Dallas was recently ranked as the best place for residential real estate investors in the country for the second straight year. And other cities in Texas weren’t far away from Dallas. Texas may seem like an unlikely candidate for the best real estate in the country, but when you look at the facts it should come as no surprise.
So why is Texas home real estate the best in the country right now?
Top Home Appreciation Rates
Did you know that in Dallas if you owned a home you would have seen an average of 20.7% in appreciation in a single year? That outranks Portland, Oregon, which only saw an increase of 14%.
Although Dallas is the standout performer, other cities in Texas still saw huge home appreciation rates. Believe it or not, California saw the worst returns for home real estate investors.
Abundance of Land
Texas is the second largest state in the country, after Alaska. That abundance of land means there’s a lot of supply, which drives real estate prices down. It’s true that within the major cities prices are going up, but anyone who wants to find a place to live or a great investment is going to find something. For example, there are a lot of safe and upscaled communities and property right outside of Austin, Texas that aren’t as expensive compared to being in the city.
You don’t need to spend close to $500,000 to find a great place, as you would in a place like California.
Top Growing Career Fields
Look at education, health services, and business services and you’ll soon see that the boom in these fields is attracting, even more, people to Texas. These people need a place to live, which is causing house prices to increase. There are no signs that this boom is going to end, so it’s inevitable that Texas real estate will continue to be a great investment.
At 1.94% it’s true that Texas has some of the highest property tax rates in the country. But hold on one second. It’s easy to think that this means you’ll be paying a lot of money to come to Texas. Keep in mind that there are no personal state income taxes.
The average person who works in Texas will have much more money than someone living in any other state. In fact, Texas has the highest effective paycheck in the country.
Freedom Like Nowhere Else
Try to renovate a building in New York or San Francisco and you’ll have to deal with endless paperwork and endless meetings to do it. Texas is different. They have a laissez-faire attitude towards capitalism. Forget constricting regulations in Texas. You won’t have to fill in a filing cabinet’s worth of paperwork to do what you want personally or in business.
Here you’re free to make money.
Last Word – Texas is Number One for a Reason
Texas is the number one place to invest in real estate, and it’s all due to the Texan way. It’s one of the freest states in the country. The government wants you to succeed. It’s not going to hammer you because you want to invest in real estate or do what you want with your family home.
Are you going to invest in Texan real estate?