I have recently been posting positive news about Austin in my Blog and in order to deflect comments from skeptics who often claim that realtors are just being "mindlessly positive" because it is our "bread and butter"
I offer the newest data from a Forbes Magazine article as confirmation that, in spite of the current economic downturn things are still relatively good here in Texas. A great new article has announced that four of the top ten cities in America to buy a home are located in Texas. Stating that there is "Lots to Like In the Lone-Star State" the magazine noted that "Texas dominated our lineup of mortgage-worthy areas. Thanks to a business-friendly tax environment, many large corporations call the Lone Star State home, which creates jobs and tax revenue.
Quoting the data in that magazine, they are rated in the following order.
1. Houston, Texas
Houston, we don't have a problem. Well known as an energy industry hub, this growing metro area recently made Forbes.com's Top 10 Up-And-Coming Tech Cities thanks to the Houston Technology Center and bubbling entrepreneurial tech scene. With home prices on the rise by 6.6% and vacant homes disappearing by 11.3% in the last two years, this is one area where buyers can feel safe jumping in.
2. Austin, Texas (Home sweet home!)
Here, a whopping 98.5% of homes are filled, and that small sliver of vacancy is thinning. Home prices, meanwhile, have surged from $163,800 in 2005, to $183,700 in 2007.A trendy art and music scene--the city plays host to music festivals South by Southwest and Austin City Limits--makes it an affordable place to live for any culture vulture. In addition the article also noted that "The University of Texas campus provides young blood and research-related jobs to No. 2 city Austin. This state capitol is a hip area on the rise. The vacancy rate has fallen by 37.5% in the last 24 months to just 1.5%, despite a lot of building in recent years. And buying isn't much more expensive than renting. An average mortgage payment is $1,022.40, and average rent hits $767.
5. San Antonio, Texas
This Latin-flavored American city is growing fast thanks to bustling businesses and a low cost of living. Having major corporations like IBM certainly helps attract residents who bring brains and tax revenue to the city. With a median home price of $150,900, up from $133,900 in 2005, it's an affordable place relative to the rest of the country. Home to professional basketball's Spurs, this town is packed--just 2.4% vacancy--and full of Texas pride.
6. Dallas, Texas
Shiny skyscrapers and charming suburbs make Dallas a tempting place to sign mortgage papers. With appreciating median home prices in the $150,000 territory, just about anyone can get in. And with just 2.5% of homes vacant, it appears they are. While the city has a reputation for cowboy boots and big trucks, Dallas is a sophisticated metropolis that rivals any major U.S. city in terms of culture and cuisine.
Again, I am not just another "pie in the sky", "everything is just fine" here optimist and wanted to share this relevant and compelling information for those with interest in Austin and Texas!
Have a great weekend! Russell