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.
"Rather than using an index or a percentage of income,” explains company co-founder Constantine Valhouli, “we wanted to look at the prices in a way that would be easily understandable to a layperson."
This chart excerpts part of their research on Austin, looking at the 10 most affordable properties in the MLK-183 neighborhood.
The MLK neighborhood stretches east of Airport Boulevard to U.S. Highway 183 North and is bounded by Manor Road to the north and the railroad tracks between Manor and 183 to the south.
Situated in the middle of several now-bustling thoroughfares, East MLK is mix of residences, light industrial sites, and and business centers. It is a historically largely African American neighborhood that has seen rapid changes with Austin’s most recent population boom.
The study excludes studios, since they tend not to be viable as long-term residences, as well as properties that cannot be purchased with conventional financing, such as affordable/age-restricted housing, and certain listings with incomplete or contradictory information.
For MLK-183, the 10 most affordable 1BR+ properties in November were $185,000-349,000. The most affordable was 4605 Craigwood Dr. ($185,000), while the priciest of the most affordable was 1102 Mason Ave. ($349,000).
* On a per-square-foot basis, these range from $132/sq.ft. (4605 Craigwood Dr.) to $342/sq.ft. (5308 Downs Dr. #1).