SpaceX, Blue Origin and Virgin Galactic Hubs May Help Raise Local Property Prices: NAR

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IN Work growth and presumably high income for aerospace giants like Ilona Mask Spacex as well as Jeff Bezos Blue origin have the potential to increase the average average property prices around their centers in the South and West regions in the long term, according to National Association of Realtors.

“If, say, a large technology company decides to open another headquarters with high-income jobs, then the area will see a significant rise in housing prices,” Lawrence Yoon, chief economist at NAR, told FOX Business. “Given that both SpaceX and Blue Origin employees have sophisticated high-tech skills with a presumably high income, an affected small public real estate market will clearly benefit.”

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Founded in 2002, SpaceX opened land in Cameron County, Texas in September 2014 at its launch site in Boca Chica. according to Space.com… By April 2019, tests began on the Starship spacecraft in Brownsville, Texas, which plans to deliver passengers to Mars as early as 2024. SpaceX also leased a launch pad at Vandenberg Air Force Base in Santa Barbara County, California. …

Founded in 2000, Blue Origin conducted the first flight tests of its New Shepard program from its Launch Site One facility in Van Horn, Texas, in November 2006. Blue Origin is slated for its first crewed mission on July 20 with Bezos. himself on board.

Other sites used by SpaceX and Blue Origin in recent years include the Kennedy Space Center and the Cape Canaveral Space Station in Brevard County, Florida.

The SpaceX website currently has over 100 temporary and permanent vacancies located in Brownsville, 28 full-time vacancies in Vandenberg and 38 full-time and temporary vacancies at Cape Canaveral. Musk issued an open invitation in March to anyone interested in joining the SpaceX team at Lone Star State, noting that “this area is expected to grow by a few thousand over the next year or two.” Blue Origin has 55 Jobs in Merritt Island, Florida and 12 jobs in Van Horn, Texas.

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Virgin Galactic, founded in 2004, has also stepped up trials of suborbital space travel at Mojave Air and Space Port in Kern County, California, which was officially recognized as a launch site that same year, and the America Space Center in Sierra County, New Mexico, which held its first official launch in September 2006.

Virgin galactic performed its first test flight with a crewdubbed Unity 22 on Sunday with founder Richard Branson. The company has about 100 vacancies in Mojave, California and 35 vacancies in Las Cruces, New Mexico

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Census Bureau, which has been tracking house prices since 1963notes that the median average selling price of single-family homes in 1990 was $ 99,000 in the south and $ 147,500 in the west. By 2000, these average average selling prices had risen to $ 148,000 and $ 196,400, respectively. Fast-forward to 2020 and average average selling prices reached $ 299,000 in the south and $ 412,600 in the west.

In accordance with NAR Average Home Price Map for 2021In Cameron County, the median home price is $ 96,055, up 4% from last year, the median home price in Santa Barbara County is $ 630,442, down 1.7% from last year, and Brevard County median home price is $ 25,2,790, up 7.9. % year-on-year in Sierra County, the average home price is $125,677, up 4.5% year-over-year, and the median home price in Kern County is USD 261,394, which is 9.8% more than last year.

IN Federal Housing Finance Agency Housing Price Index Map shows that real estate prices in Cameron and Santa Barbara counties increased by 51% and 108% between 2000 and 2020, respectively, and by 5% and 2.1% between 2019 and 2020. For Sierra County, New Mexico, and Kern County, California, the map shows real estate price increases of 80% and 114%, respectively, between 2000 and 2020, and increases of 12.2% and 6.1% in period from 2019 to 2020. Meanwhile, in Brevard County, Florida, prices rose 128% from 2000 to 2020 and 6.4% from 2019. and 2020.

Although the FHFA map does not provide data for Culberson County, the Census Bureau notes that his average property value was $ 32,500 in 2000.… According to NAR, as of 2021, Culberson County had an average home price of $ 67,135, up 11.7% from last year.

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While Yoon acknowledges the potential long-term benefits of locating space company hubs in local housing markets, he stressed that it is easier for these small communities to build homes and meet increased demand than big cities.

“Consequently, house prices in this area will not necessarily experience a sudden rise, even if developers build more large, expensive homes in remote areas,” Yun said.

Redfin chief economist Daryl Fairweather told FOX Business that the abundance of land around the SpaceX, Virgin Galactic and Blue Origin hubs is likely to keep house prices relatively stable even with a growing high-income population around them.

“More land means there is room for more housing stock, which is holding back prices,” Fairweather said.

The unadjusted average selling price of US homes sold is currently $ 347,500 as of the first quarter of 2021, just below the all-time high of $ 358,700 in the previous quarter, according to data provided by Federal Reserve System of St. Louis.



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