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When considering buying a home in Austin, Texas, it is easy to wonder if you have already missed the best opportunity. Whether it’s your first time home buying or you’ve bought many homes over the course of your life, you don’t want to overpay and end up with a mortgage for more than the property is worth. And that can happen – in some cities. However, Austin is unique for many reasons. Here we’re going to cover why you might still want to get into the Austin housing market, appreciate values, and so on.
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One of the best places to live
US News & World Report recently ranked Austin as one of the most livable cities in the US. Using a mix of economic and social data points, the publication rated cities in the United States to determine quality of life, and it was Austin’s quality of life that propelled it to the top of the rankings.
It’s no secret that Austin is a haven for outdoor enthusiasts, music lovers, foodies, and well-educated millennials. And the factors that influence Austin’s quality of life are not going to go away anytime soon.
Yes, the overall attractiveness of buying a home in Austin is being influenced by prices, which have increased 3.5% per month according to the Austin Board of Realtors (42% last year). But what sets Austin apart is that there is no end in sight. Buy a home today and you will likely see appreciation in value.
One of the best places to start a business
Last year Inc. Magazine named Austin the best place in the United States to start a business. Not only is Austin one of the best educated cities in the United States, but it also has many motivated, hard-working residents between the ages of 18 and 44. Also, because Texas has no state income tax, owners have extra money in their bank accounts to reinvest in building their businesses.
It doesn’t matter whether you want to start a business or not. The fact that Austin is such a decoy for business owners increases the likelihood that property values will continue to rise.
One of the best places to start a family
Austin has it all when it comes to raising a family: well-rated schools, a variety of outdoor areas to enjoy, culture, and great food. And if you’re not planning on raising a family, the fact that Austin is appealing to kids with kids is still good news for the value of any property you buy.
The most popular city for migration
Austin had a higher net migration rate in 2020 than any other city in the US, according to LinkedIn. This means that more people are moving to the city than anywhere else. In addition, many new residents come from Silicon Valley, where property prices are easily three times as high. These are the types of buyers who are likely to drive property values higher.
The most popular city for foreign investors
An annual survey by the Association of Foreign Investors in Real Estate found that almost one in four respondents ranked Austin as the leading US market. Last year, the city landed in 10th place. It was also the first time that a smaller metropolitan area was in the top 3 cities of interest for investors. Put simply, Austin is hot for foreigners too.
Appreciation is nothing new
The rise in Austin real estate values is not a new phenomenon. Research by NeighborhoodScout shows that Austin real estate has appreciated more than 102% in value over the past decade, representing an average annual appreciation rate of 7.28% for Austin’s homes. That puts the city in the top 10% nationwide for appreciation and keeps mortgage lenders busy.
Austin is really one of a kind. But despite all the evidence that Austin real estate is a safe financial bet, the buying decision should depend on whether a new home fits well into your monthly budget and how much you want to live in one of the most attractive cities in the country.
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