- Posted January 6, 2014 by
This iReport is part of an assignment:
Tell us the Good Stuff!
- Trends are shifting towards RV spaces to avoid expensive stays
- Midland’s Booming Oil Industry and Less Rental Accommodations
- The growing population and accommodation options in Midland, TX
- The Air Power Museum and its unique experiences
- Predictions about the Rental Apartment Real Estate Trends Midland, TX
Midland: Climbing house rents and economic RV Parks
There is an oil boom in West Texas and it is creating a real housing crunch because the current economic position has people moving there to get to work. The employment rates are high in this city as compare to other cities of the state and more people are moving to the West Texas region. In West Texas, where pump jacks dot the landscape, help wanted signs are nearly as common but the jobs in service industry don't pay nearly what is offered in the oil field. The people related to service industry are switching their careers to have a piece of current oil boom whereas the expats are also coming to this city to grasp a share from the current job opportunities.
The current economic position has engaged people to move to there to get to work and they have to stay at RV Parks or at their relative’s places due to the massive increase in overall real estate prices. They have to pay average amount of $400 a month for the right to park their trailers where the water and sewer is accessible. The top RV Parks like 1270 RV Park Midland, Texas provides facilities like clean rest rooms, shower, cheap laundry service & Wi-Fi etc. at competitive prices and these RV Parks are way better than paying average amount of $1100 for rental home, apartments or hotel rooms.
The housing shortage is a direct result of a new oil boom in the Permian Basin and there is a huge demand which has increased the average price of homes. In the fall of 2009, the average price of a home in Midland County in the last three years is more than $235,000. The analysts are expecting the daily oil production will rise to 1.9 million barrels per day by 2018 which will generate more opportunities for the employees who want to work here and the housing prices will also rise that will make RV Parks a more prominent residential option in the near future.