We love living in Austin, and the 157 people that move here every day must agree. Year after year, Austin continues to top high-profile rankings, leading the nation for economic growth, real estate prospects, and millennial favorability, to name a few. But enough bragging; let’s connect these and examine why they should matter to you.
BOOM Goes the Economy
Austin was recently ranked number one for big city economic growth since the recession, according to the Austin Business Journal (ABJ). Factors such as population growth and the rate of decrease in unemployment were examined when compiling the list. Not lost on you, is the impact this type of boom has on real estate. 2015 is already on pace to top last year’s record home sales. Therefore, it’s not surprising that ABJ also ranked Austin number one in the nation for real estate development, and number two for overall real estate prospects.
Gen Y and Why it Matters
The ABJ data also showed that Austin has the highest percentage of millennials (Gen Y), with 32% of the population falling within the 16 to 35 years age range. Job growth, affordability, and entertainment opportunities are among the reasons Austin is the “absolute best city for millennials,” according to CultureMap Austin. The high number of millennials in Austin will be a boon for the housing market—Gen Y is already the largest share of homebuyers at 32% (larger than all Baby Boomers combined), according to the National Association of REALTORS®’2015 Home Buyer and Seller Generational Trends Report.
These statistics make sense when looking at the big picture. Both population growth and low unemployment correlate with available jobs and affordability—two important aspects people consider when moving and buying a home. With over 100 new people moving to Central Texas every day, there’s clearly a buzz here (besides the extra traffic).
If the recent statistics about economic growth, real estate prospects, and a growing Gen Y sector are any indicators, Austin will only continue to be recognized as a great city to live in. We certainly think it is!