According to an article about the great debate of where Americans will be for the next twenty years, small cities will be the best housing markets to live in. In the midst of this debate there were two hypotheses derived. One explains how attachment to homeownership is no longer as important and the other explains how the convenience and vitality of urban living is more appealing than life in suburbia.
Let’s talk about the first hypothesis. The homeownership rate has decreased about 5 percent in the last eight years, now down to 65 percent and it may decline a bit more until the housing recession is fully at a halt. Not to say that everyone is going to be turned-off by owning homes forever, but experts tend to infer that the Millennial generation will also be less likely to be interested in home ownership. However, in a recent survey from National Mortgage Professional, 84% of people ages 18 to 34 intend to be homeowners in the future. With today’s low mortgage rates, homes are more affordable that they have been in a while and owning a home rather than renting is much smarter, and most people know that.
That’s where Austin comes into the picture. According to the Business Insider article, “these small- to mid-sized cities, college towns… are poised to do particularly well over the next couple of decades.” Partly because there is not such a big gap between suburbs of Austin and the lively scene of living in the midst of all of the action downtown. The strong job creation in Austin, ranked #1 in the country since 2004, the rising population and urban living prices skyrocketing has given Austin homes in all areas the push it needs to become needed and wanted.
Suburban life is all about family, affordability and peace, while urban life is filled with young adults and those who have already made a life for themselves, and an active social scene. The glory about the city of Austin is that you can be in the downtown scene one minute and in a serene and beautiful suburb the next. Most metro areas have difficult meshing the two because of cost and space, so those who can’t afford urban living are forced to move into the suburbs which are never very close, giving them transportation problems like heavy traffic and gas prices.
Enjoy the life of suburban peace or downtown activity, after all the two are only minutes apart if you change your mind. Find a happy medium in Austin – that’s where everyone else will be.