Austin student-housing market remains steady
Real estate experts note that buyers typically find a stable market more appealing, and those searching for homes for sale in Austin might appreciate recent housing data that reflect the area's stability.
According to the Austin Business Journal, the area is an attractive option for students looking to pursue educational opportunities at several local colleges and universities. Some schools have taken notice, including the University of Texas at Austin (UT-Austin), and are working to provide their students with affordable off-campus housing options.
"Everybody wants to move into the new place," a local real estate expert told the news source.
UT-Austin awards 12,000 degrees annually and has a total enrollment of around 51,000 students, so it's likely there are many students who seek housing in the area. However, school officials have stepped up their efforts to provide housing for these students, creating housing projects that could significantly impact property owners throughout the region.
The rise of student-housing projects in Austin
Housing projects provide several opportunities to students, enabling UT-Austin attendees to live in apartments, condos and homes near campus. Additionally, these developments deliver employment opportunities to local residents, and could potentially create short- and long-term employment opportunities.
For example, construction teams will typically build these housing developments, and a large collection of workers may be necessary. Construction firms could look to highly trained, experienced local professionals to provide immediate support. Hiring these job seekers may help the city lower its unemployment rate, and the U.S. Bureau of Labor Statistics notes this figure reached 6.4 percent in July 2012 for the Austin-Round Rock-San Marcos metropolitan statistical area.
Can students afford homes in Austin?
Many students may consider renting units advantageous when pursuing a college or university degree, but some might want to evaluate buying a house in Austin. For those who plan to stay in the area after they earn a degree, now could prove to be an ideal time to purchase a house in this city.
For example, Freddie Mac notes that the average interest rate on a 30-year fixed-term mortgage was 3.55 percent as of September 6, 2012. This figure is significantly lower than it was around the same time last year, when it was more than 0.65 percent higher.
Low interest rates on fixed-term mortgages may increase the appeal of Austin to students and other newcomers to the area. Be sure to examine the housing options available in Austin, as plenty of opportunities remain available to acquire property in this city.