Why are so many people moving to Texas?
Economic Growth.
If Texas were a separate nation, it would be the 10th largest economy in the World. For years, Texas has been a “job-creating machine.” Today, Texas is home to more Fortune 500 companies than any other State. New York is second, and California is third. Among CEO surveys, Texas ranks as the best US State for business.
Geography and Sub-Tropical Climate.
Texas enjoys a Subtropical Climate. Therefore, it (generally) can freeze in the wintertime; however, compared to the yearly harsh cold weather of New York and Chicago (and much of the United States), most Texans only rarely deal with snow. In most areas, seeing snow on the ground is a true anomaly.
No State Income Tax.
Texas is one of the few US States without a personal income tax. Texas has never even levied a tax on personal income. According to the Legislature, Texas does not want to punish success: It wants to encourage it, and millions and millions of the best and brightest from the other US States and the World have responded to this philosophy by moving to Texas.
More Home Affordability.
The median home price in Texas is significantly lower than the average for the United States. Primarily, there are two reasons. First, Texas has higher property taxes than most other US States. Because this increases the monthly payment on borrowers, this reduces the ability of homeowners to bid up property values. Second, Texas discourages homeowners from cashing out the last twenty percent of the equity in their primary residence, which can prevent speculative and frenzied buying that drives up home prices.
