Here’s Why Dallas, Texas is the Fastest Growing City in the US
Both established real estate owners and first-time buyers should keep an eye on Dallas. This north Texas city is rapidly growing in population and in jobs added to the economy, rents are high but so are incomes and there are plenty of areas for entertainment. Here are a few interesting reasons that will have you looking to call a Dallas real estate agent as soon as possible.
- Dallas is a core metropolitan area in the South. With the inclusion of Fort Worth, the metropolitan area is the fourth most populous in the United States. Data shows the population of Dallas increased by 12.56 percent between July 2010 and July 2016, which was much higher than the national average of 4.45 percent. The population is now hovering around 7.2 million. Experts predict the Dallas-Fort Worth area will reach 8 million people in the next five years.
- People are eager to move to the area. According to the U.S. Census Bureau, over 140,00 people made the move to DFW from 2015-2016. This puts Dallas-Forth Worth number one for total grown in population by the overall number. Houston came in a close second, making all of Texas proud. It’s no wonder why so many are coming to the area – sunny days (an average of 232 per year to be exact) that come with blooming flowers and nicely manicured landscape.
Dallas has an extensive public transportation system compared to the rest of Texas. There is the Dallas Area Rapid Transit that operates buses and commuter rails. DART has more than 72 miles of light rail and it supports 120 bus routes. DFW’s commute time isn’t too bad for those traveling by car, either. The city is also adding more shared and dedicated bike lanes to become friendlier for two-wheeled travelers.
- The quality of homes available attract many new working professionals to the area; doctors, lawyers and business leaders everywhere are coming to Dallas, particularly with opportunity at Fortune 500 companies that are headquartered in DFW – including Exxon Mobil, AT&T, American Airlines, and Tenet Healthcare among others. Real estate experts note that home values have risen over the past year by 7.9 percent, and they expected to keep rising up to 4.1 percent in the following year. Those looking to rent their property can expect a good return. Dallas has a lot of eager renters and prices have increased by 20 percent since 2012. Some neighborhoods to consider include Park Cities, Lochwood, Munger Place, Bryan Place, Oak Lawn and Lake Highlands.
Park Cities is a modern luxury neighborhood and is home of one of the best universities in all of the Southern United States, Southern Methodist University. Lakeside Park is a popular weekend-attraction for families to enjoy a day together in the mix of watching some Texas football. Lochwood is located next two nature areas, White Rock Lake and Lake Highlands. The people that flock to this area of Dallas are mostly young families and residents in their 30s and 40s.
Munger Place is in a beautiful part of the city. The Prairie-style homes in this area led to it having a spot on the US National Register of Historic Places. Many of the residents in this area are renters, so a new property won’t stay unoccupied for long.
Bryan Place is part of the sleek and modern side of Dallas. It’s very close to downtown, making it easy for commuters. The area also has an active neighborhood association that really keeps an eye out for people’s safety. The average rent in this area is higher than most other areas in the city, making a good return on the investment.
Oak Lawn has all the places for arts and entertainment. The neighborhood is close to downtown, and it has several restaurants, bars, and nightclubs. Rental prices are also very high, but resale properties are within reach.
Lake Highlands has the best of both worlds. It’s relatively low cost to live there, but most incomes are higher than the city average. The area has more modern living options, such as high-rise apartments or apartment complexes.
- Businesses are flocking to Dallas. Forbes Magazine ranked Dallas as having the largest concentration of headquarters for publicly traded companies. The city has nine Fortune 500 companies as we touched on previously. Combined with Fort Worth, the area has the largest concentration of Fortune 500 companies in the state at 31. The tech scene is booming, and the city overall added 118,800 jobs to the economy between February 2016 and 2017. The job growth rate in the city is at 3.4 percent, which is again higher than the national average of 1.6 percent in that same time period. Texas is one of the few states that have no income tax. This combined with a lower cost of living means more people have money in their pockets at the end of the day.
- The city is vibrant and very active, with there always being something to do. Dallas is home to a 68-acre arts district that includes the Museum of Art, Theater Center and Symphony Center. The population is very diverse, and people can find a variety of cuisines at local restaurants. Head to Afrah for the best Lebanese food, Cattleack for some quality Southern barbeque or Jeng Chi for authentic Chinese. There are several shopping areas in Dallas such as the Grand Prairie Premium Outlets and Highland Park Village, which lights up with stunning displays during the holidays.
Dallas Skyline - 1
Dallas Museum of Art