Did you know that, more Americans have been moving to Texas than to any other state in recent years? In fact, the Census for 2013 put this number at a net gain of almost 400,000 people. Out of all the major cities, Austin was the fastest growing and the most popular because of the many advantages that it offers.
The number one reason for this unprecedented moving rate is employment opportunities, followed closely by affordable housing. Nela Richardson, real estate broker Redfin’s chief economist says, “It take two things to draw people inland in big numbers: jobs and housing affordability.”
Heartland states, like Texas, Utah, and Oklahoma, offer these two advantages in spades. For example, when it comes to affordable housing, there is plenty of cheap land to be found around cities as well as a number of regulations that allow developers to build quickly. According to Redfin, last year, 9 of the top ten fastest growing metro areas in the US, had homes that were more affordable than the US average.
Five cities in Texas, (Houston, Austin, Fort Worth, Dallas, and San Antonio) were in the top 20 among the list of the fastest growing large metro areas. However, believe it or not, the most impressive growth rates were in the smaller metro areas in Texas. For example, oil-rich Odessa, saw a growth spurt of 3.3% and nearby Midland grew by 3%. Austin saw a population growth rate of 2.6% between 2012 and 2013. This number is so impressive that, when it is compared to the entire United States, Austin is growing at a rate that is four times the national average.
The main reason for this unprecedented growth in Austin is due to the high employment rates. In fact, the city’s unemployment rate is a mere 4.6% and Moody’s Analytics estimates that job growth will see an increase of 4% a year through 2015.
Affordable housing markets with strong economies are more attractive to those who want to relocate.As you can see, jobs are quite plentiful in Austin. However, with the latest headlines about underpaid workers, this isn’t always encouraging news.
The whole nation has been made aware that, sometimes, it’s not always about being employed but how much one gets paid to do their job. Fortunately, this is not something that one has to worry about in Austin because many of their jobs pay very well. In fact, the median income is $75,000; nearly 20% more than the national average. It is important to note that, the median prices for homes is also higher (at $243,000). However, this is a price that someone making $75,000 a year can easily afford.