Austin Business Journal reports, "The Lone Star State continues to be a magnet for people moving out of California.
According to Texas Realtors, a professional organization for the state's real estate industry, the number of relocations from California to Texas surpassed any other state-to-state relocations in the country. The group's 2024 Relocation Report is based on U.S. Census data from 2022.
An estimated 102,000 Californians moved to Texas that year, the report shows. In addition, more than 41,000 Floridians moved to Texas, as did 30,000 New Yorkers. Illinois, Louisiana, Colorado, and Oklahoma each saw roughly 25,000 of their residents move to Texas in 2022.
In total, about 668,000 people moved to the Lone Star State from other states in 2022, resulting in a net population gain for Texas of nearly 175,000 new residents, according to the report and data from the census' American Community Survey.
"There are a number of reasons Texas continues to draw people from other states," stated Jef Conn, chairman of Texas Realtors. "Texas has vibrant large cities, charming small towns, and rural areas with all the space you'd ever want. You can find pretty much any lifestyle you're seeking here."
As for people moving out of Texas, California was the most popular destination, with slightly more than 40,000 Texans opting to relocate there in 2022.
Locally, Austin has remained a popular destination for relocations from California's tech-focused Silicon Valley. Tesla Inc., now recognized as one of the region's largest employers, and Oracle Corp. both moved their headquarters to the Texas capital from California in recent years.
A lower cost of living is among the draws. The median home price in California is 60% higher than in Texas, according to real estate data services company HOMEiA LLC. In addition, average homes in Texas are about $36,000 cheaper than the national average, according to the company.
"Many new residents enjoy a lower cost of living in Texas or better job opportunities at companies that expand or relocate here," Conn said. "While home prices have gone up, many people who move from other states can still afford more in Texas than the state they came from.""
Source: Austin Business Journal
Written by: Mike Christen
Published: April 17, 2024
Posted by Grossman & Jones Group on
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