The Red River Rivalry isn’t just football – it’s now entered the real estate arena.
Once again, the University of Oklahoma sucks as Sooners country loses out on the most affordable rental market in America, toppled by its domineering rival city in the Lone Star State. Realtor.com’s latest real estate trends report found Austin has overthrown Oklahoma City as the nation’s most affordable rental market, signifying a massive pivot from the Texas capital’s COVID-19 real estate boom.
Realtor.com’s analysis found families earning a typical household income in Austin spend 16.5% of their monthly earnings on housing, representing a marked 2.8% decrease compared to September 2024 figures. The Texas capital’s typical asking rent price clocked in at $1,411 last month, down 7% from last fall.
The price slashes come amid recent upticks in multifamily home construction in Austin over the past few years, which real estate experts confirmed have largely contributed to affordability improvements. Brad Pauly, owner of Pauly Presley Realty, told Realtor.com Austin’s surge in affordable rental properties is supplemented by staggering cost benefits found in renting than buying in Texas’ capital.
“Currently, it’s about 30% less expensive to rent than purchase,” Pauly said. “I think most first-time homebuyers are delaying their home purchases while they keep an eye on mortgage rates in the shopping portals.”
While Oklahoma City lost out in this Southern showdown, OKC is still regarded as one of the nation’s most budget-friendly destinations, with a median asking rent priced at $1,007 in September. When it comes to monthly budget expenses, that figure amounted to 16.9% of typical residential households’ incomes.
Trailing behind Austin and Oklahoma City, Raleigh, North Carolina cinched the No. 3 spot, with its rents amounting to 18% of median monthly incomes. Rounding out the Top 5 was Columbus, Ohio and Minneapolis, Minnesota, with rents encompassing 18.1% and 18.7% of tenants’ monthly incomes, respectively.
This article originally published at Texas knocks off Oklahoma to claim No. 1 city for renters in the US.