- Why some states are losing population
- Where new migrants and transplants are going
- How it’s affecting housing markets, specifically among potential young buyers
The U.S. is starting to see a shift in its population numbers, with some states seeing drops as the population in other states increases. Texas is among several states that has seen a rise in population growth. This is creating some concerns at the state and other levels.
How has population growth impacted the economy of Texas?
In this episode of Location Cubed, hosts Howard Altshuler, Partner-in-Charge, Real Estate and Construction Services, and Rob Nowak, Tax Services Partner, talked about how recent population and demographic changes are affecting real estate and other parts of the Texas economy.
“Generally, in California, Illinois, and New York, housing prices have historically been higher. So people are selling their house and coming to Texas and thinking, ‘Wow. I can buy a lot more… this is a great deal!” That’s driving up prices. But, unfortunately, what you end up with is people coming in and buying up houses that are maybe closer in. This drives up prices in what, from an affordability standpoint, you would call second ring neighborhoods. For younger potential buyers, a market that has been tight to begin with nationally is getting even crazier,” said Altshuler.