Austin, Texas is one of the fastest growing cities in the United States. With more people flocking to Texas from many parts of the country, the city’s real estate market is amongst the hottest in the country right now. We’ll take a look at ten reasons why.
Teifke Real Estate announced that median home values are expected to rise in the middle of next year. Rental rates are also expected to rise as well. Let’s take a look now at the list of ten reasons why Austin is the hottest real estate market (and you should jump in now).
1. The tech industry is planting its stake here
Some of the most popular tech companies like Apple and Tesla are making their presence known here in the Austin area. It’s becoming a second ‘Silicon Valley’. Tech industry jobs are also excellent in terms of pay.
Not only that, they are willing to find a place to live and the home prices are rising. Most might not be purchasing it outright, but rather renting. With rent going up, it may be a good opportunity to get in on the real estate opportunities when the gettin’ is good.
2. Many people are moving to Texas for affordability
Yes, there are many people flocking to Texas to flee the high taxes from other states. One of the excellent things about the Lone Star State is that it has no income taxes. This will be great for those who are looking for a good paying job or running a business.
Since Austin is growing fast, a lot of people are seeing it as a great place to settle down and call home. It’s a lively city and there’s certainly lots to do in Texas’s capital city. Besides, the rent might be affordable in Austin compared to other cities in the United States.
3. It has a vibrant culture
As the saying goes, ‘Keep Austin Weird’. The culture might have its own unique character, so it’s worth checking out. You might be a young person that likes to go out with friends.
So you might want to check out Sixth Street or even Rainey Street if you are interested in the nightlife. If you’re a racing fan, the Circuit of the Americas is outside of Austin and hosts the United States Grand Prix every fall.
Plus, it’s got plenty of diversity which means you get to experience plenty of different cultures. What better place to enjoy it all in Austin?
4. It’s beating out New York and California markets
New York and California have real estate markets offering you less for more. In Austin and most of Texas, that is not the case. The price per square foot in luxury homes is increasing.
At the same time, you can still pay a good amount of money for decent space. For the same price in San Francisco, you could be living in a closet of all places. Not fun for someone who hates the idea of cramped up spaces.
5. It’s a laid back kind of city
If you are looking for something that’s laid back, Austin is that kind of place. People want to live in the city but with a little less chaos. Sure, things get wild and crazy at the University of Texas every Saturday during football season (Hook ‘Em Horns).
But overall, it’s a city that is chill and not so pretentious. Don’t forget, it still has that classic Texas charm that you’ll find in almost every corner of the state.
6. It’s friendlier compared to other cities
If you’re in a city where people aren’t so friendly, then you might want to spend some time here in Austin. One new Austinite reported that the city is more friendlier compared to those like New York City.
It’s another cherry on top of that ‘laid back city’ sundae. We weren’t joking when we said that Austin doesn’t have that cold and pretension you’ll find in some cities.
7. Growing job market
Even though the tech market is making its presence known, the local economy itself is witnessing its own growth. In fact, the unemployment rate as of Q2 2022 is 2.5 percent unemployment rate in the city alone.
Austin is also home to many corporate headquarters. So there are a lot of job opportunities that are in and outside of the tech industry. These include but are not limited to manufacturing, clean energy, and life sciences among others.
A lot of the future developments might even be built right here in Austin. If that isn’t one more impressive reason to flock to this place and call it home, we don’t know what is. Plus, it’s also one more reason why the real estate market here is getting good.
8. It has highways that provide easy access to much of Texas
Want to spend a weekend in Houston or San Antonio? You aren’t too far from the major interstates that will take you there. You can hop on and take a trip every weekend and visit the Space Center, The Alamo, or even the Deep Ellum section of Dallas.
Texas is home to a handful of major cities. Some of them are the largest in the United States. Austin is right dead center in the state. Even though it’s large in size, you can also fly from there to other parts of Texas for cheap.
9. Renter’s market is heating up
A three bedroom home in Austin can net real estate investors nearly $2300 a month. This may be the reason why some of them are snagging these up now rather than never. With more people thinking that renting a home is better than buying it, that means more recurring income for you.
10. Higher quality of life
The higher the quality of life is, the better. In Austin, it’s laid-back environment is enough to make you feel alive. You’ll find something to do in the city. You’ll always be able to go out whenever the mood strikes you.
If you want to live life to the fullest, there is no place quite like Austin.