A regional military, manufacturing, financial, and trading center
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Located in the western part of the US, El Paso is the 22nd largest city in the country, with a population of 682,669. Boasting a robust military presence, the city has been ranked as one of the safest regions in the nation for many years. Numerous world-renowned companies also call El Paso home, with some of them having their headquarters in the city. Home to the University of Texas, one of the biggest universities in the state, El Paso attracts a considerable amount of student population. Also, several people come to the city annually to witness the Sun Bowl college football postseason match. Since the city is still under development, it has the potential of becoming a hot real estate market.
Culture, History, and Business
Founded in 1598 as El Paso del Norte, the region became an agricultural settlement. El Paso was originally considered as a section of New Mexico under the control of Spanish Conquerors. The city had economic ties with New Mexico, Santa Fe, and Chihuahuan mining districts. It grew slowly until the arrival of four railways in 1881. The Sun City then started becoming the commercial, financial, and manufacturing center we know today.
As a border town, El Paso’s culture has a strong influence from both the Mexican and American cultures. The large Hispanic population and the city’s history as part of Mexico and Spain also influence the culture. The Sun City is home to several cultural festivals and events every year. It hosts a variety of museums, theaters, and other cultural sites. The El Paso Museum of Archeology welcomes visitors from all over the world to see American Southwest’s native plants and illustrations of Native American shelters. Every June, El Paso is home to the KLAQ Great River Raft Race, where families and friends test out their rowing abilities and creativity on the water.
Besides the wealthy history and culture, El Paso has a strong business appeal. The city’s GDP in 2017 was $29,985, which contributed to Texas’ overall GDP. The Sun City is home to some of the biggest companies in the world, including Wal-Mart, Verizon, AT&T, Western Refining, and Helen of Troy. The city enjoys a diverse economy, supported by a variety of industries like the manufacturing, financial, and services sectors. The city also hosts the University of Texas and several other institutions of higher learning. Overall, El Paso is a stable business environment.
Real Estate Appeal
Although El Paso is not on the list of the hottest real estate market cities, the dynamics are quickly changing. The market is growing at a faster pace than before, but the good news is that it is very stable. Besides the low crime rates, El Paso has seen strong job growth in recent years. Moreover, home values have risen by 4.6% over the past 12 months, with experts predicting that it will rise by 5.9% within a year. The city is especially appealing to outdoor enthusiasts because of its beautiful destinations. Therefore, investing in the El Paso real estate market can be rewarding in the coming years.
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