Austin recently named #1 Best Place to Live by U.S. News and World Report, real estate investment encouraged to meet housing demand.
When it comes to the appeal of Texas’ capital city, there is much to be said about Austin’s shining nightlife, booming businesses, and celebrity allure. Austin is home to the world-famous annual South by Southwest festival and a large state university; it has been ranked among the best cities for real estate investment by big time investors, and according to the Austin Business Journal, real estate investments in Austin have proven to be some of best in the nation.
Snapshot: Austin is the seat of Travis County, and is capital of Texas. It is ranked as the 11th most populated city in the U.S., and is the 4th most populated city in Texas. It’s considered the fastest growing of the 50 largest U.S. cities and is the second largest state capital city in the country, ranked just under Phoenix, Arizona. Austin has a mixed demographic, and has a diverse population that includes government employees, college students, artists, musicians, high-tech professionals, businesspeople, and blue-collar workers.
Population of Austin, Texas
Population in 2016: 2,008,300
Projected Population in 2030: 55.34% Growth
Median Household Income: $64,839
Income Per Capita: $53,263Cost of Living Compared to U.S. Average: 11.1% Above
Median Home Value: $261,500
Home Value (Year-over-year): 8.2% Increase
Home Value Forecast (one year): 3.6% Increase
Median Home Listing Price: $325,000
Median Home Listing Price Per Square Ft.: $150
Median Rent Price: $1,450
Median Rent Per Square Ft.: $1.08
Fun Fact: Austin is the cultural and economic center for the metropolitan area of Austin–Round Rock, and is located in the foothills of central Texas Hill Country. The landscape is famed for its beauty and is home to numerous lakes, and rivers including Lady Bird Lake, Barton Springs, McKinney Falls, the Colorado River, and Lake Travis.
Austin has rightfully earned its place as one of the nation’s best places to invest. In fact, according to Forbes Magazine, Austin is ranked as number one on a nationwide list of increasing opportunities for real estate investment. According to the Bureau of Labor Statistics, Austin is stated as boasting a 3.6% annual job growth rate, compared to the 2% national average, and has seen a population boom of a whopping 8.9% in three year span.
It’s no surprise that this growth has prompted Austin to rank among the top cities for development, home building, and investment. Austin is seeing a demand for all property types, but local single-family properties are the most favorable and investors are now looking to find investment properties.
This is proving to be a major downside of the high population growth. There is a stressful shortage of decently priced housing, and many potential homebuyers or renters are finding themselves scrambling for available properties. Recent University of Texas graduates, business professionals, and retirees are all part of the demanding market and Austin has found itself trying to lure real estate investors to its city limits.
Investors who are looking into buying wholesale real estate, Austin is a great location to flip or rent properties. When it comes to wholesale real estate deals, Austin residential housing resources are available with New Western. Only with New Western can you can have access to great discounts and premium, off-market investment properties for a profitable ROI.
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