Austin and Dallas-Fort Worth are almost equally thriving cities in the lone star state of Texas. These two metroplexes boast incredible schools, homes, and job opportunities. They are family friendly and filled with museums, delicious restaurants, theme parks, entertainment venues, lakes, trails, and so much more. The housing market in 2015 was on fire for both cities, so are either of them going to become boom towns?
Austin has become the third fastest growing city in the nation and is among the forerunners in urban growth. The city attracts people of every kind, but it appeals most to the young educated population, graduates, and families with small children. Millennials enjoy Austin’s affordability, great food, place in the music scene, and wealth of indoor and outdoor activities. WalletHub is well-known to rank the cities with the fastest growing economies. For 2015, Austin received an overall ranking of nine, and it sat at number one for cities with a population of over 300,000. Austin also continuously sits high on Forbes’ annual list of the best cities for jobs. It received the number four ranking for the year 2015. It also ranked second place on the list of “U.S. Markets to Watch: Overall Real Estate Prospects.” Austin real estate is surprisingly affordable and attractive. The Urban Land Institute (ULI) Affordability Index rating for Austin is 154.24. The city has a large Venture Capitalist presence. Austin was even rated second on the “Emerging Trends in Real Estate 2015” report for investment, fourth for development, and first for home building. Austin has consistently shown strong economic and real estate performance.
Austin has also become a major tech hub. The tech industry has been prospering with 17 companies on the Inc. 5000 list. 2017 is expected to bring in 9,000 new tech jobs in the Austin area. There are other opportunities as well, including a variety jobs to meet all experience levels and ranges from service jobs to more high-end science, technology, engineering and math (STEM) and technology, advertising, media and information (TAMI) occupations. 2015 has been the record-breaking year for Texas as a whole. For Austin alone, single-family home sales and prices set new all-time records. The demand for real estate in Austin and surrounding cities has grown stronger than ever thanks to consistent job growth and population growth. Everything is pointing in the right direction for this potential boom town so far. The relatively low cost of living, exponential job growth, exploding restaurant and music scene, ease of access, and lively atmosphere are bringing people from all over the country to experience the weirdness of Austin.
The Dallas-Fort Worth “Metroplex” has also earned impressive ratings this past year in particular. On the 2016 U.S. Markets to Watch report, Dallas-Fort Worth sits at the number one rank with Austin as the runner up. The rise to the top for Dallas is due to the remarkable employment growth. The employment is up by 117,800 job gains since 2014. The solid job growth is powering the local economy along with the alluring cost of living. The Urban Land Institute (ULI) Affordability Index rating for Dallas-Fort Worth is 184.91. The Dallas-Fort Worth market is actually the forerunner in the south region and one of the strongest markets in the country. The year 2015 was the greatest year the Dallas-Fort Worth property markets have seen in decades. Indeed, it topped the eighties boom on account of the the activity being based on economic fundamentals instead of fraudulent finances and conjecture. DFW experienced the largest number of fourth quarter sales of any Texas metro area as well. In fact, there were 21,803 homes sold in 2015, which is a 6.2-percent rise from 2014. Statewide, real estate agents were able to sell over 309,000 homes! A four-percent rise from 2014. That makes four consecutive years of roaring real estate growth and record-high housing demand.
Dallas-Fort Worth is also a major tech attraction like Austin. SmartAsset rated DFW as the fourth best tech city. There are 14 companies on the Inc. 5000 list located in the Dallas-Fort Worth region. The DFW is also strategically located, making it easy for corporate relocations and creating a business-friendly environment. Suppose 2016 isn’t another record-breaking year for real estate, the demand for houses should still remain considerably strong and prices are likely to continue rising. Austin and Dallas-Fort Worth have truly made themselves known through unbelievable growth and strength in real estate, employment, and population. It looks as though both cities have more than enough potential to become the next boom town in America.