Austin Real Estate Blog

The economy is heading for a recession. The housing market has slowed down considerably among bad loans and unemployment nationwide is on the rise. The country is definitely having some issues. The economic woes can be felt nationally, yet there are a few cities that have felt less of an effect than others. At the top of that list is Austin, Texas. Almost incredibly, this city’s housing market has remained steady. Unemployment remains low and there has even been an increase in jobs.

There are several factors that have helped push Austin above most of the crisis. First of all, businesses still love it here. The economic publication Site Selection has ranked Austin third on the list of best places to start a business. There is an ease here to getting started in regard to permits and regulations that encourages businesses to settle here. Austin is also listed third on the nation’s Recession-Proof cities, according to the Austin Business Journal. The housing market here has of course slowed down, but because Austin never experienced the soaring home prices of the last few years, it wasn’t a very long fall. The median home price in Austin is still a manageable $328,000. The important thing is that home prices here continue to match with salaries, meaning homes in Austin are still affordable.

Most important to a struggling economy, Austin has actually increased jobs here. With new companies heading here each year, and others expanding, about 20,000 jobs were added in the past year. Unemployment here is practically nonexistent. Austin is expected to continue growing and recover from the smaller economic impacts within the next year or so.