The Austin Housing Market: A Snapshot for 2021/2022
Have you been looking to invest in real estate in the United States?
If so, one market you should look into is the Austin housing market. Austin homes are greatly in demand as Austin is one of Texas’ most exciting cities.
Among the opportunities in the Texas housing market, the Austin real estate trends look most favorable.
So what can you expect from the Austin real estate market for the rest of 2021 and 2022? How should this inform your investing?
Here’s what you need to know:
Don’t Mess With Texas
So why is it that Austin has become a popular destination for real estate investors? You have to first understand the current popularity of Texas.
The main reason is that Texas, as a whole, has had one of the highest in-migration rates in the United States. It has one of the highest levels of economic freedom in the country. Amid the COVID-19 pandemic, Texas also has some of the fewest restrictions.
This has resulted in many families, professionals, and entrepreneurs moving to Texas. Among Texas’ many cities, Austin has become a hub of innovation and quality living.
It doesn’t seem that this will slow down any time soon! As such, for the rest of 2021, the Austin real estate market can offer many opportunities. One can expect the same trend to continue in 2022.
Much of the United States remains economically unstable. With 2022 around the corner, there still isn’t much clarity on when things will go back to “normal.” A few states have decided to remain open and attract new residents.
Texas has led the way for this new internal migration in the country. We might also expect it to lead the way to attract new immigrants.
Moving to Austin
Austin ranks as one of the cities with the highest growth in the United States. The factors regarding growth rate include population growth, economic growth, innovation, and a decrease in unemployment.
The City of Austin has close to one million residents. The metropolitan area has approximately 2.2 million residents. It’s expected to grow even more in the coming decades.
It has a lower median age than the state as a whole (31.8 years). Almost 50 percent of Austin residents are between the ages of 20 to 49. This means that the city is attracting professionals and entrepreneurs.
A city with such factors offers many great opportunities for real estate investors. You can expect to have a high demand for your real estate. You can also expect to find buyers or renters with stable incomes.
Employment and Entrepreneurship
Let’s now look at Austin’s job market and how it’s become a great city for entrepreneurs.
On average, employment in Austin grows to approximately three percent each year. The average household income grows to slightly above four percent each year as well.
The tech sector is one of the fastest-growing industries in the city. For example, Apple Inc. started a corporate campus to train employees to create tech jobs.
The average wage rate in the city is also growing. This will, no doubt, attract even more professionals to the city. It’s also a fantastic city for entrepreneurs.
Texas, as a whole, is considered to be one of the best states to start a business. There’s a lower level of bureaucracy and taxation in comparison to other states.
There are many large companies with establishments in Austin. These include Apple, Amazon, eBay, PayPal, Google, and Xerox. Companies with regional and corporate headquarters include Home Depot, Legal Zoom, and Oracle.
Austin’s population is highly educated, with close to 50 percent of residents having an advanced degree.
An overwhelming 90 percent of Austin residents have completed high school. The three major colleges in the city are Austin Community College, Concordia University, and the University of Texas at Austin.
Selling Your House
If you already own prime real estate in Austin, you might want to consider selling it quickly. You can browse online services to help you sell your property as fast as possible.
If you are looking to earn lucrative income as fast as possible, you should consider this as an option. Many families and young professionals are looking to move to Austin so you want to take advantage of this.
Renting Your Property
What if you own your property but you don’t wish to sell it? You can consider renting it out.
Austin is a great renters market as well. As it’s a hot real estate market, there’s a huge demand for renting a property if one can’t afford to buy. This is likely the case for many young professionals and students looking to move to Austin.
Property rights are greatly respected in Austin and Texas as a whole. One of the biggest concerns since the economic crisis of 2020 has been the decrease of property rights. Landlords throughout the country haven’t been able to evict tenants who haven’t paid their rent.
So far, this hasn’t been a major issue throughout the state of Texas. If you wish to rent property in Austin, you might find many great opportunities. While you should always assess your potential tenants before renting it out, you can ensure that you’ll find financially stable professionals in the city.
On average, rental costs are around $2,000 per month for a three-bedroom house in Austin. In more affordable neighborhoods, rent can cost around $1,500 per month. In the metropolitan area, most residents rent rather than own.
With so many visitors to Austin, one can also consider temporary rentals. These can be done through services that allow landlords to rent out a property for shorter stays.
Look Into the Austin Housing Market
Now you can look into the Austin housing market to see if there are opportunities for you to buy or sell.
Texas has been booming and continues to be one of America’s economic powerhouses. Austin is a great place to live, work, and play and as such, it’s a place where you should look for a home.
If you want to buy, make sure you find a realtor to help you find the best deal. If you’re looking to sell, you want to sell fast to rake in quick cash!
You can read more content on the Texas real estate market on our website.