Texas has always held a place in our hearts as one of the most diverse and accommodating states to live in. What we mean by accommodating is that there’s a city and neighborhood for everyone, no matter what you’re looking for. Combine this with plenty of room for new construction and families looking to take advantage of the great schools and you’ll see just what makes Texas such a popular destination.
Texas Home Prices Are Evening Out
For Texas, the largest increases to the housing market happened towards the end of 2020 and while it has gone up more this year, it’s slowed down quite a bit. The median home price in Texas is just over $292,000 which comes out to a 21.6% increase compared to this time last year but only a 2% increase over the last couple of months.
Luxury homes have seen an even larger hike in prices as executives and technology professionals look to take advantage of new remote work options. Median price for a luxury home in the Austin area is $447,200, a 42.1% increase vs last year.
Why Is Texas Such a Popular Area To Buy a Home?
Everything’s bigger in Texas, and this motto stands up to scrutiny. The state sees an average of 1,000 new residents coming over, helping to fuel the fact that Texas has 5 of the country’s 11 fastest growing cities in terms of population, economy and job market. Speaking of economy, Texas ranks as the 12th healthiest economy in the US with new job listings to match it. Creating new jobs is done by companies that see the opportunities for a stronger market and lower taxes such as Tesla and Black & Decker.
Remember the lower taxes in Texas? Well there’s even better news, Texas has no income tax! Take low cost of living, a stronger job market for better salaries AND the fact that there is no state income tax and you’ve got the perfect recipe to get the most out of every dollar you make while living in the Lone Star State.
Texas Is More Than a State
It’s a lifestyle. Everyone in Texas is extremely friendly and value based, always extending a helping hand when the time comes. As such, you’ll find yourself quickly becoming a local and falling in love with the state so much that you’ll be one of the friendly residents helping out a new resident before you know it. BBQ and drinks can be found in almost any neighborhood on the weekends with the whole block ready to have a great time and get to know each other after being stuck inside for the last year.
It doesn’t matter if your dream is to settle down with your family in Austin or live your life as a rancher on a plot of land in the countryside, the Potempa Team is here to make that reality with a mortgage that keeps the dream alive with industry-leading rates and terms.