Why Invest in El Paso: Thriving Real Estate Market & Low Costs of Living. El Paso Texas boosts a strong and robust real estate market that has enjoyed consistent growth over the last decade. Over the years, investors are eager and encouraged to invest and relocate to El Paso. The reason is that El Paso has an affordable housing market, low crime rate, robust job market and a low cost of living.
In 2018, Trulia ranked El Paso Texas’ real estate market as the 4th hottest real estate market in the US. The robust job growth, low vacancy statistics, increased affordability and greater populations of young homeowners makes the market competitive and investor-friendly.
An area characterized by some of the most splendid hiking and rock climbing sites in the country. Such sites include the Hueco Tanks State Park and the Franklin Mountains State Park. El Paso is a terrific destination for families, millennials and even senior retirees.
Let’s take a closer look at the reasons that make El Paso a thriving real estate market:
Whether you are buying or selling, the market statistics rule in your favor because home prices are rapidly rising. The competitive scores shared by Redfin revealed several trends The homes in El Paso typically receive 2 offers and are sold for 8% below the listing price. Moreover, hot homes tend to sell for around 1% below the listing price and go pending in a period of 17 days.
Stable Economic Growth
El Paso Texas’ real estate market is characterized by stability and growth. In 2017, the U.S News ranked it among one of the best places to live. El Paso promises residents superior quality of life due to a thriving job market, comfortable lifestyles and affordable housing. A study conducted by Forbes revealed that El Paso is one of the cities where people can enjoy a comfortable lifestyle within an annual income of $60,000.
Increased Home Values & Affordability
The low cost of housing has attracted many buyers and investors from major metropolitan cities including Austin and Houston. Even people from California have discovered El Paso’s very low costs of living.
The areas surrounding Mesa Hills, Cielo Vista, and others are considered the most affordable neighborhoods for buying and renting residential properties. Predictions by the real estate analysts at Zillow reveal that in the past year, home values in El Paso have increased by 5.6% and are expected to increase by another 1.6% during the next year.
Why Invest in El Paso: Thriving Real Estate Market & Low Costs of Living