Everyone’s exes might be moving to Texas in the very near future. The Texas housing market is in the midst of boom, with Americans flocking in hoards to the Lone Star state seeking affordable housing and jobs. Buying in this housing market has become increasingly popular, so much so that Texas real estate agents have their hands full.
In fact, more Americans moved to Texas in the past few years than another other state, a gain of over 387,000 people according the statistics from the 2013 Census. Of all Texas cities, Austin experienced the fastest and most growth.
Texas, and other heartland states for that matter, have two major advantages that have contributed to this growth; readily available cheap land with lax regulations that allow developers to build quickly, and plenty of high-paying jobs.
This past year, nine of the top 10 fastest growing metro areas in the United States offered more affordable homes than average, according to Redfin. Therefore, it comes as no surprise that Texas, in addition to Utah, Oklahoma, and other heartland states.
Among the top 20 fastest growing metro areas, five were Texas cities, including Fort Worth, Dallas, Houston, San Antonio, and of course Austin. In addition, smaller Texas metro areas experienced faster growth. The oil-rich community of Odessa and nearby Midland reported a 3.3% and 3% gain respectively.
According to real estate company Trulia, the Texas housing market might be too hot. While homeowners in Austin have appreciated steadily rising property values over the last few years, Trulia’s Bubble Watch Report for 2014 lists Austin as the most overvalued city in the United States. According to the report, real estate values in Austin are 19% higher than they should be.
However, home is where the jobs are, and Austin has plenty of them. Austin’s population rose by 2.6% between 2012 and 2013, nearly four times faster than growth across the United States as a whole. The city’s employment rate is 4.6%.
It’s also important to note that Austin’s jobs aren’t just plentiful, they’re also well paying. At $75,000 the median income is almost 20% higher than the national average, making the media home price of $243,000 quite affordable.
One thing is for sure, everything is bigger in Texas, including the Texas housing estate market.
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