AUSTIN (ABJ) — The average Austin family needs a big raise to comfortably afford a home.
That’s according to a new Zillow analysis that found an average Austin family would need a raise of about $27,500 to comfortably afford a 20% down payment and mortgage for a typical home in the Austin market. That compares to a national average of a $17,670 raise.
Zillow reports the typical home value in Austin is just under $452,000 and the median income in the area is just under $105,000, so a typical home buyer in the city would need to make over $132,000 to comfortably buy a home.
Read the full article in the Austin Business Journal.