Even the job market is bigger in Texas.More than 363,000 Californians have flocked to the Lone Star state in the last five years, according to the U.S. Census.
They’re drawn by a healthier job market and lower cost of living, the Houston Chronicle’s Jeannie Kever reports.
“California has sent more new residents to Texas than any other state in recent years. But the pipeline is tightening, part of a national slowdown in migration — from one house to another, from one country to another, from state to state – that demographers say is a lingering sign of the recession.”
But it takes a lot to make Americans move house these days, if U.S. Census data is any indication. Fewer citizens are moving than ever before, the Chronicle reported.
It doesn’t take an financial analyst to guess the heavy weight that’s tying home owner’s feet to their foundations—the dreaded ‘E’ word: Economy.
Who can blame them?
Home values are continuing to drop and the housing agencies responsible for nearly all the home loans in the country are lining up in front of Congress with their palms open.
Fannie Mae has already said it’ll be asking the government to fork over another $7.8 billion loan to cover its losses and the Federal Housing Association released a pretty dreary financial report this week that said it could seek as much as $40 billion from taxpayers.
“It’s much more difficult for someone to put their house on the market and relocate now,” Lloyd Potter, director of the Texas State Data centre, told the Chronicle. “And when you look at employment, there’s not that much hiring happening.”
See the Houston Chronicle story here.