Austin / Central Texas Real Estate News & Updates

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Thursday, May 30, 2013

10 reasons why so many people are moving to Texas - BBC

Original Post: http://www.bbc.co.uk/news/magazine-22649624


10 reasons why so many people are moving to Texas


Icons of Texas
Half of the 10 fastest-growing cities in the US are in Texas, according to new figures. Why?
Every way you look at it, there are a lot of people moving to Texas.
Five of the 10 fastest-growing cities in the country between 2011 and 2012 were in Texas, according to new figures from the US Census Bureau. New York is way out in front in terms of added population, but Houston is second with San Antonio and Austin fourth and fifth.
Graph showing fastest growing cities
In terms of percentage growth, it's even more Texas, Texas, Texas. Among the five cities that grew most, as a proportion of their size, between 2011 and 2012, three are Texan. San Marcos is out in front with the highest rate of growth among all US cities and towns - 4.9%.
Some of this Texan population boom is due to a natural increase - more births than deaths - but the numbers moving into the state from elsewhere in the US and from abroad far outstrip every other American state. Why?
1. Jobs
"I don't think people go for the weather or topography," says Joel Kotkin, professor of urban development at Chapman University in Orange, California. "The main reason people go is for employment. It's pretty simple.

Most new arrivals 2011-12

  • Texas: 210,590
  • N Carolina: 60,106
  • Virginia: 40,844
"The unconventional oil and gas boom has helped turn Texas into an economic juggernaut, particularly world energy capital Houston, but growth has also been strong in tech, manufacturing and business services."
Critics have questioned whether the "Texas miracle" is a myth, based on cheap labour and poor regulation.
But Kotkin says Texas has plenty of high-wage, blue-collar jobs and jobs for university graduates, although people looking for very high-wage jobs would probably head to Seattle, San Francisco and New York.
Four of the top 10 metropolitan areas for job growth in 2013 are in Texas, according to Kotkin's website, New Geography.
Texas also has a huge military presence, which grew as defence spending increased in the decade after 9/11. Many retired Texans first came to the state as service personnel.
2. It's cheaper
Once employed, it's hugely important that your pay cheque goes as far as possible, says Kotkin.

Fastest growing cities in US (%)

  • 1: San Marcos, Texas (4.91)
  • 2: South Jordan, Utah (4.87)
  • 3: Midland, Texas (4.87)
  • 4: Cedar Park, Texas 4.67)
  • 5: Clarktown, Tenn (4.43)
  • 6: Alpharetta, Georgia (4.37)
  • 7: Georgetown, Texas (4.21)
  • 8: Irvine, California (4,21)
  • 9: Buckeye, Arizona (4.14)
  • 10: Conroe, Texas (4.01)
US Census Bureau, 2011-12
"New York, LA and the [San Francisco] Bay Area are too expensive for most people to live, but Houston has the highest 'effective' pay cheque in the country."
Kotkin came to this conclusion after looking at the average incomes in the country's 51 largest metro areas, and adjusting them for the cost of living. His results put three Texan areas in the top 10.
Houston is top because of the region's relatively low cost of living, including consumer prices, utilities and transport costs and, most importantly, housing prices, he says.
"The ratio of the median home price to median annual household income in Houston is only 2.9. In San Francisco, it's 6.7.
"In New York, San Francisco and LA, if you're blue-collar you will be renting forever and struggling to make ends meet. But people in Texas have a better shot at getting some of the things associated with middle-class life."

