Dallas is one of the best places to retire in Texas. With its booming economy, low cost of land, and great quality of life, Dallas is a city filled with benefits for a purchaser. The article below elaborates on some of the reasons why it may be prudent to buy land in Dallas for your retirement.
Strong Economic Growth
For the sixth consecutive quarter, the Texas economy outpaced growth of the national economy. It expanded 2.5 percent in Q1 2024. Texas added more jobs — 267,400 — than any other state between June 2023 and June 2024.
This economic growth in the state is also witnessed by most of its cities, like Dallas. The city has been seeing continuous growth in sectors such as technology, healthcare, and finance. According to a government website, in 2022, the GDP output of Dallas-Fort Worth was $688.9 billion. It made up approximately 3% of US urban GDP overall.
Further, in 2022 it grew by 5.7%, way above the national US metropolitan average of 2.1%. That means economic vitality, translated into a stable environment for investments, shall mean safety for future retirees. The Dallas job market is very strong due to its low unemployment rate and the continuous inflow of new companies. This contributes to overall regional economic health.
Affordable Land Prices
Compared to other major American cities, Dallas has relatively inexpensive land. The prices allow more people to invest in substantial property parcels without breaking the bank.
This means that, with the relatively low cost of land in Dallas, retirees have a better value for their money. With this continuous growth that the city is experiencing, appreciation in land value is sure to keep pace, making it an excellent time to buy land.
This is the story of land values across the entire state of Texas. Texas land values hit record highs in 2022. The data shows the average price for an acre of rural land in the Lone Star State was $4,446, bringing to light that the rates are going to increase further. Thus, the opportunity to buy land in Texas could be a very good one.
You can find the perfect piece of property in Dallas or for that matter, anywhere in Texas, in a number of ways. You could contact local real estate agents who know about buying land. But if you are living out of state, those people may not have the experience needed to help you buy land in Texas. Otherwise, you can look around for auction sites where you’re required to quote the price you feel the land is worth.
Though all of these means have some value, the most effective is the use of internet real estate platforms. Some are general platforms where all kinds of properties are listed. Only a few are exclusively devoted to land purchase and selling.
One such platform is LandHub. At LandHub, find land for sale in Texas that suits your budget and needs. According to them, 95% of the land in Texas remains in private hands, so it becomes easy to buy and sell your property here. In other words, once you want to get the profits out from your investment, you will also be able to find people that can have your property bought quickly.
Favorable Tax Environment
Texas is known for its favorable tax laws, most especially the fact that there is no state income tax, automatically giving you a larger disposable income. The advantage of property tax exemption availed by this state to seniors brings a financially enriching and manageable land ownership in Dallas for retirement.
Strategic Location
There is also the added advantage of Dallas being strategically located right in the heart of Texas. It is well known for giving easy access through roads, rail, and air connectivity. Traveling is now more convenient, whether it’s for pleasure or to see loved ones.
In addition, the central location means it is reasonably close to every other major city as well. That said, one can provide a wider view of opportunities and amenities from this vantage point.
Another reason which adds to its advantages is that the state it is located in. Texas itself has been one of the prime places for owning land for a couple of years now. In its states that, according to MoneyMade, around 84% of the total land that Texas offers is farmland. This has also allowed the Lone Star State to become a high producer of farm and dairy products.
Growing Real Estate Market
The real estate market of Dallas has been upbeat for quite a few years. With an ever-increasing population and resultant economic potential, residential and commercial real estate is in growing demand. Furthermore, home sales are going to increase in Texas as a whole, with the DFW area becoming one of the hottest housing markets.
In fact, retirees who invest in land now will get to capitalize on this growth. Long-term property value generally displays a strong reinvestment prospect as time progresses. This growing market offers prospective appreciation of the value of the land, opportunities for its development, and rental income.
Frequently Asked Questions
- Is it better to buy land for investment?
Yes, it may be a very profitable endeavor. Investing in land has several benefits, such as portfolio diversity, use flexibility and possible tax advantages. Plots have lasting value since they often don’t deteriorate. - What drives the Dallas economy?
It should no surprise that Dallas’s two most significant star clusters are defense and security and business and financial services. With a significant portion of the workforce employed, business and financial services is the largest cluster. The banking industry employs many people in Dallas. - What are the geographic features of Dallas, Texas?
Dallas lies in the Blackland Prairie, midway between the Great Plains and the Piney Woods of eastern Texas. Bottomland woods blend with rolling grasslands along rivers and streams. Hence, the climate is appropriate there for both agriculture and animal rearing. Land investment in Dallas offers a wise opportunity to the retirement planner. In this regard, strong economic growth, relatively low-price land, a friendly tax environment, and good living standards all serve as reasons to invest. Added to this are its strategic location and growing real estate market.
