San Francisco Chronicle say Californians driving Austin’s housing increase
The San Francisco Chronicle is the latest publication on California migration and credits the Californians moving to Texas with the Austin real estate boom.
Thousands of newcomers from the Golden State enjoy the rolling hills, burgeoning wine scene, and warm weather of Hill Country, the Chronicle writes, while enjoying greater affordability and quality of life.
Douglas Yearley, CEO of central Texas luxury home builder Toll Brothers, said much of that jump was due to Californians, the Chronicle reported. “Austin, the number one pricing power in the country, is simply driven by California,” said Yearley.
It’s not just sunny skies
Central Texas property prices are skyrocketing as newcomers pile up. The Austin subway transports more than 180 people a day, more than anywhere else in the country.
The latest report from the Austin Board of Realtors found that the average home price hit an all-time high of $ 566,500 in May, up nearly 35% year over year.
California lost residents for the first time in its history last year, with San Francisco losing about 1.3% of its population. Austin is expected to soon become America’s 10th largest city, a seemingly symbolic shift as it knocks off the current # 10 San Jose.
The days of the gold rush seem to be long gone. Real estate agent Ray Shapley, who helped Californians Josh and Jessi Rubbicco find a home in Austin, told the Chronicle that migration patterns across the country are undergoing a massive overhaul.
“I think the last few decades belong to California somehow. I think the next few decades could be central Texas, ”Shapley said. “As someone who was born here and loves Central Texas for what it is, I don’t know if I absolutely love it.”
Shapley’s fears are echoed by many Austinites unsure whether the city is ready to handle such a major real estate boom.
Look in the mirror
The article admitted that some of Austin’s problems mirrored California’s. Homelessness has been a top priority of local politics for years, and the affordability crisis only gets worse as supply and demand roll through the city.
The difference between Austin and its Golden State counterparts, however, is that the Texas capital’s problems may still be solvable. In contrast, the Chronicle reported that many of the crises in the Bay Area are deeply ingrained.
While the average home price has risen in the Austin subway, it’s nearly three times as high ($ 1.3 million) in the Bay Area’s nine counties. There isn’t enough housing in Austin, but the Bay Area homeless crisis could cost a whopping $ 11.3 billion to solve.
Even property taxes, which are higher and constantly changing in Texas, are worth the better quality of life and community spirit, Josh Rubbicco told the Chronicle. “I feel like we have more friends here than ever in California,” said Rubbicco. “The people were so warm and friendly.”
Oracle’s Waterfront Campus in East Riverside recently became the technology giant’s new headquarters. (Shutterstock)
Austin is also the trendy new corporate headquarters – according to the Austin Chamber of Commerce, 22,114 jobs were created in the past year by companies moving or expanding into the subway – but trouble or not, the Bay Area’s role in technology isn’t going Jake Weggman, University of Texas associate professor who studies housing, told the Chronicle.
“I don’t think all of this is going to go away in the Bay Area. But I think the Bay Area is headed for a future where it’s a little less dynamic … rather slow,” said Weggmann. “Austin will grow faster, be more dynamic, and change quickly.”
Articles from your website
Related articles on the web
