Condo vs Apartment in Austin: After the 2022-2024 Correction
Updated 20 May 2026
Austin had the steepest condo-price correction of any major US metro: roughly 15% to 22% off the 2022 peak. As of 2026 the market has stabilised but not recovered. Combined with the second-highest effective property tax in the US (Texas funds everything through property tax), the buy-vs-rent math in Austin has shifted hard from the boom years. Here is what the numbers look like now.
Austin snapshot (May 2026)
- Median condo sale price: around $410K (ABoR, Q1 2026, down ~18% from 2022 peak)
- Median rent (1BR): around $1,900 (Apartment List, April 2026)
- Effective property tax: roughly 1.9% in Travis County
- Median HOA: $300 to $550/mo most buildings, $550 to $1,000 high-rise
- Texas: no state income tax, but no homestead reassessment cap of more than 10%/yr
Monthly comparison: $410K Austin condo vs $1,900 rental
Assumes 20% down, 30-year mortgage at 7.0%, homestead exemption applied.
| Cost line | Buy | Rent |
|---|---|---|
| Mortgage P&I (30-yr, 7.0%, 20% down) | $2,182 | - |
| HOA fees (median Austin condo) | $425 | - |
| Property tax (~1.9% post-homestead) | $649 | - |
| HO-6 insurance | $55 | - |
| Rent (median Austin 1BR) | - | $1,900 |
| Renter's insurance | - | $15 |
| Total monthly outflow | $3,311 | $1,915 |
Sources: Travis Central Appraisal District, ABoR market data, Texas Comptroller, Freddie Mac PMMS.
Post-correction diligence
Buying in a market that recently corrected requires checking two things national listicles will not tell you.
- Pull the building's sales history for the last 24 months. If multiple units sold at 20%-plus below 2022 prices, that is the new comparable basis. Do not let an agent anchor you to peak comps.
- Check inventory trends in your target neighbourhood. Downtown high-rises (Rainey, 2nd St, Seaholm) have higher inventory and longer days-on-market than walkable east-side or south Lamar areas, which can sit on the resale side later.
- Confirm property-tax basis. New owners are reassessed at sale price; if the previous owner had owned 10-plus years under homestead cap, the new tax bill can be 30% to 60% higher than what the seller paid.
Source: ABoR MLS, TCAD parcel data.
Other city comparisons
Related: 10-year calculator · First-time buyer · HOA impact