Dallas is one of the fastest growing cities in America, say the experts at Texas Lending (TexasLending.com) one of the prime mortgage lenders in the area. In this brief Q&A, they discuss why Dallas has grown from a mere 698 people to a booming metropolis of 1.2 million.
Q: Why has Dallas been such a popular place to relocate since the 1900s?
Texas Lending: One visit to the city and it’s easy to see why. Dallas has an exceptional job market which, like many cities in the Lone Star State, is driven by oil and technology. The people are nice, the weather is outstanding, and the housing market offers some of the most unforgettable (yet still affordable) real estate in the US.
Q: Wasn’t Dallas hit hard by the recession in the mid-1980s?
Texas Lending: It was. A sudden drop in oil prices knocked the entire state off balance. Real estate values took a huge hit. Some thought the city would never recover. However, the post-WWII suburban layout of Dallas’s annexes was a huge appeal to homebuyers. These houses were soon home to a new generation of Texans and continue to sell as fast, and in some cases faster, than their modern counterparts.
Q: Has commercial development in the city’s center contributed to Dallas’ growth?
Texas Lending: Absolutely – especially in the last ten years. As new businesses are welcomed, so are new residents. Many of the area’s oldest suburbs are seeing an urban revitalization. Oak Cliff and Uptown are two of these which are drawing an influx of young professionals, eager to own a piece of this historical town.
Q: What other major US cities have experienced comparable growth over the last hundred years?
Texas Lending: Dallas is a hot market and second only to San Francisco in housing appeal. Other cities in their prime include New York and Los Angeles. What makes Dallas unique among these is that this North Texas gem didn’t really start growing until the turn of the 20th century.
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