It’s no coincidence that so many real estate investors have chosen to buy in the Dallas metropolitan area. Its population is exploding, the job market is continuing to grow, and the cost of living and housing is relatively affordable.
Located in Northern Texas, Dallas is part of the fourth largest metropolitan area by GDP in the United States. The metro includes Dallas, Fort Worth, and Arlington, Texas.
The city of Dallas is the top destination in the state for visitors and leisure. Dallas boasts the biggest arts district in the entire country, with 19 blocks of museums, theaters, galleries, and music venues. The summers are hot and humid but the winters are mild with spurts of colder temperatures.
The NBA’s Dallas Mavericks, MLB’s Texas Rangers and NFL’s Dallas Cowboys all reside in the Dallas area and bring a passionate fan base. It’s about a 3-hour drive to Austin and Oklahoma City and a 3.5-hour drive to Houston. Southern Methodist University is located in a suburb of Dallas, and the University of Dallas is located in Irving—about a 20-minute drive to the downtown. These universities and others nearby attract a large student population.
The Dallas metro is third in the state in terms of population, behind the Houston and San Antonio metro areas. Home to approximately 7.6 million residents, more people are moving to Dallas than any other metro in the country. The job industry is diverse and the economy remains strong, even amidst the COVID-19 pandemic. While the price of homes in Dallas has gone up quite a bit over the last several years, there are still very affordable areas.
How Dallas Has Been Impacted by COVID-19
The resurgence of coronavirus cases in Texas has slowed down economic recovery all over the country, and Dallas is no exception. Texas continues to have a high unemployment rate of 8.3%, while Dallas’s unemployment rate is 7.5%. That said, the job market in Dallas has experienced the second slowest rate of job loss compared to the 12 largest metropolitan areas in the country. The number of jobs in the Dallas metro is just 3.5% less than jobs a year ago.
Eight of the 11 major industries in the state of Texas added jobs last month. The leisure and hospitality industries saw the biggest job growth, followed by the government sector, and professional and business services, respectively.
Home values in Dallas have continued their upward trend, regardless of the pandemic. It’s difficult to say how the next few months are going to play out. Having said that, strong housing markets are still out there. You just have to find places with indicators of a solid real estate market.
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