A booming housing market in Dallas includes a lot of folks who aren’t from around here. Newcomers to Dallas are changing the market in big and small ways every day. From opening businesses to creating demand for ever more infrastructure, the influx of expats is creating a colorful surge in the face of North Texas. And people from around the world are beginning to take note.
Business leaders, scholars and visiting dignitaries marvel at the growth in Texas. Even The Economist describes North Texas as an optimistic and pragmatic emerging market. Texans new and old are finding all kinds of reasons to get enthusiastic about their economic projections. And make no mistake. Immigration is playing a huge role here.
By the Numbers
Nearly a quarter of Dallas County residents were born abroad, nearly as many are in the local workforce. All of those people have an impact on housing prices. On average, home values have risen over $7600 across the Metroplex from the influx of immigrants alone. That 8-10% increase in housing prices we’ve been seeing? A significant part of that is from immigration.
The impact on the Texas economy is significant. According to the American Immigration Council, one in four businesses in Texas are owned by immigrants and nearly 54% of all masters degrees earned in the state are granted to foreign-born students. That’s a lot of jobs created and a lot of highly educated people joining the economy.
Without a strong US credit history, would-be homebuyers moving into the area face unique challenges when trying to get established. But with big challenges comes big reward. Local REALTORS® are taking note of the business opportunities the growing international economy presents. The MetroTex Association of REALTORS recently created a Global Council to educate businesses and governments about the impact of global migration on DFW. MetroTex is also offering expanded training opportunities for local agents to better prepare them to assist international transactions. MetroTex agents are ready and willing to help buyers from all over the world become successful in Dallas.
For the most accurate, local and trusted listing information available in DFW, go to www.dfwrealestate.com. Buy or sell a home or find a MetroTex REALTOR with ease!