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Rise In Population Helps Real Estate Business in Texas

  • [아시아뉴스통신] Timothy Montales 기자
  • 송고시간 2018-11-12 17:34
  • 뉴스홈 > 국제
Photo by: tkoch via Pixabay
 

Texas is experiencing a rise in new resident demographics, providing a similar rise to the real estate business there.


James Gaines of the Texas A&M Real Estate Center marked 2016 as the turning point of a five-year boom in population. The Austin-Round Rock Area exhibited a slow rate of job growth which is 2.8 percent in May. Meanwhile, there is an average of 160 additional residents per day between 2015 and 2016.


However, despite the radical increase in population, local resources are seen to become a problem if the perceived rate of increase in demographics continues. The local government must plan in advance in order to accommodate the further rise in the population.


One of the leading factors of this growth is the rise of apartments, according to Gaines. The average age of the population centers around 34.2 years, who are those mostly looking for renting houses or apartments.



This rise is highly affecting the booming real estate market within the state such as in Williamson County where there is an anticipated increase in population by 368 percent from 2010 to 2015. In contrast, the rise of renting houses is met with the fall of home ownership that dropped from 61 percent to 57.5 percent between 2014 and 2015, according to Gaines.