Dallas makes the top 10 cities for techies, mortgage rates are on the rise, and D/FW scores a spot in the Urban Land Institute’s top 10 markets for 2020, all in this week’s roundup of real estate news.
Silicon Valley Is So Yesterday; Techies Flock To Dallas
Tech jobs with competitive salaries are spread out throughout the U.S. and include several cities that don’t start with “San” or end with “Francisco.”
While the national median home listing price is about $315,000, you’ll be dropping $1.4 million for a spot within the San Fran city limits.
A study on the best cities – where techies can afford to live – ranked communities based on the number of people employed in the tech sector, number of public tech companies, percentage of tech job listings, average tech job salaries, and median home list prices.
Coming in at No. 1 is Huntsville, Ala., followed by Dallas, where the median home price is $349,950.
The study cites Google’s $600 million call center in nearby Midlothian. The big D also has been dubbed “the largest tech labor force in the South” by the Computing Technology Industry Assoc.
Rounding out the list are Baltimore, Chicago, Atlanta, Austin, Raleigh, Detroit, and Minneapolis.
Mortgage Rates Going Up
Mortgage rates are on the rise.
According to the report which surveyed large lenders, the benchmark 30-year fixed rate rose from 3.87 percent to 3.97 percent in just a week. The rate was 3.85 percent a month ago and 4.88 percent a year ago.
The study also concluded that at the current rate, homeowners would pay $475.69 each month for every $100,000 borrowed, up from $469.95 the previous week.
Dallas Is The Place To Be
The Urban Land Institute’s annual outlook of real estate trends for 2020 includes a look at the top 10 markets for the upcoming year, and according to the report, there are no surprises in the lineup.
The top 10 markets are Austin, Raleigh/Durham, Nashville, Charlotte, Boston, Dallas/Fort Worth, Orlando, Atlanta, Los Angeles, and Seattle.
The cities on the list have “benefitted from a combination of tech-driven growth and booming populations,” the report states.