1. Current Oil Prosperous and Real Estate Sector
Current oil boom of West Texas is increasing population rapidly which has
created a real
housing crunch.
The population
moving to Texas
because it has
lowest
unemployment
rates in the
nation and more
people are
moving towards
this state by
every passing
month as per
statistics reports of 2013. Midland, TX is enjoying this big oil boom and it is
the only city of Texas that is relishing this oil hike and according to
government numbers, it is reported that the city’s unemployment rate was
just 3.1 percent in December and this is still increasing. In the year 2014,
more increase is expected in the population which will have a direct impact
on the rental residency rates.
A couple of years ago, the average price of a home in Midland County were
just under $180,000 and at the end of the year 2013 these prices are
increased more than $235,000 whereas the amount of rent is up to $1100.
The reason behind these boosting real estate prices are the oil jobs in the oil
extraction and refining industry. These increased jobs have led population
towards an increase of more than 20 percent. This massive increase has
made RV Parks Like 1270 RV Park Midland famous among the incomers.

2. All the additional drilling and surplus people have lead Midland towards an
incredible extra strain including the strain on area’s water supply. The
deficiency in housing sector is a direct outcome of growing jobs ratio in
Permian Basin’s oil industry because new drilling technologies, like fracking,
requires more men power which previously were inaccessible and it needs
more men power. Demand is so great that the average price of homes has
increased and there is dramatic increase in the rents of rental properties.