Austin 1 of 2 Texas cities where you can save for a house in under five years, new study shows

It takes an average of just over four years to save for a down payment on a home in Austin, according to a recent RentCafe study.

The average homeowner can save up for a down payment in less than five years in just two Texas metros, including Dallas and Austin. The study compared 174 U.S. metros when measuring for a two-person family looking to make a 20% down payment, factoring in average incomes, housing costs and available savings each month.

The study ranked the 64 metros where saving for a down-payment took less than 10 years. While no Texas cities were in the top 20 in the U.S., four areas made the cut.

Austin has higher starter home prices but a more flexible income when compared to other Texas metros. (RentCafe)

Austinites can save up for a house slightly slower than DFW, where a two-person family earning an average of $82,000 would take 3 years and 11 months to cash in on a house. Unlike Dallas residents, who would only be able to save 14% of their income each month, those in Austin can save 20% each month before buying a house in four years and one month.

But Austin's housing boom has driven up costs: the average home costs over $368,000 in the metro as average incomes are also higher at $92,000.

Even with housing costs nearly double that of its I-35 neighbor, Austin's higher income can get you a home twice as fast as those in San Antonio. It would take eight years and one month to save 20% for a starter home in the San Antonio metro, according to the study.

The study shows Austinites may have more disposable income than other Texas metros, with an average of 66% of income factoring into necessities. But even as incomes rise and the job market boasts better numbers than ever, Austin has caught attention nationwide as it has been reported to be one of the least affordable big cities in the country.