Are you thinking about moving to Austin, Texas but you can’t decide whether to rent our buy? In this episode of The Perfect Balance, I’m going to give you some insight on renting vs buying in Austin. By examining the costs and highlighting the advantages and disadvantages of both, I’ll help make the best decision that’s right for you.

Analyzing The Costs

Let’s first start talking about what it’s like to purchase a property here in Austin. The average cost of a home here starts at $405,000. If you’re willing to consider the surrounding suburbs of Austin, you’ll get more bang for your buck. There, the average cost of a home is $273,000.

What areas should you be on the lookout for? This ultimately depends on how close you want to be to downtown Austin. If you don’t mind living away from the hustle and bustle, it’s cheaper to own versus rent. If you don’t purchase and are looking to lease instead, here’s what to expect. In Austin, the average rent of a home is $2,600 a month. For surrounding suburbs, the average rent of a home is $1600 a month.

Advantages And Disadvantages

Let’s highlight some of the benefits of owning versus renting. When you own a home, you can remodel any room you want. This includes paint colors and holes in the walls. By owning, you build equity towards your mortgage. You’re also able to invite your house guests over at any given time for as long as you want.

What are some of the disadvantages of renting? For your furry family members, renting has limitations on any changes you make to accommodate your furbabies and might have restrictions on pets. Renting also does not give you equity; rather, your rent money goes into your landlord’s pockets. Additionally, when you rent, any house guests will need your landlord’s approval.

Which One Is Right For You?

When you look at the pros and cons, it’s clear that owning gives you freedom. The benefits of designing and entertaining—along with financial and social advantages—are just some of the things owning a home will give you. The list goes on. Your first home is waiting, so let’s chat.

If you have any additional questions about living in Austin, Texas, please reach out. You can also check out my other videos to get a great idea of what living here is all about. Make sure to stay tuned to the next episode of The Perfect Balance to see more of what this amazing area has to offer!