Austin homeowners and homebuyers are both seeing benefits from the booming economy.
According to Fortune Buiders, “Austin’s economy, as a whole, is thriving. At 4.2%, Austin’s unemployment rate is well below the national average of 5.9 percent. However, not only does Austin have a healthier unemployment rate, but experts also believe it will only continue to improve. The unemployment rate has already dropped an entire percentage point over the last 12 months. With that in mind, experts also expect the job growth rate to reach 3.6 percent, which is considerably higher than the national average. Without a doubt, the job sector should continue to support both supply and demand within the housing sector”.
As the Austin housing market continues to give confidence across real estate markets, new Austin homes (particularly interested in new homes in Georgetown TX) numbers are on the increase. Compared to previous years, Austin home builders have increased the number of new homes by 22.6% over the year ending January 15 (comparing with the previous year. Single-family housing permits alone have increased 24.6% over the course of a year.
Despite the normal trend or housing price increases with popularity, the Austin housing market remains extremely affordable for new home buyers despite huge growth in the real estate market.
Austin homes are still considered affordable. In fact, real estate in Austin (especially new homes in Austin) are actually more affordable than they have ever been.
“Owners in the Austin market spend about 12.5% of their income on monthly mortgage payments. However, the national average is more than 4% higher. Younger Americans, in particular, have already recognized Austin as one of the top destinations to relocate to” according to Fortune Builders.
The demand for homes and new homes in Austin has been driven by increases in the population and a booming job sector.
“Inventory has remained steady and even contracted in some parts, only serving to create more demand. The conditions resulting from this demand tend to increase home values” according to Fortune Builders.
However, over the last year, increased new home construction in Austin has reduced pressure on real estate inventories and home buyers find they are getting great value for their money. There is nothing like stable job growth and very reasonable housing prices to fuel an economy. It seems Austin has really managed to get it right, consider the low cost of homes and new homes in Austin.