Austin is officially on the map—more and more influencers, celebrities and companies are making Austin home every day. However, the capital city's globalization comes with a hefty price: the biggest national rent increase in the last decade.
A recent report from Zillow showed that over the last decade, Austin's rent jumped higher than any other city in the U.S.
The report showed how much renters have spent on housing from 2010-2019, cumulatively $4.5 trillion nationwide. In 2019 alone, Americans spent $512 billion on their rent bill and have seen on average a 50% increase.
Austinites spent more than $2 billion on rent in 2010, which jumped to more than $4 billion in 2019, a nearly 93% increase. Though that figure may not seem like much compared to New York City's $56 billion or Los Angeles's $39 billion in 2019, Austin's situation is worse than it sounds.
With each Austin departure, the city gains one-and-a-half new residents and has been seeing an incline even during a pandemic; Austin was called a "magnet" for jobs by the Wall Street Journal earlier this year.
Despite ranking as the 35th biggest market, Austin ranked 22nd in highest rent paid, meaning high rent prices are compensating for a smaller market. Though it could be worse—Austin was sandwiched between Sacramento, California and Portland, Oregon, which both have smaller populations.
As the city gains new people and places each and every day, experts have said this growth is not likely to slow down from the more affordable to the more luxurious. In fact, homes in Austin are more desirable than ever. Austin is experiencing a shortage in homes on the market, including multi-million-dollar homes desired by celebrities.
More on housing:
The Texas Department of State Health Services will allocate 332,750 doses of the COVID-19 vaccine to 212 providers this week, with the bulk assigned to hub providers that are focused on widespread community distribution events. Six of those providers are in Travis County.
With the latest allocation of 16,450 sent to Travis County this week, the county will have received 104,275 doses of the vaccine. Local public health officials estimate that there are 285,000 area residents who fall in the 1A and 1B priority groups, meaning that around 37% of them should have access to doses seven weeks into the rollout process.
Here's where the latest allotment is going:
- UT professor played role in Pfizer and Moderna's COVID vaccines ... ›
- A 'handful' of ineligible people got the COVID vaccine in Austin ... ›
- Austin Public Health prepares for COVID vaccine distribution ... ›
- Texas widens COVID vaccine access, but Austin doses are limited ... ›
- Austin healthcare offering COVID-19 vaccine waitlists - austonia ›
Californian who wrote viral op-ed attacking Austin life tells Austonia he 'didn't include the positive stuff'
The California exodus has made headlines for several years now, and even more recently, with thousands of West Coasters seeking tax relief, less-expensive real estate and a simpler lifestyle in Texas' capital city.
However, a California man's scathing review of Austin, which was published in Business Insider on Wednesday, reveals that some are less than satisfied with their move.