Elon Musk Urges More Housing in Austin, Texas amid Job Openings and Rising Prices

Elon Musk, the CEO of Tesla and SpaceX, has issued a call for more housing in Austin, Texas, as his companies have hundreds of job openings in the state. The housing prices in Austin have been on the rise due to the influx of companies and people moving to the state capital.

Musk took to Twitter on Sunday to express the urgent need for more housing in the greater Austin area. This plea comes as more companies from the West and East Coasts are looking to build up or move their headquarters to Texas to avoid high costs of living and taxes.

In response to the rising interest in Texas, particularly Austin, the city saw record housing sales in 2020. Housing prices in the Austin area hit an all-time record in February, jumping over 24% from the previous year. The average housing price in the Austin area is over $800,000, with a median price over $500,000.

Redfin real estate agent April Miller noted that East and West Coast transplants are driving up housing prices in Austin, making it difficult for locals to afford homes. Nearly every offer made by her clients faces competition, with most homes selling for more than 20% over asking price.

According to Redfin, there has been a significant increase in people from outside Austin looking to move to the city, with these newcomers having significantly more buying power than current residents. The average person looking to move to Austin has a home-buying budget of $852,500, which is 32% more than current residents looking to buy a home.

Musk’s call for more housing in Austin comes as his companies, including SpaceX, Tesla, The Boring Company, and Neuralink, all have job openings in Texas. Tesla is also working on completing a massive factory near Austin. The move to Texas is fueling a housing crisis in Austin, with housing prices continuing to climb as more companies and people move to the area.