Everything is Bigger in Texas, Even Real Estate Values
While many potential home buyers are still leery of the housing marketing following the Great Recession of 2008 — though both the economy and housing markets have shown significant signs of growth and improvement — Texans are enjoying a booming housing and job market, making it appear as though the recession never happened at all.
The Lone Star state’s capital, Austin, is enjoying real estate values and a luxury real estate market that is at an all-time high. the Texas housing market is on fire, so much so that real estate agents and real estate companies are having a hard time keeping up with the influx of out of state residents moving to Texas in search of high-paying jobs and affordable housing. However, according to real estate web site Trulia, the Austin’s real estate values might be too hot. In fact, Austin’s homes are 19% overvalued compared to the national average.
However, Austin’s high real values, people are still flocking to the city, and others in Texas in search of high paying jobs. Austin’s population increased 2.6% in on year alone, between 2012 and 2013. While that may not seem like much, consider the fact that that’s nearly four times faster growth than the United States entirely. In addition, jobs are plentiful in the state’s capital, with the unemployment rate being just 4.6%. According to Moody Analytics, Austin’s job growth is projected to grow 4% each year.
Equally important, Austin’s jobs are high paying. With the average salary being over 75,000 — nearly 20% higher than the nation’s average — Texans are able to easily afford the state’s real estate values. The median price of a home in Austin is $243,000. While this is higher than the national average, Austin’s high paying jobs allow home owners to comfortably afford these mortgage payments. Research more like this: www.allenrealtygroup.com