MLK, Austin, TX—78721
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — MLK, Austin, TX
As of Oct '25, the median home price in MLK, Austin, TX is $421,000, with a year-over-year change of -9.8%. This indicates that home prices in MLK, Austin, TX are decreasing. According to Zillow, the 1-year price projection is -2.4%, suggesting a decrease housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $421,000 | -9.8% |
| Single Family | $408,000 | -10.9% |
| Condos | $489,000 | -5.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $411,000 | -6.8% |
3 Bed | $490,000 | -8.4% |
4 Bed | $563,000 | -7.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
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.
| Type | Median Rent | Average 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 |
% of Rental Stock
Property Listings — MLK, Austin, TX
As of Oct '25, Realtor.com reports that the median days on market for a home in MLK, Austin, TX is 68. This is a decrease of 0.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 32.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $499,000 | -15.0% |
Listing Count | 118 | 8.0% |
| Listings as % of Homes | 1.5% | 8.0% |
Days on Market | 68 | 0.0% |
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.
| Metric | Latest Census | YoY % 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% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
Loan Activity
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 Size | HUD Premium | Market Rent | Max 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
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5 |
| Median Home Price | $421,000 |
| Median Household Income | $103,000 |