Texans Want to Remain Texans
Well, it's official - Texans want to remain Texans more so than residents of any other state in the union. As a long-time resident of the Lone Star State myself, I can't say that I'm that surprised. I find myself frequently teaching an informal "Texas 101" class to my colleagues at Darwin that have recently relocated here or to clients visiting Texas to purchase an investment home. One of the key principles of that class is that Texans frequently think of themselves as Texans first, before any other local or national identity.
A recent study from LendingTree shows that 93.9% of Texans want to stay put. Nationally, Texas is also the top destination for people looking to move from one state to another. In addition to states adjacent to us, Californians and Alaskans apparently can't wait to trade in their surf boards and dog teams for a set of spurs.
Jokes aside, the Texas economy has been a bright spot since the Great Recession, and continued job growth will continue to be a draw for residents from other states. Austin has a booming tech economy, pulling jobs from higher-cost and less business-friendly cities in California, while Houston & Midland-Odessa have a huge employment base in the oil & gas sector (like Alaska does).
Why does this matter for you as an investor? TLDR: Continued employment & population growth drives housing demand, increasing the rents you can receive as well as the value of the underlying asset.
Need help buying, leasing or managing an investment home in Texas? Contact Darwin today!