Texans who've left their mark on the world

Composite image showing, from left: Roy Orbison, Joan Crawford, Jayne Mansfield and George W Bush
  • Roy Orbison (pictured, first) was born in the small town of Vernon, in 1936, months before fellow rock 'n' roll great Buddy Holly, from nearby Lubbock
  • Joan Crawford(second), born Lucille Fay LeSueur to a poor San Antonio family, was famous for accepting an Oscar while ill in bed
  • As JR Ewing, Fort Worth's Larry Hagman became the face of long-running soap Dallas and just about the most famous man in Texas
  • Also robbers Bonnie and Clyde, singer Janis Joplin, country star Willie Nelson, cyclist Lance Armstrong, actress Jayne Mansfield(third)
  • Texas has produced two presidents: Lyndon Johnson and Dwight Eisenhower. Connecticut-born George W Bush (fourth) grew up there

3. Homes
Land is cheaper than elsewhere and the process of land acquisition very efficient, says Dr Ali Anari, research economist at the Real Estate Center at Texas A&M University.
"From the time of getting a building permit right through to the construction of homes, Texas is much quicker than other states.
"There is an abundant supply of land and fewer regulations and more friendly government, generally a much better business attitude here than other states."
This flexibility, plus strict lending rules, helped to shield the state from the recent housing market crash.
4. Low tax

'I moved because I had to'

Ryan and Jeff
Jeff Paradise, 32, works for an insurance company and relocated to Dallas in 2011, but he often returns to see his partner, Ryan (above left), in his native New York.
"I've been to quite a lot of cities in the US and Dallas is probably my least favourite. The one reason I'm here is for a financial purpose. I have a really good job but I work about 70-80 hours a week so if I had more free time, I would do more. It's a new American city, all sprawled out, because it came of age in the 60s and 70s when it was all about cars and highways. But it's definitely changed the last 5-10 years and they are trying to improve the public transport. I get the train and it's clean, on time and cheaper than New York."
Texas is one of only seven states where residents pay no personal state income tax, says Kay Bell, contributing tax editor at Bankrate and Texan native.
The state has a disproportionate take from property taxes, which has become a big complaint among homeowners, she adds. But overall, only five states had a lower individual tax burden than Texas, according to Tax Foundation research.
There are also tax incentives for businesses and this week legislators cut more than $1bn off proposed business taxes.
5Pick your own big city
Texas has six of the country's 20 biggest cities, says Erica Grieder, author of Big, Hot, Cheap and Right: What America Can Learn from the Strange Genius of Texas.
Contrast this to, for example, Illinois, where if you want to live in a big city you can live in Chicago or you have to move out of state, she says.
But if you're in Texas you can be in Houston, San Antonio, Dallas, Austin, Fort Worth, or El Paso.
6. Austin in particular

Why I live in Austin

James McMurty
"Houston is a city, San Antonio is a city but Austin doesn't feel like that to me," says Texan-born folk singer James McMurty.
"I like it because it's equidistant to each coast so I can get in my van and drive to the west coast and drive around there for three weeks and then come home and do the same on the east coast and still have a life.
"It's far enough south that it doesn't get too cold and you don't get many twisters. And it's a blue dot [Democrat] in a red sea."
Restaurant manager Christopher Hislop, 33, moved in 2007 from Los Angeles to Austin, where he met his wife and they now have a nine-month-old boy.
"I came to Austin for a wedding and thought it was a really cool city and the people were nice - it was everything that LA wasn't but still had that hip vibe without pretension. The nightlife is great and there's an emphasis on getting out and about - they maintain trailways and nature.
"It's not Texas at all and that's what I liked about it. I don't know Texas very well, I grew up in Chicago, but Austin is not Texas because you think of 10-gallon hats and guys on horseback. It's a cliché but Austin isn't like that, it's hip and in the now. The rest of Texas is very conservative."
People like to perpetuate a myth that Austin is still the Austin it once was, says Joshua Long, author of Weird City: Sense of Place and Creative Resistance in Austin, Texas. So as it's become a big city, a movement has developed to "keep it cool, keep it weird and keep it environmentally friendly".
7. Family-friendly
Because of its good-value housing, Texas has been particularly popular with families, and some of its cities now have an above-average number of children. San Antonio is home to the largest community of gay parents.
In Texas, you can have a reasonable mortgage and pretty good schools, says Grieder. And restaurants are invariably family-friendly.
"You hear about the high drop-out rate but Texas education scores pretty well at national tests for 4th and 8th graders in math, reading and science. The aggregate is about average.
"The perception is that Texas has poor schools but it's not correct. Across the country in general, we don't have schools as good as we would like them to be."
In eighth-grade maths, for instance, Texas scored higher than the national average and outscored the three other big states of California, New York and Florida. On Sunday, an education budget was approved that restored cuts made in 2011.
8. Fewer rules

