Texas was already home to 3 cities with over 1 million residents, but that number has grown to 4 cities with a booming population. Austin has officially joined the ranks of its larger counterparts – Dallas, Houston, and San Antonio – as one of only 11 cities with at least 1 million residents.
The City of Austin has released new data that estimates 1,003,615 people are residing within the city as of July 1, 2020. This is not only big news for Austin, but for the state of Texas as well. It makes Texas the state with the most number of 1 million-resident cities in the country.
As the second-fastest-growing U.S. city from 2018-19 and as a city that adds about 4,500 more people each month, Austin is becoming a booming metropolis that draws in creative, driven, and well-educated individuals.
Forecasters believe this is only the start for Austin, and we can expect Austin to become the 10th largest city by 2021 and to double its population by 2040. While the growth within the city limits is slowing, Austin continues to rank as one of the fastest-growing cities year after year. This is also seen in the large booms that the surrounding suburbs are experiencing.
If we expand our look to the greater Austin metro area, we see that the estimated population grows to a staggering 2,307,753 residents. Between 2010 and 2019, the Austin metro area grew by 30%, which made it the fastest-growing metro in the U.S. and the third-fastest-growing metro area overall.
As the city of Austin and the surrounding metro areas continue to grow, it becomes more important than ever to keep your finger on the pulse of the real estate market. If you’re curious about selling your home, renting a home, buying a home, or investing in the Austin real estate market, contact the Sage Wilson Property Group. Meet and connect with our team today! We’re always happy to keep you informed on the important news hitting the Austin area and the changes coming to the real estate market.