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The dynamic and vast landscape of Texas continues to experience an influx of new businesses and residents which attests to its growing appeal. The state’s robust economy, diverse cultural experiences, thriving job market, and affordable cost of living provides a unique blend of opportunities, attracting individuals and businesses alike from every corner of the world.
Texas is now home to more than 30 million residents. If you are wondering whether you should buy a home in this Lone Star State, here are some reasons that might encourage you to continue with the plan.
No State Income Tax
Lack of state income tax is one of the top reasons why people move to Texas, making it one of the only seven states offering this benefit. Rather than collecting revenues via income tax, Texas generates it via property taxes.
While some homeowners may have a few concerns about the state’s disproportionate income through property, Texas features a much lower overall tax burden on individuals compared to other states. Businesses are not left behind, as this state simplifies taxes for them which can increase profits. It also offers a bunch of incentives for small businesses and start-ups relocating to Texas.
A Wide Range of Affordable Housing Options
There is always something for everyone in Texas from enormous ranch homes and luxury condos to urban apartments and beach houses. You can find and choose an option that suits your lifestyle, budget, and preference, making it an ideal place for individuals from all walks of life.
The ranch-style home is one of the iconic types of home in this state. This comfortable, aesthetic, and spacious property features easy living on gorgeous one story porches that blends modern-day luxury and traditional southern hospitality.
The cost of buying houses in Texas is much lower than many other states due to the zero state income tax. Besides, its property taxes are reasonable as well as homeowners who live in their homes get a homestead property tax exemption that lowers the overall property tax rates.
Historically Low Mortgage Rates
This is one of the reasons that should compel you to buy a home in Texas sooner than later. Today, Texas’ mortgage institutions have lower interest rates on home loans than where it has been historically. Lower interest rates means borrowing more and paying less in interest to the lending institution.
You also gain access to an extensive range of Texas Down Payment Assistance Programs. It is important to check with multiple programs to see if you meet their eligibility requirements. The financial requirements may include having liquid assets under a specific threshold and your annual income thresholds.
Stable Real Estate Market
Texas weathers any bubble bursts in its housing and real estate markets pretty well due to its stricter renting rules. If you are an investor seeking to invest in real estate in Texas the options are endless. From contemporary class A apartments in the bustle and hustle of the big cities like Austin to stable class B and C solutions featuring multifamily communities in premium secondary markets.
There are still plenty of opportunities, land, and a healthy construction industry if you want to build your new apartment community from scratch rather than buying an existing real estate. The absence of bureaucracy and presence of a pleasant climate can enable you to build more cost-effectively and faster compared to other areas in the US.
Real Seasons
Most people are considering to buy homes in Texas because of the weather. The state is among the few locations in America which allow you to enjoy all seasons fully. Whether you like the cold and snowy winters or the autumnal colors of fall and bloomy flowers in spring, Texas has it all.
If you like the breath-taking miles of the desert and mountains, you simply move to the west of Texas. Do your house hunting in the south if you prefer tropical heat. The east part of Texas can be the best deal if you like bayous and wetlands while searching in the north will help you find fields of green. In other words, the location you choose for your home in Texas will largely depend on the kind of climate and weather you want.
Thriving Job Market
A report from the Office of the Texas Governor indicated that the state included an impressive 654,100 jobs in the job market for the period ranging from January 2022 to January 2023. Such a period of intensified job growth has further solidified Texas’ reputation of being an economic powerhouse by offering ample opportunities to homebuyers and individuals seeking to live and work.
Texas has displayed a robust economic resilience and health by setting a national benchmark when it comes to job creation. By the end of the previous year, the state saw a splendid 5% growth in employment, which greatly surpassed the national rate of 3.3%.
Splendid Food Culture
Texas is definitely the right place for you if you are a multicultural, diverse foodie who loves to invest in real estate. This state is the home to America’s favorite foods and reputable fine restaurants. There are plenty of options, whether you like Gulf Coast seafood, food truck gourmet tacos, sweet mesquite BBQ, or authentic Tex Mex cuisine.
Diverse and Family-Friendly
Majority of individuals seeking to relocate to Texas are young families and couples looking forward to settle down. What mostly attracts them to this state is affordable housing and zero state income tax deductions. The influx of families into the state has generated a family-friendly feel in all the locations. The diversity and tolerant nature of Texas has also enabled multicultural communities to thrive.
Successful Sports Teams
Sports are legendary in Texas and football seems like a religion. If you are a sports fan, Texas is definitely a place for you. While there, you will easily follow sports teams and develop a sense of pride in your team and state. While football might be the most popular sport in Texas, other powerhouse collegiate sport programs are available, such as basketball, baseball, and soccer franchises.
Vibrant and Quality City Life
Texas hosts six of the twenty largest cities in the United States. There is Austin, a fastest growing and most preferred city, then Dallas, which is popularly known for cotton and oil, and of course the city of Houston also referred to as the space city.
Other cities with much to boast about are San Antonio, El Paso, and Fort Worth. All these cities feature affordable lifestyles, making them the top most destinations for renters, job seekers, and aspiring Texas real estate agents.
If you still intend to buy a home in Texas, this is the right time to act. While the house prices are leveling off and affordable, they will slowly climb upwards as time goes by. Do your due diligence before investing your money to ensure you get value.
