Latest Study Shows Austin Downtown Living will be a Success

Ray Perryman, a Texas economist who owns the Perryman Group,  recently released his latest analysis on the housing market in Austin, especially the downtown area. With 6,000 residents already calling downtown home and another 4,000 residential units under construction, Perryman estimates the population in the downtown area to double within the next few years. He attributes the surge to rising energy costs and traffic, making downtown living much more desirable.

The majority of the buyers are young professionals coming to the area with healthy, high paying jobs in expanding fields, such as technology. Other buyers are those purchasing the condos as second homes or corporate housing. Even if less than 1% of the population were to purchase a home downtown, they would still fill up all of the available units and those under construction.

With an estimated 40,000 people moving to Austin each year, Perryman estimates the Austin real estate market to fair well amongst the dooming markets across the rest of the U.S.