Data analytics site NeighborhoodX is conducting an ongoing study of affordability in major U.S. cities. As part of this study, NeighborhoodX examined the most affordable market-rate properties in each neighborhood of those cities.
The analysis excluded studio apartments, because these tend to be not viable for long-term residences.
This chart excerpts part of their research on Austin, looking at the 10 most affordable properties in Central East Austin.
As the city defines it, Central East Austin comprises several smaller neighborhoods; it's bounded by I-35 on the west, Chicon Street/Northwestern Avenue on the east, East Seventh Street on the south, and the East Martin Luther King Boulevard on the the north.
The group’s study focuses on market-rate residences with conventional financing. As a result, it excludes residences primarily positioned as development sites, as well as foreclosures and short sales.
Under those criteria, the 10 most affordable market-rate properties in Central East range from $209,000 to $395,000.
If one excludes the least expensive property because it measures only 445 square feet, the range is a bit tighter: $249,000 to $410,000.
On a per-square-foot basis, prices ranged from $224/square foot (2014 East Ninth Street) to $534/square foot (2415 East Ninth Street).