More Americans are heading to the Lone Star State, with Texas having the largest net gain of new residents than any other state in the latest Census and boasting some of the fastest-growing major cities. Texas saw a net gain of more than 387,000 residents in the latest Census for 2013. Austin has become the fastest-growing major city, too. realtormag.realtor.org/daily-news/2014/09/30/behind-texas-housing-boom?om_rid=AABHr4&om_mid=_BUKwvFB88vMeV8&om_ntype=RMODaily Everythings Bigger in Texas Texas Leads in New-Home Sales Nationwide Texas Oil Boom Brings Rush of New Residents 10 Biggest Rebound Cities Since the Recession During the years of the housing boom, populations grew the fastest in high-priced markets such as New York and San Francisco. But now those population gains are heading to Texas and other heartland states, such as Oklahoma and Utah. Whats got everyone flocking to Texas lately? Jobs and affordable housing, CNNMoney reports. Nela Richardson, chief economist for real estate brokerage Redfin, says that nine of the 10 fastest-growing metro areas last year were ones where homes were more affordable than the U.S. average. Texas still has plenty of affordable land surrounding its major cities and regulations that make it relatively easy for developers to build quickly, which makes it more of a boon for affordable housing than some other parts of the country. Five Texas cities — Austin, Houston, San Antonio, Dallas, and Forth Worth — were among the top 20 fastest-growing large metro areas. Smaller Texas metro areas, such as oil-rich Odessa and nearby Midland, also reported population gains. Austin is particularly showing signs of a boom. The citys population rose by 2.6 percent between 2012 and 2013 — nearly four times faster than the U.S. as a whole. Job growth there is expected to average 4 percent a year through 2015, according to Moodys Analytics. Whats more, the median income of more than $75,000 is 20 percent higher than the national median. Also, the median home price is $243,000 in Austin, which is higher than the U.S. average but sustainable with the higher incomes there, housing analysts say.
Posted on: Tue, 30 Sep 2014 21:04:51 +0000
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