Great news for young people looking to purchase their first house: Austin, Texas was just listed in the top 10 best U.S. cities for millennial homebuyers!
The list, released by the National Association of Realtors (NAR), rated cities based on current employment data, median home prices, affordability, and home price growth. The NAR also calculated the percentage of millennials already living in the metropolitan area and their share of all age groups moving there. Austin’s awesome job market (growth is currently at 4.2%), thriving music/arts scene, and abundance of new construction made it a top destination for younger generations.
In fact, about 110 new people move to the Austin area each day, and a good number of these individuals are younger than 35. The famed South by Southwest music and film festival brings in thousands of young attendees every year--many of them fall in love with Austin and return to stay.
While some people may note that the growing demand to live here makes the housing inventory pretty tight, flexible building regulations and ample land for building make new construction easy. Although home prices aren’t the cheapest in the country, with median home prices at $226,000, the higher incomes offered in Austin's prosperous job market allow younger populations to afford them. There are a number of desirable jobs in the area due to many startups and huge tech companies like Google, Facebook, Apple, and Intel bringing offices to the capital city.
Further solidifying its spot at the top, Austin also ranked #1 in fast home sales. If you need even more proof of why Austin is such a great place to live, you can see more of our chart-topping rankings in a blog we wrote about why more folks are relocating to Austin! Housing professionals speculate that the generous number of job opportunities coupled with the housing market’s consistent growth and low interest rates make for a strong homebuying market. If you're a millennial who is considering moving to Austin or want to switch from renting to owning, now may be a great time to begin your home search. If you want help getting started, call Pauly + Presley Realty today at 512-482-9602. Our agents are experts in all that Austin has to offer!