By CASSIE MCKEE, Four Points News
An analysis of each zip code in the city of Austin shows that the 78732 zip code, which includes Steiner Ranch, has the highest average income in the city.
The average household in 78732 earns $10,644 monthly, according to the data analysis, which was done by the Austin American-Statesman.
The analysis also examined housing and transportation costs and compared them to city-wide averages.
“The numbers are from a 2014 city housing market analysis that used data from different sources,” said Christian McDonald, online projects and data editor for the AAS. “The report used population numbers from the city of Austin demographer in 2014, social information from the 2012 census American Community Survey, rental data from Austin Investor Interests, data on home sales from the Austin Board of Realtors 2013 sales and some other information from a 5,000-resident survey.”
With an average monthly mortgage payment of $2,297, Steiner residents spend 21.6 percent of their monthly budget on housing, a smaller percentage than the average Austin resident. The average resident spends 30 percent of their monthly budget on housing. The average home value in 78732 is $388,600.
The 78739 zip code, which includes the Circle C Ranch neighborhood in southwest Austin, has the second highest monthly income in the city, with the average family earning $10,544 per month. The average mortgage payment in that neighborhood is $2,078, with an average home value of $350,500.
The average household in Westlake’s 78746 earns $10,444 monthly, spending 34.7 percent of their budget on housing, higher than the city average. The average mortgage payment there is $3,624, with an average home value of $619,900.
River Place residents living in 78730 are not far behind, with an average household income of $9,964 per month. Like Westlake, River Place residents also spend a higher percentage of their budget on housing, with the average mortgage payment being $3,340 and an average home value of $570,400.
The average household in 78726 earns $5,508 monthly, spending 37.7 percent of their budget on housing, with an average mortgage payment of $2,075. The average home value there is $349,900.
City-wide, the average mortgage payment is $1,310 and the average home value is $216,700.
So which zip code in Austin pays the highest percentage in housing costs? According to the analysis, it’s the 78751 zip code in central Austin, which includes the Hyde Park and North Loop neighborhoods. Residents there have an average household income of $3,219 monthly but pay an average mortgage payment of $1,744, a 54.2 percent share of their monthly budget. The average home value there is $292,200.
The city’s study estimated the average mortgage by taking the median value of a home and then assuming a loan of 4 percent interest and a 10 percent down payment.
Residents in 78732, 78739, 78730 and 78726 all spend an average of $726 in monthly transportation-related costs, slightly higher than the city average of $668.
The University of Texas and surrounding area were excluded from the analysis because the dominant student population skewed the household median income measurement.