Austin Business Journal writes, "In his 2005 State of the City address, then-Austin Mayor Will Wynn — fresh off leading the Downtown Austin Alliance — had a goal of 25,000 people living in downtown Austin.
At the time, about 5,000 people called the Central Business District home. Almost 20 years later, downtown is still far short of that goal but growth has ramped up as thousands of new apartments and condos rise toward the sky.
The DAA now pegs downtown's population at about 15,000. Almost 900 were added last year, DAA reports. They come for the high-rise living, entertainment, quality restaurants and urban hike-and-bike trails.
It's an appealing package if you can afford it — the downtown ZIP code, 78701, is now the wealthiest in the area — beating out even the mansion-laden hills on the west side.
That's according to the Austin Business Journal’s 2024 ranking of the wealthiest ZIP codes in the Austin metro, which pegs per capita income in 78701 at $125,939 and the median home value at $732,330. The list is below this article.
American City Business Journals, ABJ's parent company, used a weighted formula with numerous factors, including per capita income, home equity, typical home value, estimated savings and poverty rate to determine the wealthiest ZIP codes.
"There's access to water, access to trails, access to entertainment, employers — it's all of this sort of one-stop shop for those who can afford it," said Jenell Moffett, chief impact officer for the DAA.
The DAA's own analysis, which is based on data from the U.S. Census Bureau, shows that the 78701 ZIP code has the highest median income in the region for "non-family households," meaning those consisting of a single person or roommates.
Luke Goebel, an economic development research manager for the DAA, said most downtown residents are young professionals with high salaries or older people with no kids at home who prioritize walkability and an urban lifestyle. According to the DAA, roughly two-thirds of downtown residents are renters and one-third are owners, a trend expected to continue as new residential properties are developed.aus
Most residential real estate in downtown was built within the last 15 years, Moffett said, with a focus on premium products.
The DAA's recent State of Downtown report for 2024 showed that the area added more than 1,300 residential units in 2023, and just over 3,000 units are under construction. The data pegs the residential occupancy rate downtown at 87%.
Looking at the age of downtown residents, people between 25 and 34 represent the largest share of the population."
Source: Austin Business Journal
Written by: Sean Hemmersmeier
Published: August 16, 2024
Leave A Comment