Why purchase a home in El Paso, Texas right now? Get the details.
Looking to move? Here are 6 reasons why it makes sense to purchase a home in El Paso, Texas, right now.
Savvy home shoppers understand what makes El Paso special. When it comes to cost-of-living benefits, mountain adventures, sunny days, and friendly people, this standout setting in the Lone Star State has it all. But did you know that this is the perfect time to purchase a home in El Paso? Here’s the inside scoop on why investing in this region’s real estate is a good choice right now.
1) The El Paso housing market is hot!
Jam-packed with financial benefits and quality-of-life goodies that people desire, El Paso is creating a buzz in the housing industry, which saw nationwide price appreciation of nearly 20% in 2021. In fact, Realtor.com ranks El Paso #12 for the strength of its housing market, compared with the top 100 metropolitan statistical areas in the United States. And, on top of El Paso’s whopping home value escalations of 19.2% reported by Zillow for 2021, Realtor.com projects an additional home price uptick of 5.1% for El Paso in 2022 – along with overall sales increases of 10.6% – providing more evidence that the hot market is expected to continue in this picturesque Texas community.
2) You can afford to live here—really.
In 2018, Forbes Magazine recognized El Paso as the U.S. city with the most favorable cost of living benefits in a study that assessed the cost of housing and livability factors. The report, “13 Cities Where You Can Live Comfortably On Less Than $60,000 A Year,” ranked cities based on a study by GOBankingRates.com, an online personal finance resource. In the report, “living comfortably” was defined as households that earned sufficient funds to cover necessities at 50 percent of income, with discretionary spending at 30 percent, and the ability to save 20 percent of total income.
In addition to Forbes, US News and World Report also acknowledged the favorable cost of living benefits in El Paso when compared with the national average, citing housing costs that are well below those of other major metropolitan areas, making El Paso one of the most affordable cities in Texas. And as noted in the Forbes study, it acknowledges that cost of living fees for everyday expenses, such as food and transportation in El Paso, are slightly below the national average.
3) Did we mention the sunshine?
El Paso, Texas combines a beautiful climate, a low cost of living, the amenities of a cosmopolitan city, and the wonders of nature. We can’t talk about the Sun City without mentioning warm days and fun things to do. Home to nearly 700,000 residents, El Paso, is where culture, history, and comfortable living come together. El Pasoans enjoy mild temperatures with an average of 300 beautiful days of sunshine each year. Outdoor lovers get more from each day in El Paso, with outdoor activities such as golfing, hiking, off-roading, and biking adventures that include spectacular views of the Franklin Mountains State Park or surrounding Chihuahuan desert. And, if you’re a city person at heart, you’ll love El Paso’s vibrant culinary scene centered around shopping, museums, and theaters.
In addition to recognizing El Paso’s economic advantages, the Forbes report also touted the region’s appealing geographic features (mountain, river, and desert) as well as its cultural opportunities that incorporate American, Mexican, and Native American influences. Some examples include the Centennial Museum and Chihuahuan Desert Gardens, the El Paso Museum of Archeology, the El Paso Museum of Art, and Fort Bliss Museums and Study Center.
4) The economy and job market are strong.
When it comes to quality of life in El Paso, the warm weather, beautiful sights, and multicultural benefits are only the beginning. With state-of-the-art military facilities, a bilingual workforce, top educational institutions, and one of North America’s largest manufacturing centers—including construction materials, cotton goods, electronics, medical equipment, plastics, and more—the El Paso region boasts a thriving international business environment with a rewarding job market. You’ll find great career opportunities in El Paso regardless of the industry you choose. According to City-Data.com, “more than 70 Fortune 500 companies call El Paso their home, including Hoover, Eureka, Boeing, and Delphi.”
Not only are their plently of job opportunities, but as the sixth-largest city in Texas—where there is no state income tax—El Paso continues to grow, buoyed by business-friendly practices that have earned it a place among the top 20% of the country’s high-performing economies. The city’s proximity to Mexico has resulted in a binational workforce that easily embraces innovation. These factors and many more make El Paso an ideal home destination for aspiring households of all backgrounds.
5) You can take advantage of financial benefits before prices and rates go up.
According to a December 2021 Forbes report, last year’s surge in home sales nationally was elicited by several factors, most notably the pandemic and near-rock-bottom interest rates. With the ability to work remotely, many workers seized the opportunity to relocate to new destinations, energizing the housing market. And, as pandemic-related regulations on rental properties made leasing less affordable in the past year, many first-time buyers jumped into the real estate market.
Now, with price increases on the horizon, affordability is expected to be a key driver of home sales in the coming year. In addition, average rents are projected to increase by 7.1% nationwide in 2022, making this an ideal time for more first-time buyers to become homeowners. Along with the scarcity of affordable condos and rental properties, it is also projected that housing demand in 2022 will be impacted by interest rate hikes, meaning that buyers who get in the game earlier will reap the financial benefits.
Economists expect the current workplace flexibility to continue, giving potential buyers the ability to expand their home search into uncharted areas that may offer increased affordability. Homebuilders in the El Paso area have responded with the opening of new communities offering a wide range of product choices. With all of these factors in mind, there’s never been a better time for current apartment renters or owners of older homes with increasing housing costs and repairs to make the move to new surroundings.
6) Rated The Fifth Safest Large City In America
Advisor Smith released a business and research study that showed El Paso to be the 5th safest large city in the U.S. Data from the FBI for over three thousand cities was compared with violent and property crime in El Paso. Other major Texan cities such as Fort Worth, Dallas, Austin, and Houston ranked below El Paso.
7) It’s easy to find the home you’re looking for in El Paso.
So many factors have combined to point to El Paso as an attractive, affordable location for buyers seeking quality of life benefits and square foot value. Now that you’re ready to purchase a home in El Paso, seek out a trusted regional homebuilder such as Hakes Brothers, known for architectural innovation, home quality, and exemplary service. Offering homes for every budget and lifestyle, including entry, move-up, and luxury homes, Hakes Brothers makes it easy to purchase a home in El Paso and start living the life you’ve imagined.
Here are additional tips to help you navigate the home search process:
- Do your homework. To reduce stress and increase your potential of landing the home of your dreams, take the time to outline your parameters in advance. Think about the home’s size, style, and location—then set a price limit and stick with it.
- Secure a preapproval and get prequalified. When you find the home you’ve been looking for, having these benefits in your back pocket will expedite the process and give you an edge in negotiating the best deal.
- Be proactive. Don’t wait for opportunities to come your way—seek them out. Research the market, weed out expensive housing inventory that doesn’t meet your needs, and focus on the home that is right for you.
- Consider buying a quick move-in home. These hidden gems available from quality new homebuilders often get you in the market quicker, enabling you to take advantage of lower rates and better home values.
When it comes to reaping the financial rewards and lifestyle benefits in one of the country’s best places to establish roots, it’s easy to see that timing is everything. So why wait, when you can purchase a new home in El Paso right now? There’s never been a better time.