We’ve long suspected that the housing market in Texas has proved more resilient than most states in large part because, simply put, lots of people want to be Texans. We wouldn’t blame them: The Lone Star State is home to jobs, land and a seemingly endless supply of relatively affordable homes. Who wouldn’t want to call such a place home?
The statistics now appear to back this up. Population growth is determined by a number of factors, including several obvious ones such as the total number of births or deaths in a state, as well as how many immigrants arrive from other states (this will make a bigger difference, of course, in border states than those farther inland, and historically it’s what made New York and California so populous). But there’s another factor that is perhaps the most most indicative of a state’s overall health and desirability: net domestic migration. According to the U.S. Census Bureau, net domestic migration is defined as the overall gain or loss of population among people moving to or from other states.
The Texas A&M Real Estate Center describes the effect this way:
“Net domestic migration” is a handsome phrase. It’s got a real ring to it, like “warm southern breeze” or “mom’s meatloaf.” Business owners love it. States love it. Cities do, too. It’s great for real estate owners as well.[...]
All four of these components have important social implications, but I view net domestic migration as a key barometer of the economic viability of a city or a state. In my opinion, states that have positive net domestic migration are states that are creating jobs and have a brighter outlook for economic growth. These are areas that more people move into than out of.
According to his research, Texas led the way in domestic migration in 2012, with a net gain of 140,888 people moving in from other states. Florida came in second with a gain of 101,411 new residents, followed by a big drop-off to the other gainers: Arizona (34,456), Colorado (27,962), Georgia (19,928) and Nevada (13,918).
By comparison, states with negative net domestic migration — if more families are leaving your state than those that are arriving — it’s probably an indication that something might be wrong — often high taxes, high cost of living or lack of employment. Last year’s biggest net losers were New York (-115,754), Illinois (-73,453) and California (-44,541) — all states with expensive housing markets and relatively high taxes. (You can access more of these sorts of statistics here.)
Long story short, Texas is clearly a great place to call home. And TexasLending.com is here to welcome you with a vast array of Austin home loans, Houston home loans and Dallas home loans. Contact us to learn more.