…We have California & New York!
According to a recent column in the Dallas Morning News Texas will fare pretty darn good in 2016 even with the oil slump. How so you ask. As the article went on to state, since 1990 Texas attracted more workers with or without a booming oil industry. And an interesting side note, these “imported” workers are better educated (doesn’t say much for Texas schools) than most Texas workers, so they command a higher wage and elevate the workforce. Dallas and Austin added jobs twice the national rate and both cities do not depend on the oil industry for their economic success. Although home prices have been rising quickly in both cities, both cities have affordable homes when compared to California and New York. In both Dallas and Austin the cost of a median priced home is less than 4 times the average salary. In New York the ratio is almost 6 times and San Jose came in just under 10 times.
With so many people coming to Texas and the Austin area in particular, now is a great time to add to Austin area real estate investments.
Rick Ebert / Austin, Texas / 1 Feb 16