City Spotlight on Where to Buy and Why in Austin, Texas
Gen Y Migration: Millennials Are Flocking to Austin, TX
Known for being a go-to destination for music, food, film, and tech culture, Austin, TX caters to everyone these days, but particularly to millennials. Reports and research are showing that Austin’s Millennial population — people who entered their young adulthood years in the early 2000s — is growing faster than almost anywhere in America.
Census data shows that Austin’s millennial population, defined as adults ages 18-34 between the years of 2005-2015, grew by a staggering 16.4 percent in the past decade. Compared against the 50 largest metros in the nation, including San Francisco, Los Angeles, and Chicago, Austin showed the third highest gain in millennial residents.
It’s hard to argue with this influx of Gen Y residents flocking to Austin. The city is tech savvy, civic-oriented, and entrepreneurial. And with a superior live music scene, a wealth of hip food establishments, and unparalleled access to nature, Austin boasts a work/life balance that other millennial-saturated cities simply don’t have. Let’s take a closer look at all Austin offers this eager generation.
Eclectic Live Music Scene
A thriving live music scene draws many people to Austin every year. While the city may be famous for Austin City Limits and South by Southwest (SWSX), Austin also holds the Urban Music Festival, the Pecan Street Festival, and many more concerts and events at the city’s 250 other live music venues.
Millennials love Austin’s wealth of dive bars, Texas-style saloons, and ramshackle jook joints that house local and international talent. Pop into a coffeehouse or taqueria on a weekday evening, and you’ll find the music scene booming all year round.
Austin’s Foodie Culture
Whether you’re searching for high profile dining or food truck charm, Austin has it all. Keeping stride with Portland, Oregon’s food truck culture, Austin too boasts a citywide food truck scene worth noting. Here, over 1,000 mobile food vendors, popup shacks and airstream trailers are churning out some of the best food the city offers, for affordable prices too. Whether you’re searching for Korean BBQ or knockout fish tacos, food-court trailer parks are your answer.
But don’t think you can’t find traditional counter service spots too. Hip new restaurants are opening in droves and thriving. Check out some of the city’s best new restaurants, serving everything from raw oysters to inventive vegetarian fare.
Natural Resources in Austin
And while Austin is an urban mecca, the city also offers plenty of easy access to nature. For those looking to de-stress from fast-paced tech jobs, natural resources abound within city limits. Visit the Barton Creek Greenbelt: 809 acres of manicured trails, century old trees, picturesque hills, and summer swimming holes. Immerse yourself in Barton Springs, where you’ll find a natural spring that boasts year round a temperature of 68 degrees, and year round scenic bliss.
Austin’s Home Market and Real Estate Trends
Unfortunately, not everything is always sunny is Austin. For the past two years, Forbes has ranked Austin as one of the top most overvalued housing markets in the country. This year, the city ties with San Antonio for first place (following being named 2015’s most overvalued housing market in America), meaning 2016 is a wary time for Austin home owners and prospective buyers. As employment booms, more millennials and white collar employees flock to the city; thus, home prices in Austin just keep climbing.
Local real estate professionals share that the growth in home prices is outpacing the local economy. Austin Realtor Jonathan Stilley claims that “[The housing market] has really taken off in the past couple of years… It’s this perfect storm of what’s perceived as still affordable, nice amenities and short supply. We’ll see this maintained for a while unless something happens.”
This places buyers in an interesting predicament. On one hand, Austin is a desirable location with a housing market is showing no signs of slowing down. On the other hand, per the Fitch Ratings study, Austin, Texas is overvalued by 19%. For home buyers and prospective residents, this means that a housing bubble threatens the value of housing investments.
Ready to Call Austin, Texas Home?
Austin is a hot location for home buyers. If you’re searching for a city with a vibrant culture, great walkability, and a burgeoning young adult population, this is a perfect place. But don’t delay, with real estate prices climbing, now is the time to invest in Austin’s market before it’s out of reach.
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