Like everything in Texas, the population continues to get bigger. In recent years, Texas has been among the fastest-growing states, and now more than 30 million people call it home.
The Dallas-Fort Worth-Arlington metropolitan area is among the most popular with residents, including Irving. While Irving may not have as much name recognition as other cities in Texas, the city is incredibly vital to Texas’s continued economic health.
Here are seven reasons you may want to invest in Irving real estate.
1. Central Location
Irving is centrally located between Dallas and Fort Worth. Both airports can be reached in less than an hour, making it convenient for frequent travelers. It’s also easily accessible via public transportation, including the DART rail system.
Additionally, Irving is accessible to those who wish to drive via state highway and interstate. It’s even in the central time zone, so you can conveniently interface with others during business hours.
2. Business Hub
Several Fortune 500 and Fortune 1000 companies call Irving home, and their global headquarters are within city limits. They are part of more than 8,500 thriving businesses and counting. The city is also among the most culturally diverse in the United States, with the highest concentration of STEM-educated workers.
Irving has a strong foundation for businesses due to its highly qualified talent pool, which is ready to support their continued growth. Each year, it strengthens its position as an up-and-coming city for potential companies. The city even offers incentives to attract companies to the area, which helps to keep its downtown area healthy and occupied.
3. Entertainment Scene
Irving has a thriving entertainment scene with many options for all interests. These include golf courses, recreation centers, historic outdoor trails, parks, the Irving Arts Center, and the Toyota Music Factory.
Additionally, there are hundreds of shopping centers, restaurants, and more for residents and tourists to explore. These services are priced lower than in other areas, enticing people to do more with fewer resources. With a constant influx of newness, Irving always has something to do - and invest in for those looking to make more business-savvy decisions.
4. Competitive Prices
The Irving housing market is competitive. According to Zillow, home prices are increasing year over year, and homes are only on the market for a few weeks before a pending sale.
Nearly 20 percent of homes are being sold over the asking price, and Las Collins and Cottonwood are among the most attractive for potential buyers. On average, nearly every house that’s listed is sold.
With the market being attractive to many, investors have a variety of options when it comes to financing. Conventional loans remain popular; however, DSCR loans in Texas may be another good option. These loans indicate to lenders your ability to repay the loan based on the monthly rental payment. To qualify, you will need to be able to cover the principal, interest, taxes, insurance, and any HOA due and still demonstrate a positive cash flow.
5. Low Cost of Living
Texas's cost of living is lower than the national average. This is due to several factors, including affordable housing, groceries, taxes, health care costs, and various expenses. When combined with the growing job market, Texas is an attractive option for many.
Even by pricing basic amenities lower than the national average cost, individuals can still profit significantly from their investments. A majority of buyers who are looking to move outside the city itself are still looking to stay around the Irving metropolitan area. The resources and cost of living are too good to pass up.
6. Family-friendly Resources
Irving is a family-friendly city, meaning many people want to work and live there. Tax dollars stay in the town, improving the public education system, community resources, and more. These communities can be more self-sufficient, and families tend to live there longer.
Together, these factors suggest long-term financial stability for your investment. You’ll generate more consistent income, which can be more profitable than vacant units and storefronts.
7. Low Risk of Natural Disasters
Due to Irving’s location within the state, there’s a low risk of property damage from natural disasters. Some residents may face a slight risk of flooding and wildfire damage. The most severe climate issues that Irving residents may face are wind and heat damage.
Properties should be routinely inspected to help mitigate the long-term effects of climate change on their buildings; however, the damage will be similar to regular wear and tear. It makes it a safer investment than other properties, which may be at risk of hurricanes or tornadoes.
Wrapping Up
Irving is an attractive investment property location thanks to its strong economy, affordable property values, and family-friendly nature. With various financing options available, it’s worth exploring how you can invest in Irving and achieve long-term financial success.
