According to RealEstateJournal.com the number of first-time home buyers is down by 4% this year compared to the previous three years.  I don't know the trend in the Austin area, but if it is the same here as in the rest of the country, part of the reason is probably higher prices compared to low rents.  According to the Austin Board of REALTORS® the average price of a home in the Austin area through October, 2006 was just over $231,000.  Someone who puts 20% down on a $231,000 home will have a monthly payment of over $2,100 including taxes and insurance (using estimations of annual homeowner's insurance, property taxes and interest rate).  The average monthly rent of a home leased in the Austin area since June is under $1,300.  That is a significant difference.