2023-09-07 07:00:00
TEXAS — You’ve heard plenty regarding people relocating from California and other states to Texas in recent years, but what regarding native resident retention?
According to a study by the Federal Reserve Bank of Dallasthe Lone Star State outperforms every other state in that department.
The study shows approximately 82% of natives still choosing to hang their hats in Texas as of 2021. Other states that do a good job of retaining natives include North Carolina, Georgia, Utah and California.
States natives overwhelmingly choose to move from include Wyoming, Alaska, North Dakota, South Dakota and Rhode Island.
Courtesy of Federal Reserve Bank of Dallas
What influences natives to stay home? According to the study authors, factors include warm weather, good economic conditions, job growth, low taxes, multiple cities, and even the size of the state. The authors conclude people are less likely to relocate from large states such as Texas because of moving costs.
Another factor the authors noted is housing costs. While the cost of housing has increased significantly in cities such as Austin in recent years, it’s still lower in Texas than in many states in the Northeast, for instance.
Federal Reserve Bank of Dallas said young people are likely to leave states where home ownership is out of reach.
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