Millions of people are moving to Texas, and most of them are coming from other states, as opposed to other countries. Earlier this week, the Texas Tribune reported that 5.9 million people moved to Texas from 2005 to 2013, and 4.8 million of those came from one of the other 49 states. That's roughly 345 people per day who moved to Texas during that time period.
California, Florida, and Illinois are the top three states of origin for Texas transplants followed by the neighboring states of Oklahoma, Louisiana, and New Mexico.
Not surprisingly, large metro areas absorbed the bulk of newcomers with Harris County leading the way. The Texas Tribune article lists the top destination counties as (1) Harris, (2) Bexar, (3) Travis, (4) Tarrant, (5) Williamson, (6) Denton, (7) Collin, (8) Bell, (9) Dallas, and (10) El Paso.
Impact on Housing
Many communities are struggling with a shortage of affordable housing options, and the population boom will only contribute to this problem. A 2014 Comprehensive Housing Market Analysis commissioned by the City of Austin estimates that the city has a shortage of 48,000 affordable units.
For home buyers, the story is similar. A recent Dallas Morning News blog piece notes that area home prices are up 40 percent in the last five years with S&P's David Blitzer stating that "low inventories and short supply are boosting prices."
TSAHC and Housing Supply
With Texas' population growth showing no signs of slowing down solutions to addressing housing supply are vitally important. At TSAHC, we provide down payment assistance to give prospective home buyers more purchasing power when searching the inventory of available homes.
For entities interested in preserving or building multifamily units, we offer lending options through our Texas Housing Impact Fund and Multifamily Tax-Exempt Bonds program.
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.