You’ve probably heard the old saying that “everything is bigger in Texas,” and that certainly tends to be true. Texas is the second largest state in all of the US. Not only is it a huge, vast state, but it is also densely populated.
Texas is close to Louisiana, Arkansas, Oklahoma, and New Mexico. As such, there is plenty of exposure to different cultures and ways of life. Its landscape is equally diverse with deserts, prairies, forests, coastline, swamps, and more all dotting different parts of the state.
While Texas may be beautiful and even a little rugged in its own right, it is also a profitable, lucrative state. It has 54 Fortune 500 companies in the state as of 2015, has many universities and colleges, and is at the top of its game in terms of state export revenue. For all these reasons, it shouldn’t come as a surprise that the Texas housing market is also a high-dollar one.
Compare and Contrast this Information to the 2015 Texas Real Estate Market Here
Many people expect the Texas housing market to be outrageous in terms of price. And, while it is true that Texas homes have always been a bit on the pricier side, the amounts are reasonable for most people.
The median home value, for instance, of a home in Texas is around $184,112. Unfortunately, though, that number is expected to rise. Home values have increased by 7.6% in the last year and are expected to rise by at least 4.7% in the coming year. Median listing prices in Texas are currently right around $269,900.
Obviously, given these figures, now is a good time to buy a home before prices get any higher.
Influencing Factors for the 2018 Texas Real Estate Market
Currently, many factors are having an influence on the state of the Texas housing market. These include the following facts:
- Rents in the state are high, at around $1,495 per month, which prompts more people to consider buying instead of renting
- Texas has a delinquent mortgage rate of 1.4%, lower than the national average
- Median home values in Texas vary greatly depending on the part of the state one is in
- The median home value in Plano is $305,500
- The median home value in Austin is $304,800
- The median home value in Arlington is $167,000
Based on these figures, it is easy to see that Texas is quite the diverse state in terms of pricing. As such, many people can afford to live here (and most people easily do given the low delinquent mortgage rate). For most, it’s just a matter of finding the right and most affordable place to match their needs.
Best Places to Live in Texas
There are all kinds of places to live in Texas and, as you can probably tell, how much you’ll pay and what life is like can vary greatly depending on where you go.
If you’re the family type, for example, you’ll probably love Rollingwood. This is a small Texas suburb located just outside of Austin. Its proximity to the “big city” allows for plenty of opportunities for fun and entertainment while still having a nice, quiet place to go home to. It is also a town with low crime-rates and beautiful weather, making it an idyllic place to raise a family.
Another popular town is Midland. With a middling population and proximity to both Forth Worth and El Paso, Midland is a great, diverse city, one that is growing rapidly. Midland has great employment opportunities and higher paying jobs than many other parts of the state. However, it is on desert land, so be prepared for that.
If suburb living is more your thing, then consider Coppell, which is a small suburb of Dallas, Texas. The people in Coppell tend to be very friendly, so it’s a great place to go if you’re looking to make new friends. Plus, it has some of the state’s best schools for young people, making it, like Rollingwood, a great place to raise your family.
Frisco is another good option, one that is super close to Dallas. It is a small city, but it’s growing rapidly. In fact, it has gotten so popular in recent years that home values have shot up, and it’s quite costly to live in Frisco now. However, the jobs tend to pay well here, so it mostly evens out. Plus, many people think the additional costs are worth the additional safety. Frisco has incredibly low rates of violent crime and is a very safe place to live, work, and play.
As you can see, there are many reasons to love Texas and many places to love within the state. If you think it could be the right choice for you, check out the Texas housing market and find a home and a locale that you can love.