El Paso: A Hot Housing Market with Affordable Homes and Well-Paying Jobs

El Paso: A Hot Housing Market with Affordable Homes and Well-Paying Jobs

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El Paso sits in the westernmost section of Texas, and it is across the border of Ciudad Juarez in Mexico. The Rio Grande divides the two busy cities which have economies that rely on each other. Like Austin and Dallas, the city is growing and busy, but it offers a different cultural experience than those two popular Texas locales. El Paso also differentiates itself from other cities in Texas as it has a thriving and growing housing market. 

 

 

Current Housing Market in El Paso

In 2020, many cities have seen housing markets change. But, in El Paso, the market is continuing to flourish, despite issues with the COVID-19 pandemic. This experience differs from other towns around the country, where home sales have become stagnant. In El Paso, some homeowners are finding themselves feeling uncertain about offering their homes for sale. This is because of uncertainties involving the economy due to the pandemic. With the supply down, the demand has gone up for homebuyers. 

 

According to real estate news article from realtor.com, El Paso homes are averaging $188,000 in May 2020. This is a price increase of 4.8% since the same time last year. As many home buyers are looking for homes under $250,000, this price is keeping the El Paso market hot. Interestingly, the supply and demand of homes in El Paso are about the same in 2020 as it was in 2019, proving the pandemic hasn’t had much of an effect on the current market. 

 

One metric has changed in May 2020. Homes in El Paso, Texas remain on the market for an average of 68 days. Compared to April 2020, the average number of days on the market has increased, but it is lower than the average from 2019. 

 

 

 

El Paso Housing Market Trends and Prediction for 2020 – 2021

There are several expectations for the upcoming year in El Paso. The expectation is that the town will continue to be a hot real estate market, much like other cities in Texas. Economists are paying close attention to both the housing market and the economy in the city, especially since both are so closely tied to trade between Mexico and the United States. 

 

The thriving market is due to the affordability of homes. When compared to other economic hotspots in Texas, El Paso has the lowest median prices. The properties are in so much demand that homebuyers get into bidding wars over them. Homeowners then receive top dollar after receiving multiple offers. 

 

 

 

el paso homesReasons to Invest in El Paso

El Paso may not have the same name recognition as Austin, Houston, or Dallas, but many people are finding it a good investment option. Unlike the other large cities in Texas, El Paso still remains affordable. The housing market is 40% lower than the national average, which makes it attractive to investors who are looking for opportunities. They are hoping that when they buy low, they can eventually sell high. 

 

Along with an affordable housing market, there are several areas that also have affordable rental options. This is also attractive to investors who look to own properties for the long haul in an effort to bring in revenue from renters. The hot areas for rental properties include

  • Central
  • Cielo Vista
  • Mesa Hills

 

Even though El Paso has an affordable housing market, there are expensive options, too. These are in the northwestern and eastern parts of the city and its surrounding suburbs. 

 

Another good reason people are making an investment in El Paso is that it offers a strong job market. The trade crossing the river means there are opportunities in government, hospitality, and logistics. There are also opportunities on the rise in healthcare and finance. The unemployment rate is a low 4%. 

 

 

 

How the Overall Economy is Helping El Paso

The economy varies around the country, but there are some trends that are helping move the El Paso housing market. 

 

 

 

Reducing Restrictions on Loan Requirements

Financial institutions have relaxed their requirements for conventional loans. The housing problems of 2008 are a distant memory, so lenders are allowing higher debt levels. They are also allowing new homebuyers to put down less money in the past, especially as monthly rental costs eat up a significant part of many down payments. 

 

 

 

 real estate market in el pasoLow Mortgage Rates

Along with reduced restrictions, mortgage rates have remained low and are expected to stay that way. This gives reluctant homebuyers more reason to get in on the hot market – if they can find a property. Many believe the rates will stay below 4.5% for a while, but no one knows for sure as interest rates are still highly volatile. 

 

 

 

Investors Appreciate the Draw of Rental Properties

As some people are reluctant to invest in a home, investors are all too ready to put their money into rental properties. The newer apartment complexes draw renters by offering family-friendly environments within walking distance. The multi-use offerings include movie theaters, public parks, community gardens, dining opportunities, and more all surrounded by modern apartments. 

 

 

 

Aggressive Millennial Homebuyers

As the number of homes on the market is low, buyers have to be aggressive. It is common for buyers to make offers above the asking price so they can find a home. These aggressive buyers are making it interesting for sellers to list their homes – even with the possible risk of not being able to find something new. Millennials are earning competitive salaries, and many are ready to start families. So, they want homes, at prices under $250,000. 

 

 

 

Stated by credit repair El Paso specialists, El Paso is an affordable housing market with homes in the ideal price range. The thriving economy and welcoming economic trends are making things interesting for buyers and sellers alike in El Paso. With international trade growing between Mexico and the United States, the port in El Paso continues to offer jobs in a variety of industries. Many of the jobs pay well and offer security, like those in the military, government, and logistics industries. 

