Tech Startups and the Real Estate Markets-Reviewing the Impact
There has been a notion going round that there has been an effect on the real estate market thanks to the tech startups and this is what will be explored in this blog post. 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 much has been said and written on how the concept of micro-living is gaining such traction.
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. Talking of Micropolitan, by a rough definition, they can be said to be those cities that have such a small concentration of population in them. These are basically those cities that have one or more population clusters. In the clusters, one will be such that has at least 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. From these facts of revelation from stats, it can be concluded that the smaller urban areas are actually attracting the more of the new residents. Get the details on how this actually relates to the tech startups industry below.
By far and large, there are a number of factors that prove to turn the tech industry into such a driving force for the changes that affect the many of the types of markets. Just as has been hinted above, there has been a lot of conversation going on how the tech industry has had its fair share of contribution effecting changes and shifts in the real estate market. The following are some of the core areas and points to mind even as you take a look at the facts behind this.
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 is a fact that has been even all the more apparent over the past decade.
Added to this is the fact that the tech wages are as well on the rise.
These particular facts have as such as well resulted in such a shift in the homebuyer trends and demographics. The tech workforce is majorly composed of the millenials, those aged between 22 and 37. Looking at the fact that many of the millennial so composing this sector wanting to work remotely, they no longer have to make their choicer of homes looking at the proximity this will have to their office.