And why some might not move to Texas

University of Texas Longhrons in action
  • The weather - summer is hot. Very hot
  • Congestion problems growing in big cities
  • Not well known for fun nightlife, outside Austin
  • If you hate American football (above, University of Texas Longhorns), you might be outnumbered
"Texas is liberal in the classic sense, it's laissez-faire, so there's a lack of regulations," says Grieder, and this can apply to the obvious (business regulations) or the less obvious (city rules).
"The classic social contract is - we're not going to do a ton to help you but we're not going to get in your way. That's not 100% true of the state but there's that strand in the state."
Mortgage lending is an obvious exception. But there has been strong opposition to banning texting while driving and a proposed tax on soda.
And Governor Rick Perry is poised to sign off the strongest email privacy laws in the US, which would require state law enforcement agencies to get a warrant before accessing emails.
9. Texans are normal people
The state likes to proclaim itself as an unpretentious, down-to-earth place where people are easy to get along with.
As John Steinbeck wrote: "Texas has a tight cohesiveness perhaps stronger than any other section of America."
And for people with conservative values, it could be a natural home, although demographic shifts have prompted speculation it will be a Democratic state in the future.
People dream about moving to California, but they don't dream about moving to Texas, says Grieder, yet many of those reluctant to move there end up liking it.
She adds: "[They] realise that Texans aren't all Bible thumping, gun-toting people. The job is the trigger to come but you find it's pretty nice to live here."
10. And they're not going anywhere
All this doesn't just bring in new arrivals - native Texans aren't leaving the state either. It is the "stickiest" state in the country, according to the latest figures from the Pew Research Center, which suggest that more than three-quarters of adults born in Texas still live there. Alaska is the least sticky.

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Tuesday, March 26, 2013

Austin = #1 for Young Adults!

Original Post: http://www.bizjournals.com/bizjournals/on-numbers/scott-thomas/2013/03/austin-san-jose-and-washington-are.html?page=all

Mar 26, 2013, 3:53pm EDT

Austin, San Jose and Washington are the best places for young adults

iStockPhoto
More than 1.8 million U.S. students will be picking up bachelor's degrees this Mayand moving on to the next phase of their lives.
Where should they focus their job hunts?
The ideal options, according to a new study by The Business Journals, are Austin, San Jose and Washington. They're the metropolitan areas that offer the best chance for young adults to establish themselves in post-recessionary America.

