California and New York Taxes Boost Real Estate in Texas
Low tax rates and warm weather are drawing home buyers to the Lone Star State.
Land Tejas executive vice president Uri Man said high taxes in states like California and New York are pushing residents into Texas, where affordability is key to “Mornings with Maria” on Wednesday.
“If you’re looking to buy a new home today, you want to be where there’s an affordable home, there’s a lot of job growth, and you want to be somewhere where it’s warm,” explained Man at Maria from FOX Business. Bartiromo and he added that “Texas is ticking the box on all of this.”
A new WalletHub report released on Tuesday found that five cities in Texas, including the state capital, Austin, were among the top six places to buy a home in the United States in 2021.
Data was pulled from 300 cities of varying sizes and 18 key factors were analyzed, from median home price appreciation to job growth.
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Besides Texas having the second-highest growth rate in the country and entering the year as the world’s ninth-largest economy, data shows the city of Austin experienced the largest influx of tech worker migration in the year. last.
Texas also does not have income tax, unlike California and New York.
“Every day you turn on the television you hear about a new company, Amazon, CBRE, Tesla, HP, announcing that they are moving parts of their business or opening new offices in Texas,” he said. Stressed Man.
Man said Texas affordability also allows younger generations to enter the real estate market, further boosting the state’s growth.
“These people are getting older and becoming homeowners,” Man said, “and they buy homes and they want to be in affordable markets where there is great job growth.”
Man also believes that the under-supply of inventory will allow home prices to continue to appreciate.
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