The state of Texas has quite a few affluent communities, but Austin seems to be one of the top cities for wealthy Texans. According to a recent report from the Austin Business Journal, the 2013 list of Austin’s Wealthiest Zip Codes had some interesting changes.
The Journal reports that while most of the top 10 zip codes also appeared on last year’s list, a few have dropped in rank while others climbed. Also, a few new zip codes are represented on this year’s list, representing areas in Dripping Springs, Austin and Driftwood.
Here are the top 10 Wealthiest Austin Zip Codes for 2013:
10. 78619 (Driftwood)
Population: 3,646
Number of households: 1,392
Average income: $123,040
Average home value: $343,092
9. 78734 (Austin)
Population: 18,207
Number of households: 7,536
Average income: $130,316
Average home value: $343,994
8. 78620 (Dripping Springs)
Population: 14,879
Number of households: 5,404
Average income: $125,377
Average home value: $331,127
7. 78732 (Austin)
Population: 15,884
Number of households: 5,163
Average income: $165,362
Average home value: $415,548
6. 78730 (Austin)
Population: 8,162
Number of households: 3,463
Average income: $180,996
Average home value: $507,128
5.78738 (Austin)
Population: 14,171
Number of households: 5,260
Average income: $156,505
Average home value: $436,770
4. 78737 (Austin)
Population: 14,140
Number of households: 4,932
Average income: $143,453
Average home value: $351,184
3. 78733 (Austin)
Population: 9,017
Number of households: 3,020
Average income: $157,640
Average home value: $423,163
2. 78739 (Austin)
Population: 17,770
Number of households: 5,654
Average income: $155,685
Average home value: $354,907
1. 78746 (Austin)
Population: 27,242
Number of households: 10,893
Average income: $182,454
Average home value: $526,895
The Austin Business Journal and Esri (a data gathering company) conducted its research by gathering information from the U.S. Census Bureau, starting with calculations from 2010. Esri determined the rankings by comparing both accumulated wealth and the rate of wealth increase in each area. Zip codes with fewer than 20 households and populations with less than 100 people were omitted from the rankings.
In related Austin real estate news, this year’s wealthiest zip code, 78746, recently recorded the 14th highest home sales in the luxury home market between January 2012 and March 2013. According to a survey by Redfin, there were 121 transactions in this zip code for homes in the $1 million-plus range. Furthermore, Redfin also ranked Austin as one of the top markets for homes that go under contract within two weeks.
So, if you’re thinking of putting your 78746 mansion up for sale, chances are good it won’t be on the market long! For those of you looking to buy a home in Austin or the surrounding suburbs, you’ll be glad to know that mortgage interest rates are remaining historically low. While there have been a few upticks recently, rates are still staying below 5.00% for traditional 30 year fixed rate mortgages. Of course, this trend is subject to change, so locking in a low rate soon is recommended.
For more information on Texas mortgage rates and home financing solutions, contact Kelly Decker of The Decker Group at (972) 591-3097. Kelly’s team of dedicated mortgage professionals are ready to help you achieve your dream of Austin home ownership!
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