Texas has witnessed a sharp increase in population over the past decade. Whether coming from other states or countries, legally or illegally, the cities of Texas have filled with different people and its economy has substantially revived. Austin, in particular, PwC concluded in a report, has been ranked as the hottest real estate market to invest in 2017. The city today boasts top-notch neighborhoods, attractive facilities, and an invigorated overall economy. What is comforting about Austin real estate and the city’s neighborhoods is the fact that the global financial crisis has only minimally affected the city. This has advanced Austin as a stable and durable city for the long term, thus appealing to real estate investors. Additionally, what has further encouraged investors to invest in Austin real estate is the continuous activity to develop and implement projects and build real estate properties to accommodate for the needs of the growing population. Young professionals, baby boomers looking to retire, and families have chosen Austin over others for its prolific attractions and facilities. Are you investing in Austin real estate today?
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Together, our experts have developed a list of the 5 top neighborhoods to invest in Austin real estate. If you are looking to invest today, assess each and every neighborhood carefully to be able to come to your best predilection. We advise that you also visit Mashvisor and look further into the knowledge center to fully prepare for Austin real estate investing.
Windsor Road
Windsor Road is rated as the top neighborhood in Austin real estate, according to Austin Monthly. The neighborhood includes Pemberton Heights and Bryker Woods, which are part of the Old West Austin Historic District. Considered an archaic city, where there’s not much construction allowed, Windsor Road remains a halcyon place to live in within the Austin real estate market. The median home price hovers around $800,000 with a 20% increase from the 2016 level. Owning properties constitutes 53% of the rent/own pool, partly because of the roaring median rent that is about $1,600/month. Its excellent educational system, along with its enabling environment, has further, attracted many families to live in this neighborhood. If you are looking to invest in an Austin real estate property in Windsor Road, we recommend that you look extensively for a property. Because the city preserves many of its land, finding a property has become a somewhat complicated process.
Allandale
With a population exceeding that of Windsor Road and of about 9,000, the neighborhood remains more affordable than others surrounding it. The median home value is about $350,000, with about 64% of the population owning their home. The average monthly rent, on the other hand, hovers around $1,100. Although near louder neighborhoods such as Hyde Park, Allandale remains to be quieter and more preferable to families. Niche, in fact, ranked Allandale this year as the 3rd best neighborhood to raise a family in. Additionally, the attractions and amenities as well as the close proximity that the city provides have all contributed to Allandale buying a top market for real estate. If you are looking for a good neighborhood to raise your family in, one that is not too suburb- or city-like, Allandale is then your destination within the Austin real estate market.
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Zilker
Zilker’s location near the Greenbelt has advanced the neighborhood into a more green and environmentally friendly one. The neighborhood houses many green spaces which include Zilker Park, Zilker Botanical Garden, and the Austin Nature & Science Center. And not only is it filled with parks, it houses many awe-inspiring historic homes constructed by notable architects such as A.D. Stenger. The neighborhood’s vast green spaces along with its artsy taste have attracted more people into the city, especially millennials. In fact, Zilker is ranked the 4th best neighborhood for millennials this year.
The average median home price remains lower than in other neighborhoods, hovering at around $450,000. Meanwhile, rent remains reasonable at $1,200/month. If you are a millennial or an Austinite Slacker, then Zilker remains to be your spot. Next time you are on vacation, hop up to Zilker and experience its homey and green atmosphere.
Highland Hills
Being of close proximity to downtown, while enjoying many attractions and open spaces, has made Highland Hills an appealing option for Austin real estate investors. What has attracted even more people to this neighborhood are the diverse variegated brick homes. In addition to these conventional and unassuming home designs, the neighborhood remains unique for its restful atmosphere and meandering creeks and wildlife. Considered one of the expensive neighborhoods in the Austin real estate market, the median home price has gone as up as high as $700,000. As compared to last year, this figure grew up by 23%. Although considered expensive, many families continue to move here for the abundance of attractions and excellent public schooling system. If you wish to have a good quality of life and be in close proximity to downtown, Highland Hills should be an option to invest in.
Downtown
Downtown area continues to anticipate demand, growth, and appreciating prices. This is because Downtown offers plentiful attractions such as Frost Bank Tower and Paramount Theatre, comedy venues, and nightlife districts. Real estate agents further proclaim that Downtown will undergo more development to add more amenities to its structure. This will consequently attract more residents into it. Meanwhile, Downtown remains a very affordable place despite the various attractions that have caused prices to increase. The median home price hovers at around $350,000. If you’re looking to be in the heart of the city surrounded by job centers and wild nightlife, choose Downtown for your Austin real estate investment.
Related: 9 Ways to Invest in Real Estate With Little or No Money
Having discussed the top neighborhoods in the Austin real estate market, we recommend that you formulate your real estate investment goals and select a neighborhood to align with them. If you are looking for a mix of suburbia and city, then you should consider Allandale. If you are looking for a busier and out-going neighborhood, we recommend Downtown area. Whether it is Downtown, Allandale, or Windsor Road, going out in the field and learning as much about each and every neighborhood as possible will facilitate the selection process and ensure a good property investment decision.
For more information about Austin real estate, visit Mashvisor.
