Austin real estate #2 in nation for younger residents

By
Real Estate Agent with Copeland Group Realty

According to a recent survey by BizJournals.com, Austin ranks as the number 2 city in America for young adults to live and thrive in the job market. The survey surveyed the 67 largest metro areas in America and then ranked them according to many factors, including size of the young adult population, job opportunities, and overall quality of life offered. 

Of all the metro areas surveyed, Austin has the highest concentration of young adults, with 29% of residents between the ages of 18 and 34. 

Young Crowds Pay

The results showed:

  • Areas with a higher concentration of young adults experience seven times greater population growth annually, 75% more job growth, and a greater rate of growth of personal income.
  • The effect of a growing young adult population is cyclical; more young people relocate to areas like Austin after graduation to look for work, purchase real estate, and start business and families.
  • Those people prosper, the economy is stimulated, and, in return, even more young adults head to the area to continue the trend.

Austin was ranked using factors that BizJournals thought would appeal most to workers in their 20's and early 30's. There were:

  • Relatively low cost of living
  • Strong growth rates
  • Large concentrations of young college-educated adults

Competition for real estate and jobs is beginning to escalate as more young people are becoming choosier about where they settle. "College-educated young people are looking for greater control over where they live," concluded a 2006 study by The Segmentation Co., a national research firm.

The conclusions from this study make it an excellent time for young people to consider investing in Austin, TX real estate. They can start building the wealth they came to Austin looking for, but it also helps to further stimulate the local economy and real estate market, allowing the cycle of prosperity to continue.

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Rainmaker
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Dee, I just picked up a book by Richard Florida on the rise of the 'Creative Class.'  Individuals who make up this group will be critical to the economic sucess of the cities which they choose to live in.  Since I haven't read the book yet, I can't be sure....but I think it might be safe to guess from your blog that Austin, Texas is one of the cities which is well poised to attract the best talent in the future.

Jun 05, 2008 08:24 PM #1
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Dee Copeland

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