This Texas City Will Soon Be Expensive As Heck To Buy A House In
If you've been in the market for a new home recently then you already know that the market is crazy right now. It's really a "sellers" market but the problem a lot of folks face is that even though they may have a lot of offers and can charge a lot more for their home, they end up still having to pay more for their NEW home in a market where finding homes is also becoming scare.
You already have seen here in Texas an infusion of folks from out of state looking to capitalize on the cheap property in the vast Lone Star State and one Texas city in particular has seen its properties skyrocket over the last decade. It will soon become the most expensive housing market in America when you remove all of California out of the equation...because let's face it, the West Coasters are the reason for its increase.
According to KETK, the state capitol Austin will soon become the most expensive housing market for home buyers outside of California by December. A report from a real estate listing website says that Austin will be more expensive than Miami, Seattle and NEW YORK CITY.
Of course one reason is Texas is pretty awesome but also because like I said earlier in this article, West Coasters are running from California's high housing market in favor of Austin's cheaper market. Plus, big tech companies who are housed in Silicon Valley are setting up shop in Central Texas bringing employees with them.
The report added that Austin was the top destination for residents who moved OUT of San Francisco between March 2020 and Jan. 2021.
A good and bad thing when you look at it overall. While environments like this are due to economic growth and potential job opportunities, just like in San Fran, Austin is facing a gentrification problem where long time residents are being forced out and the things that make a city cool and attractive will be replaced with soulless corporate stuff over time.
Get ready for more "In-N-Out's" I guess.