Why Are People Moving to Texas?
Texas is one of the country’s top growing states. With more than 1 million people moving to Texas from the rest of the country since 2000, it is no wonder that the Lone Star state is on everyone’s radar. So just why is everyone moving to Texas?
Texas is one of only seven states that have no personal or corporate income tax. It makes up for this with higher property taxes, but many residents find the lack of income tax a relief. And for businesses, the state offers tax incentives. Overall, Texas collects approximately $3,500 per resident each year, much lower than states like New York which collects $7,400 per resident. These low taxes add a new dynamic to the state’s appeal.
Low cost of living
Texas has one of the lowest costs of living in the country. Everything there from gas, food, health care, and rent is cheaper. And while you aren’t breaking the bank on daily necessities, you’ll be earning more on average than other states. Once adjusted for cost of living, Texas has the third highest average income. Plus, if you have a business that you can run remotely, moving to Texas would allow you to spend less on expenses and earn more from clients or customers in expensive states. Houston has been found to have one of the most effective pay checks; the money you earn will go much farther in Texas.
As the second largest state, it is not news to anyone that Texas has a lot of land, and cheap land at that. More land at lower prices means that Texas is a real estate gold mine. People moving from more expensive states are able to sell their small homes and move to Texas with enough money to buy a large one. In addition, permits and regulations for building homes tend to be processed much more quickly in Texas than other states, allowing for speedy construction that can be ideal for property owners and businesses alike.
Having a very low unemployment rate is just another element that has made Texas desirable during the current economic state. Industries like gas, oil, manufacturing, and technology all offer a number of jobs for residents. In fact, out of the top 10 metropolitan areas for job growth in 2013, four of them are in Texas. This is an important factor for people looking to move, especially due to high unemployment rates in other parts of the US.
All of these perks make Texas a highly valuable state right now. With 5 of the 10 fastest-growing American cities located in Texas, it is no question that Texas should stay on America’s radar.
If you enjoyed this post, get email updates and exclusive content from us by subscribing below to our email list (it’s free).