2013 RANKINGS OF BEST PLACES FOR YOUNG ADULTS


Austin holds first place in the rankings of the nation's 102 major markets. (The study defines a major market as any metro with a population above 500,000.)
Rapid expansion is the reason why Austin has become the ultimate land of opportunity for men and women in their 20s and early 30s. Texas' capital region leads the country in both population growth (3.1 percent per year) and private-sector job growth (1.5 percent annually since 2007).
The two runners-up, San Jose and Washington, feature high income levels and well-educated workforces. No market has a bigger percentage of young adults with incomes above $150,000 than San Jose, and none can surpass Washington's percentage of 18- to 34-year-olds who hold bachelor's degrees.
The next two slots in the rankings of best places for young adults are occupied by No. 4 Boston and No. 5 Houston. Rounding out the top 10 are Durham, N.C.; Oklahoma City; Des Moines, Iowa; Denver and Raleigh.
The Business Journals analyzed the latest federal statistics for all 102 markets, searching for qualities that would appeal to workers in their 20s and early 30s. The study’s 10-part formula gives the highest scores to markets with strong growth rates, moderate costs of living, and substantial pools of young adults who are college-educated and employed.
The following list shows the top-rated markets in each of the 10 statistical categories.
The first five indicators deal with each area’s growth rate and potential. The next four factors assess conditions for young adults. The final category focuses on a key component of the cost of living. (Details about these categories can be found in the methodology.)
  • Population growth: Austin, 3.1 percent per year
  • Long-term private-sector employment growth: Austin, 1.5 percent per year
  • Short-term private-sector employment growth: Austin, 4.6 percent per year
  • Per capita income: Bridgeport-Stamford, Conn., $78,504
  • Long-term income growth: McAllen-Edinburg, Texas, 4.0 percent per year
  • Share of all residents who are between the ages of 18 and 34: Provo, Utah, 32.9 percent
  • Annual unemployment rate for workers between the ages of 16 and 34 (lowest):Madison, Wis., 8.1 percent
  • Share of householders under the age of 45 with household incomes of $150,000 or more: San Jose, 25.5 percent
  • Share of people between the ages of 18 and 34 who hold bachelor’s degrees:Washington, 38.6 percent
  • Median rent (lowest): McAllen-Edinburg, Texas, $456 per month
The Business Journals have also divided this year's rankings along regional lines, with Washington, Austin, Des Moines and San Jose emerging as the leaders.
Below are the five best markets for young adults within the nation's four regions. Each metro is followed by its U.S. rank in parentheses.

East

  1. Washington (3)
  2. Boston (4)
  3. New York City (13)
  4. Baltimore (23)
  5. Pittsburgh (26)

South

  1. Austin (1)
  2. Houston (5)
  3. Durham, N.C. (6)
  4. Oklahoma City (7)
  5. Raleigh (10)

Midwest

  1. Des Moines, Iowa (8)
  2. Madison, Wis. (11)
  3. Omaha (17)
  4. Columbus (20)
  5. Minneapolis-St. Paul (21)

West

  1. San Jose (2)
  2. Denver (9)
  3. San Francisco-Oakland (12)
  4. Seattle (14)
  5. Salt Lake City (16)
The least desirable market for young adults, according to The Business Journals study, is Cape Coral-Fort Myers, Fla. It has been losing jobs at the pace of 2.5 percent per year since 2007, and only 18.3 percent of its residents are between the ages of 18 and 34.
Also in the bottom five, counting up from 101st place, are the Sunbelt markets of Modesto and Riverside-San Bernardino, Calif., and Bradenton-Sarasota and Palm Bay-Melbourne, Fla.

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Monday, October 8, 2012

Austin Ranks No. 2 on New Economic Index Ranking

360 Bridge in Austin, Texas

Austin ranks No. 2 out of the country’s 102 largest cities on a new economic index ranking.


According to the October 2012 version of the On Numbers Economic Index released Monday, Austin is ranked 2nd on the list behind Oklahoma City.
The index measures the relative economic vitality of all 102 U.S. metropolitan areas that have more than 500,000 residents. It is updated on the second Monday of each month.
The index is generated by an 18-part formula that assesses private-sector job growth, unemployment, earnings, housing-price appreciation, and construction and retail activity.  (See details below for information on how these numbers are determined.)
Here’s the listing for the top 20 cities. Texas Cities are in Bold.

Oklahoma City
91.14
Austin
86.69
Tulsa
80.50
Houston
77.08
Omaha
76.66
Denver
76.59
Columbus
74.68
Boston
74.48
Pittsburgh
74.28
San Antonio
73.34
Little Rock, Ark.
70.22
Durham, N.C.
69.09
Cincinnati
68.76
Dallas-Fort Worth
68.25
Louisville
68.17
Charleston, S.C.
68.10
Ogden, Utah
67.95
San Jose
66.14
Salt Lake City
63.72
Portland, Maine
63.27

__________________________
The On Numbers Economic Index is calculated once a month, based on the latest official statistics for all U.S. metropolitan areas with estimated populations above 500,000. The index is designed to show the relative economic strength of those 102 major metros.

