Texas has become one of the primary destinations of businesses and workers alike. Americans are moving to Texas — and eventually building their homes in the Lone Star State.
Business is Booming
With zero state corporate income tax, Texas is one of the most ideal places to start or run a business. The state is the top destination for businesses and companies leaving the high taxes of California. Texas is also one of the most accommodating states when it comes to businesses and startups — whether regarding regulations, permit approvals, and ease of hiring. It is home to several high-profile industries including information and computer technology, advanced manufacturing, aerospace, aviation, energy, biotech, defense, and many others. The influx of industries has opened a multitude of job opportunities — drawing workers from inside and outside the state. Texas’ speed of recovery is also one of the fastest in the nation. After the lockdowns, the state went into full gear in bringing back jobs — dropping unemployment to 9 percent and a low of 6 percent in several cities and towns in the state.
No Taxes
Texas does not tax corporate or individual income. The cost of living is remarkably low — giving residents more purchasing power and improving their quality of life. There is a sales tax and property tax — however, the cost of goods and properties is marginally lower than the national average and significantly lower compared to California. The low tax rates encourage residents to use more of their money, driving businesses and ensuring healthy cash flow in the community. State policies have also made it a top destination for retirees around the country. Public and private pension income are not taxed, as well as Social Security benefits. Withdrawals from retirement accounts are similarly treated.
Homes Aplenty
One of the biggest reasons people are coming — and staying — in Texas is the cost of housing. Rent costs in big cities can $2,000-$4,000 for a small apartment. In Texas, you can use the same amount of money to pay premiums for a 2-4 bedroom home. The median house price in Texas stands at around $200,000. The most expensive houses are in Austin, where the prices can go upwards of $300,000. In Tyler, you can buy a home for $150,000. Mortgage companies offer reasonable rates, and you’ll be paying less than $2,500 on premiums for a $200,000 home with a 10-year plan.
Planting Roots in Texas
Affordable homes are not the only reason to move to Texas. Unlike what we see on television and the movies, Texas is one of the friendliest states in the nation. Colleges and universities are more than competitive — and Texan graduates are one of the reasons tech companies opted to build their business in the state. Hospitals and medical facilities are aplenty, and so are senior care facilities. The state is also one of the safest places to live in — with suburbs that record little to no crime each year.
Texas is a testament to how low taxation and business-friendly policies can spur businesses and drive the economy. Workers are flocking to Texas in search of jobs — and staying for the superior living conditions.