In 2018, Austin was voted the No. 1 place to live in America for the third year in a row and it remains a top location in the nation. Based on factors of affordability, employment opportunity and lifestyle, populations are coming to the city from both in state and out of state with now a resident base exceeded the 2 million mark and growing. The main attraction for the population growth stems mainly from the business interest that has been hitting the metro over the last ten years reaching peak growth rates into 2018 and present day.
Austin has been the fastest growing tech town in the U.S. for several years running, even competing with top tech locations like Silicon Valley with more than 147 companies securing almost $1 billion in funding just in 2015. Along with new start-ups and the next generation of entrepreneurs, giants like Amazon, Google, and Facebook have also opened offices in the city creating a network of employment opportunities for existing and new populations. This growing network of commercial opportunities has had both analysts and US populations looking to the Texas metro for investment and future professional opportunities and putting it in position to be one of the leading locations in the nation.
Certain industries are feeling the impact of this growing attraction to the Austin region by increasing their focus on the area for future growth opportunities. Meeting the increased demand for housing in the area are real estate developers like Marcus Hiles, whose vision of upscale, ecologically-minded and affordable, homes are the up and coming choice for the growing Austin professional class. Western Rim Properties CEO and Founder, Marcus Hiles, shares, “When investing in popular locations around the national economy we look to those areas with a long-term track-records of growth potential and Austin aligns with these goals. We have seen a diverse population coming to the area in growing numbers and many of these new residents are there to stay.”
Affordability is a big factor for residents looking to the Austin metro and its leading position in the national economy. Despite being one of the more high-priced locations in the state of Texas, when compared to other tech hubs in California, Austin has some of the most affordable cost of living and housing in the country. Both a good option for singles and families, Texas is known as having cost of living value that includes Austin along with other popular metros like San Antonio and city suburbs of Dallas. Texas was reported to have more cities that are considered affordable to live than any other state in the nation.
All of these factors combined has put Austin at the forefront of economic growth throughout the last decade and its value and popularity continues. Its distinct and unique benefits including vast resources, unsaturated industry opportunity and a growing interest from talented professionals and entrepreneurs, the Texas city will remain a leading location into the next several years.