Taking a Look at How Tech Startups Have Had their Effects on the Real Estate Markets
It has been the feeling in many circles that there has been a n effect of the tech startups on the real estate market and this is particularly what this post will be focused on. One thing which is a fact and none can quite be oblivious of is that the world we live in today has shifted to micro. In fact there has been much said and posts done on how the idea of micro-living has gained such momentum and keeps going and growing stronger around.
A number of sectors and industries in the economy have gone micro and as a matter of fact, the real estate market has as well joined in the foray, where we have seen the concept of the micro-politan. The Micropolitan are the small cities that have such small concentrations of population. The micropolitan areas are by far and large those areas or cities that have one or more population clusters. In these particular clusters, one should have at least a population of more than 10,000 residents. However, the limit not to exceed to remain categorized as micropolitan the clusters must not exceed 50, 000 residents.
Looking at the facts and the stats as have been seen from the Census Bureau, there has been seen quite a significant steady growth of the micropolitan areas over the past few years. These facts reveal the idea that the smaller urban suburbs and clusters are attracting new homeowners and buyers. So how do all these relate to the tech startups, so you may ask and for the answers read more.
It is a fact that looking at the many kinds of markets, there is so much that can be drawn to make it apparent that the tech startups and industry in general happens to be such a driving force behind the many changes we have so far witnessed in the many varied markets. Like was clearly mentioned earlier, there has been quite a lot of talk on how the real estate market has been impacted by the tech industry. Take a review of some of the core points to mind.
First and foremost is the fact that we have seen such an increase in the number of the tech jobs around and all over. This has taken even a major hit more so over the last few years, a decade or so.
Second is the fact that tech wages have as well gone on the high.
Courtesy of these facts, there has as well been seen such a shift in the homebuyer demographics. Looking at the tech workforce, you realize the fact that this is one workforce that is mainly composed of the millenials, those within the age group, 22 to 37. Going by the fact that a number of the workforce composing this category, in which they have been of the inclination to want to work from home, their choice of homes to buy is no longer influenced by the closeness of the facility to their places of work, the physical location of the office.