![]() In 18 of the moving routes, renters can save over $1,000 a month in Texas as compared to in their Californian county of origin. Most Californians can save over $1,000 in rent when moving to Texas The second biggest difference in listing prices is between San Mateo and Travis counties, at 243%, giving homebuyers a chance of nearly $1.3 million on average in savings. Buying a home in the Dallas area as opposed to one in San Jose can result in savings of over $1 million on average, as the home price difference between Santa Clara and Dallas counties is a whopping 258%. In particular, two moving routes can result in savings of over $1 million. ![]() Homes cost, on average, about $282,000 less in Texas compared to California, amounting to a 70% price-tag difference. Millennials who moved to Texas had an average household income of $114,000 per year, 21% more than what millennials bring home overall at a national level ($94,000 per year). Most people moving from California to Texas are millennials, making up 46% of those decamping to Texas. ![]() Over 100 companies moved their headquarters to Texas since 2020, with 40% of them coming from California.Įxclusive 64% of Americans would welcome a recession if it meant lower mortgage rates Who’s moving to Texas? Millennials. On the business front, Texas has actively pursued an economic strategy that includes creating a business-friendly environment that helped not only to retain businesses but also attract new one. Utilities are generally lower-priced in Texas as well, roughly 20% less than in California. Other than lower housing costs, the factors that make Texas attractive to Californians are the no-income tax policy, the lower cost of living and employment opportunities bolstered by the tech and energy sectors. Lower housing costs, affordability in Texas The continual soaring housing prices and cost of living in California and much greater affordability in Texas is likely to sustain the significant flows of Californians toward Texas in the coming decades, he says. The median value of a home in California was 2.7 times higher than in Texas in 2021. “One way to assess the difficulties in purchasing a home in California or Texas is to compute the ratio of the median household income to the median home value in each state.”Īccording to the 2021 American Community 1-Year Estimates, the value of homes was $7.63 for every $1 of household income in California in 2021 compared to $3.55 per $1 in Texas. ![]() Rogelio Saenz, department of demography, at the University of Texas at San Antonio. ![]() “The steep housing prices and cost of living in California represent major reasons,” for the movement, says Prof. The number of people leaving the Golden State for Texas has grown by 36% between 20 while the migration stream from all other states to Texas did not change, rising a mere 0.1%, according to data from the American Community Survey 5-Year Estimates. Census and IPUMS data by StorageCafé.ĭuring the pandemic, as remote work became a reality for many, the trend of people moving from high-cost cities to more affordable areas began started taking root. In 2021, it was the most popular interstate move in the country, with 111,000 people – or 300 people a day – headed to the Lone Star from the Golden State, a whopping 80% increase compared to 2012, according to an analysis of U.S. The exodus of people from California to Texas is picking up steam. ![]()
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