Feb 16, 2016
TEXAS Ya’ll come! – Looking to make a big investment in 2016? According to Forbes, you’re in the right place.
Texas is the state with the second-greatest number of cities on the Best Buy list,
—San Antonio (No. 3), where homes average $201,000;
—Dallas (No. 6), where home prices average $211,000; and
—Austin (No. 7), $281,000.
While the rest of the country was in the depths of the recession, Texas experienced only a shallow one, and bounced back with force.
The energy boom helped fuel job growth; even with gas prices now way down and the industry hemorrhaging some 200,000 jobs, these three Texas metros are doing well overall thanks to their diversified economies.
The Gulf Coast has welcomed a boom in petrochemical construction, and the state is seeing growth in leisure and hospitality, both activities reportedly fueled by lower gas prices.
Austin is welcoming growth in high tech.
Dallas is welcoming the relocation of Toyota, State Farm Insurance, and Liberty Mutual Insurance.
San Antonio has financial firms and data centers.
Winzer predicts that it will still be a while before Texas prices reach the point where these metro areas are no longer a good investment—by his estimate, when they are overpriced by about 20%
Year-over-year job growth is strong (San Antonio: 3.7%; Dallas: 3.5%; Austin: 3.3%) and people continue to move to the Lone Star State (three-year growth rates for San Antonio: 6.1%; Dallas: 6.2%; Austin: 9%), meaning it is an area flush with a pool of renters. Housing prices are rising but compared to the rest of the nation, still relatively cheap.