Buying a home is one of the biggest financial decisions one can make, so it’s no wonder many hesitate before taking that leap into homeownership. Whether you’re interested in buying a home in Austin and staying put for a bit and selling your Austin real estate down the road, or want to invest in a property for rental income, keep reading to learn why buying a home in Austin is a great investment.
Take Advantage of a Booming Austin Real Estate Market
Austin ranked number one on the 2017-Emerging-Trends-Real-Estate by Pricewaterhouse Coopers and the Urban Land Institute. According to the report, Austin “has consistently ticked the majority of the top boxes related to recent real estate market attractiveness. The market has benefited from a diverse economy that was affected in a minimal way by the global financial crisis, a growing population base made up of an educated labor force, and the undeniable “hip” factor that makes Austin attractive to the millennial dominated workforce.” As a result, the Austin real estate market has continued to bloom.
In the 2018 edition of the report, Austin was ranked the top place for real estate investing in Texas and as the number two city in “U.S. Markets to Watch: Overall Real Estate Prospects.”
Buying a Home in Austin Situates You in a Thriving Economic Mecca
Many Thriving Companies Are Located in Austin
Austin is often referred to as “Silicon Hills” due to the large number of tech companies that are headquartered or have regional offices in Texas’s capital. Such companies include Dell, Hewlett Packard, Intel, Cisco, IBM, Apple, eBay, Oracle and Facebook, among many startups.
Other major corporate and regional headquarters located in greater Austin include LegalZoom, Visa, Whole Foods, HomeAway, Home Depot, Indeed and General Motors. People come from all over the country (and the world) to the Austin area to work for these companies. More employees mean an increasingly higher demand for real estate in Austin. With no sign of job growth slowing down and the constant high demand for available housing, buying a home in Austin today will almost certainly be worth more not too far down the road. You’ll likely see a great return when you decide to sell or you can enjoy a steady stream of passive income through your rental investment.
Austin Real Estate Prices Have Been Continuously on the Rise
Austin is One of America’s Fastest-Growing Cities
Yet another reason why buying a home in Austin is a wise investment is the fact that it’s ranked number eight on Forbes’ 2018 annual list of “America’s Fastest-Growing Cities.” The projected population growth for 2018 is estimated to jump 2.75 percent up from a 2.57 percent growth in 2017. Currently, the population is 2,156,168. In addition to the stellar job market, there are many other reasons attributed to Austin’s explosive population growth, namely the quality of life in Austin that helps attract new residents to the area.
Named the “Live Music Capital of the World,” people are drawn to the soul-stirring and toe-tapping music scene; incredible parks, green meadows, limestone cliffs, caves, rivers and lakes give those who love being surrounded by nature plenty of “wow-worthy” vistas; and the bustling culinary scene, featuring an exhaustive array of food trucks dotting the landscape and award-winning restaurants leave bellies pleasantly full.
Austin is Considered a Safe City to Live In
When it comes to crime, Austin statistics show a below-average rate of violent crime.
Buying a Home in Austin Means Investing in Real Estate in the “Best Place to Live”
Austin Has Been Rated “Best Place to Live” — Two Years in a Row
Austin topped U.S. News & World Report’s list of “Best Places to Live” for the second time in a row in April. According to the website, “rankings are based on an analysis of public data and user opinions. To make the top of a list, a place must earn high scores in criteria such as desirability and quality of life.”
When it comes to buying a home in Austin, don’t forget to expand your focus on the up-and-coming surrounding areas. Some Austin neighborhoods worth taking a closer look include Westgate/South Manchaca, Allandale/Crestview/Wooten, The Domain and Northwest Austin.
Final Thoughts on Buying a Home in Austin
Investment always comes with some risk, and making a leap into homeownership is without a doubt a major life step. While no one can predict for certain what the economy and Austin real estate market will look like down the road, using historic data as a tool can help you make better investment decisions. If you are on solid financial ground and are ready to take that real estate step, buying a piece of the proverbial Austin pie can translate into a great investment.
Our team at Habitat Hunters is available to meet with you to discuss investment opportunities in the greater Austin area. When you contact us, we take the time to learn your financial and real estate goals and help you determine whether buying a home in Austin is right for your specific objectives. Begin with an Austin MLS search and contact our Austin real estate agency today to get started.