Can attest to the California influx I’ve been here in Austin since 2010 and its getting increasing crazy in the housing/renting market the last 5 years. The availability has been dwindling the past 12 months especially with covid/post covid vaccination tech influxes not limited to Tesla, Facebook, and Amazon being the big contenders.
I can’t tell if this a permanent increase or a bubble thats going to pop, but brand new builds on the north side of town in hutto/pflugerville are sold at least 6 months before they’re done building and often before they even break ground.
I was lucky enough to buy in 2014, we sold last June for 50% more than we bought which was mind boggling to us and we still can’t quite wrap our heads around (we were under contract for closure within 48 hours, and thats often the norm). We bought our current house in May 2020 (still Austin/Pville area) which has since already appreciated almost 10% we managed to buy big enough its gonna be suitable until the kids are outta school.
On the inverse my renting coworkers have not been fairing well, they either have to pay 1500-2000 to live near downtown or still 1100-1500 in the outer areas. My 2010 rent for a 950sq ft 2/2 apt near downtown was 865$ which we thought was high. It basically escalated from there as we moved apartments to each year jumping to keep from having to pay a $200 price increase, but still went up 75-100$ each time for the same size. That same size apt was up to $1200/mo in 2014 when we finally replaced it with a mortgage which was only $1250 in comparison for twice the square footage.