Why the Dallas-Fort Worth Area Remains a Hot Bed for Growth
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Posted On :
Jul-21-2010
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Article Word Count :
524
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Everybody is falling in love with the Dallas-Fort Worth area, as is evident with the number of people moving there. In fact, the U.S. Census Bureau estimates that the Dallas-Fort Worth area was the fastest growing metro area in the country over the past 10 years.
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Everybody is falling in love with the Dallas-Fort Worth area, as is evident with the number of people moving there. In fact, the U.S. Census Bureau estimates that the Dallas-Fort Worth area was the fastest growing metro area in the country over the past 10 years. This exceptional growth added 1.3 million people, thereby increasing the population of the Dallas-Fort Worth area by 25 percent since 2000.
Because of this explosion in growth, this area of Texas now stands as the nation’s fourth largest metro area.
New Residents Abound
The interesting thing about the growth of the Dallas and Fort Worth real estate market is that people are coming from nearly every corner of the country to reside here. Regardless of where you look – East Coast, West Coast, Florida – people are coming to experience the Dallas-Fort Worth area and enjoy its countless opportunities.
Exceptional Home Prices
It’s no wonder that people are moving there in droves, either. During the height of the real estate boom, when places like Miami were experiencing a 180 percent hike in their property values (yep, I said 180 percent), Fort Worth real estate grew by just 26 percent. As a result, as Miami values plummet into oblivion, the Fort Worth real estate market has leveled off and has even shown signs of modest growth.
A modest home in Dallas can be purchased now for about $180,000. Dallas certainly does have its pricier neighborhoods in Park Cities or Preston Hollow, if that’s your desire. But the majority of homes in Dallas are still priced very affordable, when considering national standards.
Downtown Dallas Thriving
Another booming area of Dallas real estate is the downtown resident. More than 130,000 people work downtown, and now more than 30,000 people live there. That number, however, is expected to double in the upcoming years. Nearly 85 percent of downtown Dallas residents lease their homes, while 15 percent own condos.
The Dallas-Fort Worth real estate market has always been attractive to businesses and employees alike, thanks to a pro-business climate and plenty of tax breaks. The Dallas-Fort Worth International Airport is also a major draw to the metro area that has no port.
New Home Starts take Center Stage
Perhaps the best sign of growth in both the Dallas and Fort Worth real estate markets is the home starts. In fact, home starts in the Dallas-Fort Worth area grew by more than 50 percent when compared to the first six months of 2009.
In addition, the number of new homes sold in the Dallas-Fort Worth real estate market is growing for the first time in more than four years, according to Metrostudy, Inc. In fact, the second quarter of 2010 is the second time in a row that homes starts rose significantly in the Dallas-Fort Worth area. Both the homebuyer tax credit and reduced inventory (thanks to the population growth) fueled the need for new homes.
The number of new homes in the North Texas area is now at its lowest level in 13 years. How’s that for exceptional growth?
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Article Source :
http://www.articleseen.com/Article_Why the Dallas-Fort Worth Area Remains a Hot Bed for Growth_26322.aspx
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Author Resource :
Whether you are a seasoned buyer or first-time home owner, make the right residential choices by reading VIP Realty’s timely analysis, which encompasses the Fort Worth real estate and Irving real estate markets.
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Keywords :
Fort Worth real estate, Irving real estate,
Category :
Finance
:
Real Estate
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