023 median rental prices for studio, one-bed and two-bed homes, weighted by the number of listings in each metropolitan housing market, and compared that with the monthly buying costs of a median-priced home, assuming a 7% down payment with a mortgage rate of 7.07% and including all fees and taxes. Only the 50 largest metro areas were included in the analysis.