AUSTIN, Texas — Luxury homes and luxury apartments are the new hotness in this country, and for good reason.
A number of major metropolitan areas are offering new developments, and many are offering a variety of amenities and services that aren’t found in other regions of the country.
And in a city with a rich history of social and political upheaval, the rising popularity of luxury houses and apartments has helped spark some dramatic changes.
“The trend in the United States is very clear,” said Jim Kornblum, a professor at University of Texas at Austin’s School of Planning.
“It’s more of an aspirational lifestyle, and a trend that has been on the rise for some time now.”
Luxury apartments and condominiums are in high demand in Austin, a city of over 11 million that has seen more than 20 years of economic growth.
There are more than 2,400 luxury apartment and condo units in the city, including more than 100 in downtown Austin.
Many of those units are located in the Austin Downtown and North Lamar areas.
The area has seen a lot of growth in the past decade, but most of the development is in the South Austin area.
In 2012, the median price of a condo or luxury apartment in the area was about $9.3 million, according to data from the Real Estate Board of Greater Austin.
That’s more than twice the $6.9 million median price in downtown and surrounding areas.
“This is not a place to sit around and relax,” said Kevin O’Brien, president of the Austin Chamber of Commerce.
“Austin is a city that has a lot going for it, and people want to live here.
They want to have access to amenities and be able to live where they want to.”
While the luxury homes and condos are being built in the surrounding neighborhoods, they’re also being built on private property.
“I don’t want people to think this is a trend, but I think it is a major part of the housing market,” O’Connor said.
“There’s a lot more that is going on behind the scenes.”
The condominium boom in Austin is driven by two factors: the economic boom of the last decade and the influx of Chinese buyers from China, a country with a booming population.
The Chinese buyers have brought with them a strong demand for housing, with demand for luxury apartments soaring from 1.7 million units in 2010 to 3.1 million units last year, according the Texas Department of Housing and Community Affairs.
The demand has also resulted in a boom in the luxury market, with luxury condominium prices climbing from $5.6 million in 2012 to more than $10 million this year, including about $7 million in a single year, O’Briens said.
In a market where condos are affordable to most, luxury homes are often priced out of reach for many people, O ‘Brien said.
Many people who can afford to spend $400,000 on a home have to spend more to get into a condominium, where the standard monthly rent is $1,600.
Condos, on the other hand, are affordable, especially if they are located near a business or an entertainment district, where amenities and amenities-oriented services are available, OBrien said, including a spa, a sauna, and even fitness classes and a bowling alley.
“That’s where the people who are most interested in these properties are,” OBrien added.
The high demand is also driven by rising prices.
A new report from the University of North Carolina’s Duke University School of Business found that condominium rents have been increasing since the last recession, with a median price jumping from $4,400 to $6,900 in 2013.
In 2016, the average price of condos in the U.S. jumped nearly 14 percent, and condos are still a premium in the country, with median rents increasing nearly 25 percent in that same year, the report said.
But that surge has slowed in recent years.
For instance, the annual rate of growth of condominium sales dropped to 2.9 percent in 2016 from 4.6 percent in 2013, according data from RealtyTrac.
While prices are rising faster than income, income inequality has also been rising.
The income of a person making more than the median income in Austin has risen by more than 60 percent since 2000, and that increase is even more dramatic when you factor in inflation, the Realty Trac report said, noting that income inequality is a greater problem in cities with a lower percentage of people living in poverty.
“People are living longer, so it’s a problem for the affordability of a lot,” O ‘Brians said.
A condo is often priced much higher than a hotel, with rents for one unit going from $1.6 to $3,400, or $1 million to $2 million, in Austin.
A typical condo, which averages $