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Austin housing market calms down enough for young first-time homebuyers

As we all know, rent for Austin area apartments have been soaring. Young adults are looking into purchasing their first homes. Right now is the perfect time to buy. It's a process that can be stressful for first-time homebuyers. Young millennials have backed off the idea of purchasing their first home since the high pandemic prices.

People are growing frustrated with paying a large amount of rent to an apartment. If you do the research though, you might be able to find paying a mortgage is a better option. 

“It can hinder the potential buyer's ability to save, they’re going to be spending a higher proportion of their income on repaying that debt than a household that doesn’t otherwise have that debt," said Clare Losey with the Texas Real Estate Research Center.

“The market is slower than we have seen in a few years and there’s more inventory, more homes to choose from. So, what this means for a buyer is that they face less competition as they’re shopping for a house," Austin Board of Realtors President-Elect, Ashley Jackson said.

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