The season of home improvements is right around the corner. Most homeowners are inspired by the weather to create the best version of their home. Pinterest and Houzz pictures aside, you may wonder which remodeling projects will add to your homes aesthetics and value. Here’s the thing, national numbers don’t really play a part when it comes to getting the
Texas is a hub for all sorts of activities, events and industries. With so many businesses growing and expanding, it makes sense that so many people are moving to the state and making it their home. In fact, many of the cities in the state are growing at an alarming rate. The Dallas-Fort Worth area has the second largest population
New Report Could Boost Texas Housing Market Over the past year, we have highlighted number of reports showing the Texas housing market has been growing far faster than the national average. A new report from Local Market Monitor supports these findings. This report cites data showing that Texas is the best state for residential real estate investors in 2016.
A recent Houzz study shows us just how much technology is in demand: When asked, “What do you want in your next home or remodel?” homeowners and potential home buyers across the U.S. overwhelmingly ranked technology and making space smarter among the most important considerations. And this trend is not going anywhere, it’s only going to get better (gadget wise
We have previously discussed the booming housing market in the Fort Worth region. Recent reports illustrate how the local market contrasts with other parts of the state.
“It’s your home. And you want to love it, so you need to address all the aspects that are important to you. Every home has features that enhance that particular home. It may be the large kitchen, the open living areas, or the large bedrooms and closets.” – Kathi Fleck, Renovate, Remodel…Relax! Recent studies conducted by Houzz, show that Millennials are
The Texas housing market has been thriving over the past year. A number of factors have played a major role, especially migration from other states and expansion of several key industries. However, one ominous factor has become a cause for concern: declining oil prices. They probably won’t be as significant for Fort Worth, but are still a cause for concern.
Home remodeling looks to be on the rise in 2016 according to the Joint Center for Housing Studies at Harvard University. The optimistic report comes from the LIRA (Leading Indicator of Remodeling Activity) projections suggesting a considerable growth in spending on home improvements in 2016. The October 215 report projected a growth from 2.8% in the fourth quarter of 2015,
The migration patterns have always played a influential role in the residential real estate market. These patterns have changed over the years, which have caused markets in various parts of the country to fluctuate. New data shows that a growing number of people are relocating to Texas from more urban parts of the country, which is one of the growing reasons Fort Worth housing market growth is accelerating.
Texas Among the Fast Growing States
The Washington Post recently published an analysis of national migration patterns. They relied on a report from William H. Frey, which aggregated data from the U.S. Census Bureau.
The analysis shows that net migration in Texas was significantly higher than most other states. Over 170,000 citizens relocated to Texas over the past year. Net migration figures only exceeded 25,000 citizens in nine other states. Migration in Florida slightly surpassed Texas with only 200,000 relocated residents.
What factors are driving the migration trend in Texas? Anecdotal reports from some residents suggest that cost of living plays a role. This could be one of the key reasons that so many residents are leaving California and New York, especially since wage growth is failing to rise with cost of living increases. The cost of living in Texas is 90% the national average, which means citizens receive a higher standard of living than states that offer higher wages for comparable jobs.
However, the low cost of living probably isn’t the only reason that Texas is attracting residents from other states. Citizens in most parts of the Midwest face even lower living costs, but none of them experienced net migration over the past year.
Job growth is probably a second factor that is affecting the state. Texas has been leading most of the country in job growth over the past year, especially as many oil producers scale production to meet demand amid challenges from OPEC.
Net Migration Strengthens Housing Market
The Texas housing market has been steadily improving over the past year. While a variety of factors are clearly playing a role, stronger migration from states with higher population densities and living costs is one of the key factors.
Demand for new housing is likely to continue to increase in the near future if the migration trend continues. Experts remain confident that housing market growth will continue through 2016.
Professional Builder recently released its 2016 listing of the 10 most prosperous cities in the country. Dallas-Ft. Worth was listed along with Austin, Houston and San Antonio. This report is encouraging for job seekers, business owners and any citizen interested in buying or selling a home.