Traveling to Texas: Taking Time to Tour Each of the Big City Attractions

Traveling to Texas: Taking Time to Tour Each of the Big City Attractions

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As the largest state in the continental United States, Texas is filled with big cities and iconic tourist attractions. With five of the fifteen most populated cities in the United States, it is easy to see that people enjoy Texas. From Houston to Amarillo and El Paso to Longview, there is plenty to do and to see in the over 268,000 square miles of the  Lone Star State

 

 

Austin touring austin texas

The capital city of Texas is a hip spot for people who love live music. Austin is known for being the Live Music Capital of the World and is the home to over 250 live-music venues. It is one of the fastest-growing cities in the United States, and for a good reason: there is a lot to do in the heart of Texas in the city that enjoys being weird.

 

Places to Visit and Things to do in Austin

While in Austin, there are several places to see and things to do. Of course, the city is known for hosting the ever-growing SXSW Festival, but there is more to the city than that. There are natural areas that offer recreation and relaxation, and cultural events that showcase the local treasures in the capital city. These spots include:

  • The State Capitol and Visitors Center
  • Austin’s Blanton Museum of Art
  • Zilker Metropolitan Park Attractions and Barton Springs Pool
  • Lady Bird Lake
  • Ann W. Richards Congress Avenue Bridge at dusk to see the Mexican free-tailed bats take flight

 

touring houston texas

Houston

The largest city in Texas is in Houston. Like Austin, people continue to move to the city for the opportunities it offers. The Bayou City is home to world-class professional sports teams, memorable museums, and the beautiful beaches on nearby Galveston Bay. Houston is also known for being the home of Johnson Space Center and Mission Control. 

 

Must-Visit Places in Houston

To get the most out of your time in Houston, these are some of the places tourists should see. Many of these spots are family-friendly and provide insight into the American experience in Houston. 

  • Johnson Space Center and Mission Control
  • Museum District in Houston
  • Galveston Beaches
  • Minute Maid Park
  • Gerald D. Hines Waterwall Park

visting san antonio texas

 

San Antonio

San Antonio brings old and new Texas together in one vibrant city. It is filled with historic sites, natural beauty, and modern tourist attractions. The historic spots often bring the tourists to San Antonio, but it is the city as a whole that brings them back for more. Like Houston and Austin, San Antonio is also a growing city with many people moving in each day. 

 

Things to do in San Antonio

The historic spots in San Antonio are the most frequently visited places in the city. But, the River Walk offers delicious food and plenty of nightlife and entertainment. These are the spots you must see when you visit the home of the Alamo.

  • The Alamo and the historic mission and battlefield
  • El Mercado
  • Pearl District and Farmers Market
  • San Antonio Missions National Historical Park & Mission Trail
  • Natural Bridge Canyons
  • The River Walk

 

 

Dallastouring dallas tx

Even though all of these cities are in the same state, they could not be more different from each other. Dallas is a massive city known for its wealth from several lucrative industries like oil and finance. In the 1970s and 80s, the popular TV show Dallas showed the world the beautiful ranches and the vibrant downtown. But the city offers so much more than oil, horses, and money. It is a city filled with history, architecture, and cultural centers.  

Top Attractions in Dallas 

When visiting Big D, tourists can pay homage to the 35th president. They can also see the way that nature meets innovation in local parks, museums, and architecture. Check out these places when traveling to Dallas:

 

 

traveling to el paso txEl Paso

At the far western side of Texas is El Paso, which was once known for being the lawless gateway to the wild west. Now, the city is a popular spot along the Rio Grande across the way from Ciudad Juarez, Mexico. It is a busy port for good traveling back and forth between the two countries, and with that trade comes a vibrant culture that is unique to the city. Along with all of the features of a big city, El Paso also has a rugged mountain landscape that is ideal for outdoor activities. 

 

What to do in El Paso 

When in El Paso, take the opportunity to enjoy the Mexican and American cultural sites and sounds. With the proximity to Mexico, there is plenty to do in the city that you cannot do in other places around the United States. There are also several parks with awe-inspiring natural wonders. 

  • Guadalupe Mountains National Park
  • Franklin Mountains State Park
  • Chamizal National Memorial 
  • San Elizario and Billy the Kid Jail
  • Hueco Tanks Park & Historic Site
  • Magoffin Home State Historic Site
  • Big Bend National Park

 

Whether you visit all of the big cities in Texas in one vacation or you visit one at a time, you will not be disappointed. The five large cities in the Lone Star State offer unique opportunities that you cannot find in other cities. Texas has everything, from the modern Perot Museum in Dallas to the high-tech history at Johnson Space Center in Houston to old-world history at the Alamo in San Antonio to the awe-inspiring views of Big Bend National Park outside of El Paso. You won’t be disappointed when visiting the big cities in Texas