Forbes doesn’t rank Dallas as the second best city for business and careers in the US for just any reason. Although we appreciate the recognition from Forbes, here at Iconic Real Estate, we don’t settle for silver. Experts on our beloved city of Dallas, we can not only argue that Dallas IS the best city for business and careers, but best city in the nation overall. Here are just some of the reasons why economists and investors rave about the opportunities in the Big D.
Incredible Job Market and Economy
Fortune 500 Companies and STEM opportunities are two major reasons why Dallas has a prospering economy . In 2019, Dallas ranked first in the annual rate of job growth in the whole country, primarily due to the explosive growth of the Fortune 500 and STEM companies that are based in the city. The whole area of Dallas, Fort Worth, and Arlington boasted a 4.5 percent annual rate of job growth, twice the national average of 2.1 percent. Furthermore, Dallas boasts the fourth highest GDP among cities in the United States.
The impressive job growth in the Dallas-Fort Worth area is in part due to being home of 42 Fortune 1000 companies, with 24 of those companies ranking in the Fortune 500. This list is still growing. In 2019, Dallas welcomed companies such as Core-Mark, McKesson Corporation, and JPMorgan Chase. Core-Mark CEO Scott McPherson cites that favorable operating costs, lower taxes, and being located centrally made the decision a no-brainer. The McKesson Corporation, the nation’s top pharmaceutical distributor, relocated from San Francisco to Irving In April of 2019. With this new addition, Dallas now hosts three of the nation’s top ten companies beside AT&T and Exxon Mobil. Dallas-Fort Worth is second only to New York City for housing Fortune 500 Headquarters.
Activity in recent years prove Dallas as the most attractive area for powerful CEOs to relocate their headquarters, benefiting all in Dallas.
The thousands of job openings from Fortune 500 companies are not the only factor driving that drive Dallas’s incredible job market. Dallas-Fort Worth has quickly become the best metro to live in for STEM jobs.
Although the Bay Area and Seattle are renowned for STEM jobs, Dallas-Fort Worth offers other attractive factors that create a desirable city for those pursuing STEM careers.
Those factors Dallas provide would be the high amount of existing employment, high employment growth rate, and affordable housability for first time home buyers.
Home Value and Appreciation:
Dallas offers the perfect combination of a city both offering an existing healthy real estate market and the sturdy foundation for exponential growth.
Home values in Seattle and San Francisco have home values have skyrocketed in the past decade, creating an ordeal for first time home buyers. Fortunately, Dallas offers a helping hand for the young workforce with fair prices for their first home. Currently the median home value in Dallas is $212,700 and the median price for homes sold is $316,300.
Other cities that have seen an influx of population this decade are Seattle, Denver, and San Francisco. Home values in Seattle and San Francisco have skyrocketed in the past decade, creating unaffordable housing.
The median value of homes in Seattle are valued at $718,500, Denver at $449,000 in home value, and San Francisco at an unbelievable $1,373,630 home value.
It doesn’t take a mathematician to comprehend Dallas’s favorable home value when compared to other major cities. For such a highly developed city, home prices in Dallas are a steal.
Home values have peaked the past couple years for Seattle and San Francisco, both declining now and moving forward. Although not losing value, Denver home values increased by a measly 1 percent last year. Experts predict that it is safe to say that these recently acclaimed cities have peaked in home value. Dallas homes on the other hand, have seen tremendous home appreciation. In the past decade, Dallas home values have been climbing at an annual rate of 4.80%, which lands Dallas in the top ten appreciating cities in the nation. In 2020, experts project that we can see around 5.2% home appreciation.
The cities detailed earlier are not competitors of Dallas. Fellow Texan city, Austin, could be considered a rival of Dallas. Austin has built quite the trophy shelf this past decade. We mentioned earlier that Dallas took home the number two spot for Best Cities for Career and Business. Dallas lost out to Austin. Austin also has been titled as the Best Place to Live from many sources, two being CNBC and Business Insider. It’s easy to see why Austin has been celebrated as the best city in recent years. Plenty of high paying jobs with affordable homes is a good recipe for success ; home values in Austin are at $384,600. The home values are also predicted to rise by 4.5% in 2020.
Why Live in Dallas Then?
As a Dallas based brokerage, why would we endorse our competition in Austin? Well, we are confident that Dallas will surely blow Austin out the water for the best city in America within the next few years. Why are we confident? Well, it’s because Dallas is replicating the steps Austin underwent this decade, but bigger and better!
Dallas is getting bigger; as the population in Dallas is growing at a rate double the national average. The population increase is due to being the nation’s best city for job growth. Furthermore, Dallas is in the forefront for reaping the benefits of the Bay Area exodus. It is now common for multi-billion dollar companies in America to relocate to Dallas.
Affordable housing, low cost of living, and job opportunities (especially STEM Workers), is responsible for Dallas attracting the most millenials out of any city in the nation. When combined with the relative low cost of living in Dallas, residents are able to get more out of their money.
On top of the affordable housing, Dallas offers appealing house appreciation. A housing market’s growth coincides with the stream of new residents, which Dallas is second to none. Dallas has an excellent record of home appreciation, which surely will continue. Homeowners can sleep peacefully knowing that their home’s value increases annually.
Dallas also possesses innate advantages over the “best” city of Austin, such as the sheer size. The Dallas-Fort Worth Metropolitan area is the fourth largest in the nation. Dallas has the capacity to handle population growth, unlike Austin. Dallas still has more space for top companies and people to settle in, which will surely happen. Homes are being built in Dallas more than any other city.
Importantly, life in the Big D is exciting. Dallas isn’t simply a cheaper alternative to East and West Coast cities. Dallas is a lively entertainment hub with great sports, food, and attractions.
It’s not a matter of if for Dallas to become the next best city to live in, it’s just a matter of when. With the growth that Dallas has been experiencing the past couple of years, that time may come a lot more quickly than expected. The best time to buy homes is NOW before everyone recognizes Dallas’s fortune, and the best place to do it is here with Iconic Real Estate. We would love to welcome you to Dallas!