Ask any homegrown Texan and they can give you a hundred reasons why moving to Texas is a brilliant idea. According to CNN, more Americans moved to Texas in the last few years than to any other state. The area gained more than 387,000 people says the 2013 census, making it the fastest growing state in the US, with Austin the fastest growing city in the United States.
Yes, this is the home of Friday Night Lights, two presidents, kolaches and JR Ewing. But what economic factors have so many moving to Texas?
Jobs, Lots & Lots of Jobs…
The job market in Texas is strong. The unemployment rate is just 4.6% and Moody’s Analytics projects job growth to average 4% through next year. Not only is unemployment low, there are many well paying jobs available. Median income is $75,000, 20% higher than the national average. Couple this with the housing market and you have an economic climate that can hardly be beat elsewhere in the United States.
Affordable Homes in an Affordable State
Another great reason to consider moving to Texas is housing. Land is cheaper, there’s more to go around and homes are built faster. Tyler Cowen, a writer for Time Magazine, makes a comparison between purchasing a home in Brooklyn, NY and a home in Texas. The homes here are bigger and less expensive and your savings make extra amenities attainable. This is why living at Santa Rita Ranch is affordable, fun, and 100% Texan.
Our Low Cost of Living
In addition to your larger, cheaper home, your paycheck will go further in Texas. Joel Kotkin, professor of urban development at Chapman University in Orange, California looked at the average incomes of 51 of the largest metro areas in the United States, adjusted them for cost of living then created a ranking. Three of the top ten were Texas cities: Austin came in eighth, Dallas-Fort Worth fifth and Houston finished first.
No State Income Tax, Yeehaw!
Texas is one of only seven states that don’t pay personal state income tax. Again, Cowen makes a comparison between Texas, California and New York. The average Texan pays around $3,500 per year in taxes. California residents pay $4,900 and New York residents $7,400. Moving to Texas is obviously the smart choice.
The city of Austin isn’t exactly an economic factor but one that stands out in reasons why everyone is moving to Texas. Download our relocation guide and find out how easy it can be to make Texas and Santa Rita Ranch your new home!