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MLK, Austin, TX—78721

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$416,000
9.6% YoY Growth
Household Income
$103,000
134.3% YoY Growth
Days on Market
82
8.0% Shorter YoY
Home Price Forecast
-2.2%
Median Rent
$2,400
0.8% YoY Growth
1-Bed Rent
$1,340
13.8% YoY Growth
2-Bed Rent
$2,300
3.1% YoY Growth
3-Bed Rent
$3,200
2.0% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — MLK, Austin, TX

As of Dec '25, the median home price in MLK, Austin, TX is $416,000, with a year-over-year change of -9.6%. This indicates that home prices in MLK, Austin, TX are decreasing. According to Zillow, the 1-year price projection is -2.2%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$416,000-9.6%
Single Family $402,000-10.3%
Condos $485,000-5.1%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$406,000-6.5%
    3 Bed
    		$481,000-8.0%
    4 Bed
    		$553,000-7.4%
    5 Bed N/AN/A
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    % of Housing Stock

    Studio
    3.8%
    1 Bedroom
    12.4%
    2 Bedrooms
    23.0%
    3 Bedrooms
    50.8%
    4 Bedrooms
    8.6%
    5+ Bedrooms
    1.4%

    Rental Trends — MLK, Austin, TX

    As of July '25, Rentcast reports the average rent in MLK, Austin, TX is $2,570, with a year-over-year rent change of 0.8%. Per bedroom, the median rent as of July '25 in MLK, Austin, TX is studios: $1,470, 1-bedrooms: $1,370, 2-bedrooms: $2,320, 3-bedrooms: $3,000, 4-bedrooms: $3,220. The most common rental property sizes in MLK, Austin, TX are 3-bedroom and 1-bedroom, accounting for 32.2% and 26.7% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$2,400$2,570
    Studio Rent $1,280$1,470
    1 Bed Rent $1,340$1,370
    2 Bed Rent $2,300$2,320
    3 Bed Rent $3,200$3,000
    4 Bed Rent $3,300$3,220
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    % of Rental Stock

    Studio
    8.2%
    1 Bedroom
    26.7%
    2 Bedrooms
    24.7%
    3 Bedrooms
    32.2%
    4 Bedrooms
    7.7%
    5+ Bedrooms
    0.5%

    Property Listings — MLK, Austin, TX

    As of Dec '25, Realtor.com reports that the median days on market for a home in MLK, Austin, TX is 66. This is a decrease of -6.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 38.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$497,000-10.0%
    Listing Count
    		932.0%
    Listings as % of Homes1.5%2.0%
    Days on Market
    		82-8.0%
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    Demographics — MLK, Austin, TX

    As of the latest ACS Survey released in 2023, MLK, Austin, TX has a population of 10,700, which has decreased by -14.1% over the past 5 years. MLK, Austin, TX is a moderately popular place for families, as children make up 19.5% of the population. The area has a highly educated workforce, with 51.2% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 29.2% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		10,700-14.1%
    % Under 18
    		19.5%1.6%
    % Seniors
    		6.6%-39.4%
    % WFH
    		29.2%394.9%
    % w/ College Degree
    		51.2%73.0%
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    As of the latest ACS Survey released in 2023, MLK, Austin, TX is a predominantly hispanic area, with 40.7% of the population identifying as hispanic. The hispanic population has shrunk by 15.2% in the last 5 years. The second most common race or ethnicity in MLK, Austin, TX is white, making up 35.4% of the population. Foreign-born residents account for 18.5% of the population in MLK, Austin, TX, and this percentage has increased by 31.2% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		35.4%48.1%
    % Black
    		18.7%-28.9%
    % Hispanic
    		40.7%-15.2%
    % Asian
    		2.5%38.9%
    % Foreign Born
    		18.5%31.2%
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    Mortgage and Risk — MLK, Austin, TX

    According to HUD data as of 2023, there were 218 mortgage originations in MLK, Austin, TX, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 28.0% above 90% LTV (very high). This implies large mortgage risk in MLK, Austin, TX. Investor activity is low, as 3.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		218
    % Conventional Loans
    		94.0%
    % Government Loans
    		6.0%
    % Investor Loans
    		3.0%
    % Second Loans
    		1.0%
    % Cash Out Refinance
    		10.0%
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    Rentals and Section 8 — MLK, Austin, TX

    As of 2024, the percent of homes in MLK, Austin, TX under the Section 8 program is 24.9%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in MLK, Austin, TX, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.

    Section 8 Market Size

    Total Units under HUD
    		456
    Total Units Section 8
    		434
    % Rentals under Section 8
    		24.9%
    % Occupied Section 8
    		88.8%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$360$1,340$1,700
    2 Bedroom-$290$2,300$2,010
    3 Bedroom-$640$3,200$2,560
    4 Bedroom-$330$3,300$2,970

    Affordability — MLK, Austin, TX

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio5
    Median Home Price$416,000
    Median Household Income$103,000

    MLK, Austin, TX — ZIP Code Boundary Map

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    Nearby ZIP Codes

    East Austin, Austin, TX

    78702

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    78723

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    78722

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    78742

    University of Texas

    78712

    Frequently Asked Questions