According to Forbes, the Austin-Round Rock, TX area is the BEST city for Recession Recovery across the country.
Why? Many factors...
One is that unemployment is low at 5.8% (however, the local news reported unemployment even lower, at 5.4% so I'm not sure which number is correct).
Second is that the area has a very diverse economy from Tech jobs at Dell to Government jobs at the State Capital, to Teaching jobs at The University of Texas.
Third is that Austin, like many Texas cities, did not have a "bubble" like what happened in other states. Granted, there are pockets of communities within the area that saw some bubble action, but overall, the appreciation stayed steady, about 3-5% each year, and that's what helps real estate stay steady.
San Antonio, Dallas/Fort Worth, and McAllen were three other big areas of Texas that are showing to have a good recession recovery.
**Are You Packed Yet?**
Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.com
Donna@DonnaHomes.com
Austin, TX real estate and the surrounding areas of Lakeway, Bee Cave, Westlake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Whether you're buying or selling, I'll be with you through the entire process.
Donna, during the bubble years, I followed the Texas market pretty carefully. And now I'm thinking that the areas like yours that missed the lunacy that we saw up here are much better in the long run.
Donna - I think the Austin area was lucky to have missed the bubble. I have found many people leaving the hardest hit areas to the recession proof areas like Austin and even Raleigh NC. California has a lot of disgruntled homeowners and ex homeowners that may be interested in Austin if the realize what a beautiful city it is. Maybe you can find a way to get that info out there!
Congratulations on being #1 on that Forbes list.
Like Nevin commented above, we're lucky to be living in areas where life is good!
Pat, To an extent, you would think that, but Texas also has the lowest credit rating across the country, and it's difficult to get loans these days with the new credit criteria.
Nevin, We're getting tons of CA relocation!
Craig, Or "better".