SOURCES

All raw data come from the U.S. Bureau of Labor Statistics and the Federal Housing Finance Agency, and are the latest available figures as of the second Monday of the current month.

TYPES OF CALCULATIONS

The formula for the On Numbers Economic Index has 18 components. They fall into four general categories:
• Five-year changes are calculated between the latest available data and the corresponding data for the same month (or quarter) five years ago.
• One-year changes are calculated between the latest available data and the corresponding data for the same month (or quarter) one year ago.
• Long-term trends are calculated over five one-year intervals: between the same month (or quarter) five years ago and four years ago, between the same month four years ago and three years ago, between the same month three years ago and two years ago, between the same month two years ago and one year ago, and between the same month one year ago and now. Those five percentages are then combined into a single score.
• Current rates are the latest rates available.

FORMULA COMPONENTS: These are the 18 components of the formula for the Index:
1.       Five-year change in private-sector employment.
2.       One-year change in private-sector employment.
3.       Long-term trend in private-sector employment.
4.       Five-year change in unemployment rates.
5.       Current unemployment rate.
6.       Long-term trend in unemployment rates.
7.       Five-year change in weekly earnings per private-sector worker.
8.       One-year change in weekly earnings per private-sector worker.
9.       Long-term trend in weekly earnings per private-sector worker.
10.   Five-year change in construction-sector employment.
11.   One-year change in construction-sector employment.
12.   Long-term trend in construction-sector employment.
13.   Five-year change in retail-sector employment.
14.   One-year change in retail-sector employment.
15.   Long-term trend in retail-sector employment.
16.   Five-year change in house values. (House values are updated quarterly. All other factors are updated monthly.)
17.   One-year change in house values.
18.   Long-term trend in house values.



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Thursday, September 16, 2010

:: Austin Ranked 3rd Most Recession-Resistant City ::

In April of 2008, Austin was ranked the third most recession proof city by Forbes because of a lack of a housing bubble, low median home price, low unemployment, and strong job growth segments that would recover more quickly. Plus, Austin was known as “Silicon Hills” for its growing tech sector industries.


Now, over two years later, the Brookings Institute has released their quarterly in-depth analysis which also ranks Austin the third most recession proof city in the U.S.

The top 10 stable cities identified by MetroMonitor are:

1. Albany, N.Y.
2. Augusta, Ga.
3. Austin, Texas
4. Baton Rouge, La.
5. Buffalo, N.Y.
6. Columbia, S.C.
7. Dallas, Texas
8. Des Moines, Iowa
9. El Paso, Texas
10. Honolulu, HI

The Brookings Institute analyzes the health of America’s 100 largest metropolitan economies. It examines trends in metropolitan-level employment, output, and housing conditions to look “beneath the hood” of national economic statistics to portray the diverse metropolitan trajectories of recession and recovery across the country. MetroMonitor looks at the particular industries that drive national economic trends, and takes into account metro areas’ unique starting points for eventual recovery.


For more info you can see the Full Report. You can view many interactive reports for employment, REO properties and other economic measurements.

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Friday, September 10, 2010

Austin Ranked #4: Social Media Savvy Cities

NetProspex, a sales and marketing database company, has released its "Top 50 Social Media Report" analyzing the social media presence and activity of professionals around the U.S.

Among other findings, the report ranks the top 50 "most social" cities in the country--the "parts of the US are filled with the most social businesspeople."

What metric was used? The company writes in its report that it based its ranking on what it calls the "NetProspex Social Index (NPSI)," a score that takes into account "the number of employees with at least one social media profile," "the average number of connections per employee across major social networks," and "the average number of tweets, number of followers, and number of following." Activity across nine social networks--Facebook, Twitter, MySpace, LinkedIn, Friendster, Flickr, LiveJournal, hi5 and Flixster--was considered.


See the top 17 most social media savvy cities in the U.S. in the slideshow below (Fun fact: four of the cities are in California). Are you surprised by the list? Do you take issue with it?

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