As an expert in the real estate market, I have seen firsthand the changes and growth that have occurred in Austin, Texas over the years. It's no secret that Austin has become a popular destination for people looking to call it home. With its iconic University of Texas campus, beautiful rolling hills, and vibrant music scene, it's easy to see why. However, with an average of 180 new residents moving in every day, the city is facing a housing crisis that is reshaping its landscape. Austin is not only one of the most desirable places to live in Texas, but it also ranks among the most expensive cities for single-family home rental prices.
In fact, single-family rental homes are 40% more expensive than apartments across the country. Over the past decade, the prices of single-family rental homes have risen by 36%, while apartment rents have only increased by 4.7%. This trend has made it increasingly difficult for individuals and families to find affordable housing in Austin. One of the main factors contributing to the high demand for housing in Austin is its strong and diverse economy. The city has seen a significant influx of companies and individuals moving in from both within and outside of Texas.
This has created a thriving job market, with high-tech jobs increasing by nearly 62% over the past 10 years. These jobs tend to pay six-figure salaries, making them highly attractive to professionals looking for opportunities. With such a strong economy and job market, it's no surprise that Austin's real estate market is booming. In fact, according to the House of Austin Commerce, high-tech jobs now account for 17% of all jobs in the Austin metropolitan area. This growth has far surpassed that of any other industry in the city. Despite the high demand for housing, inventory in the Austin MSA (Metropolitan Statistical Area) is still scarce.
However, with inventory constantly increasing, now is a good time to consider buying a home in Central Texas. In fact, Austin recently ranked eighth among the best real estate markets in the country, surpassing all other major cities in Texas. This is a testament to the city's strong economy and its appeal to both residents and investors alike. One of the main driving forces behind Austin's real estate market is its young population. With a median age of 33, millennials make up a significant portion of the city's population.
This demographic will continue to be a major buying force in the years to come, further driving the demand for housing in Austin. As an expert in the real estate market, I can confidently say that investing in Austin's housing market is a smart move. Not only does the city offer a diverse range of investment options, but it also has a strong track record of growth and stability. Unlike more liberal cities, landlords in Austin can rest assured that they won't spend months trying to evict an unpaying tenant. While some economists predict a potential plateau for the housing boom across the country, the Austin Board of Realtors expects another big year ahead for the city's real estate market. With its diverse population and strong economy, Austin continues to top the charts as one of the most desirable places to live and invest in.
