- Texas is attracting new residents with its low cost of living, abundant space, and no income tax.
- Dallas is becoming a favorite because of its growing population and diverse job market.
- Its popularity has led to a competitive housing market with buyers having to put in all-cash offers.
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All eyes are on Texas — and not just because the state was recently hit with a record-breaking winter storm.
Tens of thousands of Americans (more than just Californians) are moving to the Lone Star State every year for the same reasons Texans love it: low cost of living, no income tax, and plenty of space, according to Texas Realtors’ annual relocation report.
Hot spots like Houston and Austin have taken center stage, but experts say Dallas also shows massive potential for economic growth. Austin has a blossoming technology sector, Houston has the oil and energy trade, but Dallas’ top 10 employers cover a diverse array of industries and companies, from healthcare and aviation to education and banking.
As more companies eye Dallas for its “business-friendly environment,” said Eric Anthony Johnson, the chief of economic development for the city, the more they and their employees will come to call it home.
Last year, CBRE moved its headquarters to Dallas from Los Angeles, while the financial-service firm Charles Schwab moved to the region in January. And the ride-hailing giant Uber has said it plans to bring its headquarters to Dallas’ expanding downtown.
And the city’s housing market during the pandemic is a reflection of that buzz.
“Dallas has always been there, but now it’s becoming on the radar for individuals in the millennial generation, and that’s the evidence based on the numbers of families competing for one house,” Johnson said. “We are not short of any requests to come to Dallas, whether its real-estate development projects or pure interest in coming into the city from corporations. It’s here and it’s real.”
Housing inventory is at an all-time low
In January 2019, Dallas had over 22,000 active listings for single-family homes. Last month, there were fewer than 7,000, according to data from MetroTex Association of Realtors, which complies monthly reports on the region’s housing market.