Why is Austin the next perfect destination for Homeowners?
Long gone are the times when people had a "Big Apple Life Dream" or a "Los Angeles Life Dream." Now it is a "Texas Life Dream," courtesy of the most-liked American city, Austin. Austin has been bagging the top spot for homeowners choosing the best destination for a quality life. Why so? Read on to get inspired to have your property in America's "It" city!
Booming Job Market in Austin
With over 6,500 successful startups and counting, and major companies like Apple, Tesla, Google, Oracle, and Meta building their bases, the city's job market is exploding unlike any other. The next two decades will add millions of jobbers to the "Silicon Hills," aka Austin, with more than 100,000 migrating quickly by 2025. To serve such an influx, the city government is redeveloping the housing regions, thereby pushing prices in a sector limited by inventory.
Austin's Affordability Compared to Other Metropolitan Areas
Despite rising prices over the past decade, Austin has maintained its affordability compared to costlier states like California, New York, and those on the Northeast coast. The post-Covid era growth is majorly attributable to Silicon Valley residents cutting their costs by more than a third with zero compromises on metro vibes and living standards.
Desirable Lifestyle in Austin
An educated workforce immersed solely in contributing to the economy, a low cost of living averaging around $3,000 per month, no state personal tax, and a vibrant culture woven around yoga, food, and nature are features that are hard to find in a metropolitan city. But Austin seems to be winning the game here!
Lucrative Rental Market in Austin
If you are not planning to move to Austin for living purposes, help others realize their living goals. With millennials preferring to choose rentals over owned houses and a limited supply against sky-high demand for living, the rental market in Austin is seeing a whopping 40% year-on-year growth rate, as quoted by Redfin.
Conclusion: Investing in Austin Real Estate
Contrary to recent predictions, the realty market of Austin has not saturated. The uptick has been ongoing since the last decade and is still apparent, with the housing market seeing a 40% increase in 2021 from 2020's end, as noted by Zillow. Similar predictions are being made for the next decade. If your budget and living plans permit, it still is not too late to take a leap into Austin's real estate and be in a win-win situation!
By considering these points, you can make an informed decision about moving to or investing in Austin. Interested in exploring real estate opportunities in Austin? Contact us today to get started!