There’s something about the great state of Texas that makes hundreds of thousands of people pick up stakes and flock to it each year. According to Forbes, Americans have not been moving as much over the past five years as they were previously. The rate has declined to an average of 1.6 million folks choosing to start fresh in a new place. For many people, The Lone Star State is that place.
In fact, in 2022, Texas saw over 668,000 new residents, with most of them being under the age of 40. So why are so many younger people moving to Texas in droves? We’ve got the answers below.
1. A Strong Economy
The heart of Texas’ lure for many young people often comes from simple economics and financial security. The cost of living in Texas is 8% lower than the national average, allowing residents’ dollars to be stretched further. Young people also have a greater chance of making those dollars in the state. The many oil and gas companies located in Texas offer a plethora of well-paying positions for varying skill levels.
Add to the fact that many big tech companies have taken up residence in the state to take advantage of the many tax benefits. Companies like Google, Microsoft, and Apple have helped earn Austin the nickname “Silicon Hills,” offering thousands of great job opportunities. Manufacturing is also booming in this growing state, with Boeing, General Motors, Dell, and Tesla having plants and investing in hiring state residents. It’s also a great place for professionals like veterinarians and lawyers. Texas has over 70,000 practicing attorneys making a good living.
2. Affordable Housing
While younger people struggle to pay rent across much of the country, the dream of actual homeownership is often out of reach. The average home in the United States costs about $436,000. In Texas, however, you can purchase a home for about $335,000. The lower housing cost also transfers to new home construction. Property is cheaper in Texas, and construction is booming, so the savings can be passed on to those looking to build their dream home.
3. No State Income Tax
Texas has a law that residents will not be taxed at the state level written into their constitution. This alone is reason enough for many young people to flock to the area. They are one of only seven states to offer such a perk.
The IRS reported that Americans owed over $114 million in back taxes and penalties. This scary prospect can make anyone think about going to a place that will cut your taxes! The state also offers tax incentives for businesses like franchises and research firms to invest in the state.
4. Climate
While Texas is known for being unbearably hot, most parts of the state enjoy pretty mild weather filled with sunshine. It allows people to get outdoors and enjoy many activities like swimming, hiking, fishing, and camping. The bonus is that some parts of Texas enjoy all four seasons, including snow in the winter. So, if you’re yearning for the change of seasons you thought you sacrificed for Texas, a short drive north will bring all the beauty of each season back to you.
5. Lower Gas and Utility Bills
It makes sense that Texas would shine in the area of low gas, oil, and electricity costs. After all, it’s the heart of the nation’s energy industry. The average cost of all utilities is $400 a month. This isn’t too shabby, considering most Texans have the AC pumping most of the time. It’s also not painful to fill your gas tank. Texas presently has the lowest average gas price per gallon in the nation.
For all the ribbing Texas takes from late-night hosts and others, it is an excellent state with much to offer its residents. With all these perks and more, it’s no wonder more and more young people are opting to call Texas home.