Austin, Texas, Renters Face Barriers to Homeownership

Monthly mortgage costs in Austin, Texas, still present a notable barrier to renters considering the transition to homeownership. Home prices have increased 106% since 2014, far outpacing the 33% increase in average asking rents. With mortgage rates in the high-6% range, levels not seen since 2008, the heightened financing costs are making potential homebuyers think twice, helping sustain the renter pool.