{"id":75645,"date":"2023-02-06T05:00:19","date_gmt":"2023-02-06T13:00:19","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=75645"},"modified":"2023-02-06T09:33:33","modified_gmt":"2023-02-06T17:33:33","slug":"austin-pandemic-housing-market-affordability","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/austin-pandemic-housing-market-affordability\/","title":{"rendered":"Austin Homebuyers Need 27% More Income Than a Year Ago Despite Drop in Prices"},"content":{"rendered":"

The typical Austin home costs six figures less than it did during the pandemic homebuying frenzy, but 6%-plus mortgage rates mean housing remains unaffordable for many locals.<\/span><\/i><\/p>\n

Austin\u2019s median home sale price has dropped $135,000 from the apex it reached during the pandemic homebuying frenzy\u2013but that doesn\u2019t mean homes are affordable.\u00a0<\/span><\/p>\n

The median-priced home in the Austin<\/a> metro sold for $535,000 in December, down 4% from a year earlier and down 20% from the June peak of $670,000. But the $138,000 annual income needed to afford that typical home is <\/span>up <\/span><\/i>27% from a year earlier and down just 12% from its June peak. That\u2019s much higher than Austin\u2019s median household income of <\/span>$86,530<\/span><\/a> as of 2021, the most recent year for which data is available.<\/span><\/p>\n