Texas Leads the Country in Population Growth
In 2018, real estate appears poised to remain in high demand in Texas after the state led the country in population growth the previous year.
According to recent estimates by the Census Bureau, Texas gained almost 400,000 new residents in 2017. The state is now home to 28.3 million people. Texas enjoyed the seventh fastest growth rate in the country last year at 1.4 percent, and it experienced the biggest numeric population growth of any state. The growth was almost evenly split between natural population growth and net migration.
In the past five years, the population of Texas grew by 10 percent, adding three million people—more than Florida or California. Texas has been among the fastest-growing states in the U.S. for several years running, and likely would’ve added more new residents in 2017 if not for the devastation of Hurricane Harvey. As it is, the economy in Houston and other coastal cities is on the rebound, primed to generate more growth in 2018.
All the growth had a push-pull effect on real estate supply and demand. Population growth within an area means more people will need homes. When the number of prospective residents grows at a faster rate than the supply of new properties on the market, this makes current housing more valuable, so prices increase.
Texas is a big place, and some markets will do better than others. Last year, suburban areas including McKinney, Conroe, and Frisco were the fastest growing cities in the country among those with a population larger than 50,000. Dallas-Fort Worth and Austin experienced tremendous growth in the big-city category.
Because demand is so high in Texas, real estate bargains can be scarce. Many investors are putting their money into rentals—single-family and apartments—to capitalize on slower, steady increases in value. With the competition fierce in the top markets, moving quickly to close is a necessity. That’s why more investors turned to Zeus CrowdFunding for fast, reliable hard money loans in Texas last year. Zeus CrowdFunding is the fastest real estate crowdfunding site in the country and lent millions of dollars to Texas real estate investors in 2017. We expect to lend even more in 2018.
At Zeus CrowdFunding, we know that the faster our borrowers get funded, the faster they can capitalize on opportunistic real estate plays. For this reason, we’ve placed speed and accuracy at the heart of everything that we do. That’s how Zeus CrowdFunding is changing what’s possible in the U.S. real estate market. Ready to get borrowing? Join the Z-Crowd today! Sign up now by clicking here!