Who hasn’t dreamt about owning a home? It’s a huge undertaking, and before you sign on the dotted line, you should find out the benefits of homeownership in the location that you choose.
If you plan to relocate to Austin, TX there are plenty of reasons why buying a home here is a good investment. We share some of the top reasons why Austin is one of the hottest housing markets today.
Businesses are coming in droves turning Austin into one of the best-performing metros in the U.S.
While the majority of the nation’s major metros experienced declining economies in 2020, Austin added 11,000 more jobs and recovered 71% of the city’s COVID-19-related job losses. The speed of recovery from the pandemic is simply amazing as Austin lost only 1% of jobs between 2019 and 2020.
It’s quite rare to see a city emerge from the pandemic more developed and populous than before.
If buying a home in Austin seems attractive to you, contact a trusted Austin, TX mortgage broker for financing.
In buying a home, you would want an area where home values would appreciate over time. With a booming economy and continuously increasing population, Austin's home values have continued to rise.
Real estate appreciation in Austin has been the norm for years. Based on research done by NeighborhoodScout, Austin real estate has appreciated more than 102% in the last decade. This means that Austin homes have an average annual appreciation rate of 7.28% which puts the city among the top 10% for appreciation nationwide.
Are you looking for ways to fund your Austin home? A conventional home loan by Reliance Financial Group is a good loan product that you can consider for your upcoming home purchase.
Austin has been ranked as one of the best cities in the U.S. to live according to the U.S. News & World Report. What boosted Austin to the top of the rankings was its quality of life score.
Living in Austin means easy access to top sports centers, world-class food and entertainment, shopping malls, schools, thriving nightlife, and outdoor activities.
The cost of living in Austin is lower than in New York and Los Angeles, which makes it more attractive to residents who are looking to move.
Based on 2020 census data, Austin’s population reached 961,000 which is a 21.7% gain over the past decade. Compared to other urban cities, Austin only had New York, Houston, and Fort Worth ahead of it in the raw increase of people since 2010.
The Austin Business Journal shows that an average of 116 new residents moved to Austin each day in 2021.
If you plan to buy a home in Austin, why not consider buying a multi-unit property so that you can rent out the other units while living in one of them? Real estate investors are investing in Austin due to the influx of millennials who are looking to rent houses.
Buying a house in Austin does have advantages over renting. Rent has been rising by as much as 12% in a single quarter. The average cost of a single bedroom is $1,400 per month and if you rent in downtown Austin, a single bedroom apartment goes for $2,000 monthly. When you crunch the numbers, buying a home comes out as the better investment.
Experts say that the supply of homes for rent is lagging behind the number of people moving into the city.
In 2020, Inc. Magazine named Austin the best place in America to start a business. With no state income tax in Texas, business owners have extra funds that are used to build their businesses. Austin is also one of the best-educated cities in the U.S., with a large population between the ages of 18 and 44 who are raring to work.
As more businesses start up, you can count on property values to continue rising.
One of the benefits of homeownership in Austin over renting is the tax benefits you get from Uncle Sam. The interest you pay on your loan and other home-related expenses can be deducted from your income when filing taxes.
Owning a home in Austin allows you to build equity which acts as a savings account that you can use when you need the cash in the future. When you rent, your money goes to your landlord and doesn’t build any equity.
Equity is the amount of the value of the property that is yours. When you need money for a renovation or buying a new car, you can apply for a loan on top of your equity.
Studies show that people who own their homes stay 4 times longer. This gives you a chance to build roots in your neighborhood. You can build lifelong friendships among those in your community.
Buying a home in Austin is such a unique proposition. Living in one of the most attractive cities in the nation and also one of the best places to raise a family is reason enough to move.
Now that you know the benefits of buying a home in Austin, there’s no time to waste. If you are buying in such a competitive market you need the help of an experienced lender to make the home buying process less stressful.
If you have questions about buying a home in Austin, we are here to answer all your queries.
At Reliance Financial Group of Austin, TX, our loan experts can help you determine if you qualify for a mortgage before looking for potential homes.
Reach out by calling or sending a message today!
We've been helping customers afford the home of their dreams for many years and we love what we do.
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