When people think of Texas, they often envision 10-gallon hats and cowboys roaming the open plains. Very few think of the number of growing Texas cities that are driving the state’s economy and population.
Between 2011 and 2012, five of the ten fastest-growing cities in the United States were located in Texas. Fast-forward to 2014-2015, and you will find that more than a quarter of Texas’ growth was concentrated in the state’s largest cities. Even more astounding? The U.S. Census Bureau and Wallet Hub data both reveal that the majority of the top 10 cities with the fastest growing economies are located within the state of Texas.
Fast-Growing North Texas Cities Lead to Investment Potential
From Dallas to New Braunfels, Texas cities are experiencing unparalleled levels of residential and economic growth. The emergence of the high-tech industry, as well as a vast amount of associated businesses, has helped North Texas cities expand their borders in an effort to accommodate an onslaught of new residents.
While Central Texas has continued to show good growth in recent years, North Texas is quickly becoming the preferred spot for in-state, out-of-state, and out-of-country real estate investors, with Frisco and Dallas both included in the the top five fastest-growing cities.
To put the growth of these cities into better perspective, let us examine a few critical pieces of data. Georgetown, located north of Austin, Texas, was recently ranked as one of the nation’s fastest-growing cities. It has a population of 50,000+ and grew by an impressive 7.8 percent from 2014 to 2015.
Not to be outdone, Frisco, Texas has continued to experience growth throughout the past few years. Growth in Frisco has been attributed to large jumps in population, as well as the large number of new construction projects for homes, schools, and businesses. Amongst those projects is the “$5 Billion Mile,” which includes the new Dallas Cowboys headquarters.
Just as Frisco has experienced exceptional growth, so too has Dallas. Dallas continues to attract young professionals and families who are interested in capitalizing on the growing job market. In addition to the latter entities, businesses and global corporations continue to move offices into the Dallas area to take advantage of the well-positioned city.
In this vein, Dallas investment properties are being scooped up by knowledgeable real estate investors who see the potential that the city has to offer within the foreseeable future. As a direct response, the best Dallas property management companies are on the continual lookout for new investment opportunities in the form of new home construction, expanding neighborhoods, land for sale, and traditional landlord leasing models.
Reasons for Continued Growth in Texas
One of the reasons for investing in Texas Real Estate is that experts predict the Texan economy will continue to grow and attract additional residents throughout the foreseeable future.
- The consistently improving job market. Texas has a huge military presence that has only grown as defense spending has continued to increase. In addition to the military job market, there is also a large employment market for medical, finance, and high-technology individuals.
- The cost of living. Generally speaking, the cost of living in Texas is cheaper than in many other parts of the United States; as such, a paycheck is able to go significantly farther.
- Efficient land acquisition process. With the help of North Texas and Dallas property managers, out-of-state and out-of-country investors can continue to find inexpensive land to purchase. This land can then be developed as new construction continues to boom throughout Texas.
- Tax incentives. Texas is one of only seven states within the United States where residents do not have to pay personal income tax. Many businesses also flock to Texas because of the state’s historically low business taxes.
- It is easy to find “big city” living. Texas is home to six of the United States’ 20 largest cities. As the economies continue to expand in Texan cities, so too does the potential for real estate investment properties.
LEAP Property Management Makes Investing in North Texas Real Estate Easy
In-state and out-of-state real estate investors are seeking out the services of LEAP Property Management as they attempt to capitalize on the growing economy and real estate markets of North Texas. Founded in early 2011, LEAP Property Management is backed by a group of property management professionals with over 15 years of experience in the North Texas Markets. LEAP Property Management is dedicated to delivering quality management services throughout North Texas, while simultaneously fostering healthy relationships with property owners and their tenants.
To learn more about how we can help you find the right North Texas investment property, contact a member of the LEAP Property Management team today.