Many Californians, especially those hoping to become homeowners, could potentially find their forever home in Texas at an affordable price, according to a new report from Storage Café.
Whether someone is looking to become a first-time homeowner or downsize, it can be challenging to find a reasonably priced home in the Golden State due to high home prices, but that doesn’t seem to be a major issue in Texas.
The report found that homes, on average, cost $282,000 less in Texas compared to California.
The savings could be even more depending on where people lived in California and where they are moving to in Texas. For example, researchers found that former Los Angeles County residents moving to El Paso could save $592,530 when purchasing a house in the Texas city compared to purchasing one in L.A. County.
The study found that the median home price in L.A. County is $879,000, while the median home price in El Paso, Texas, is $286,470.
Those looking to purchase a home in Texas may also get a bigger bang for their buck. Researchers found that, on average, Lone Star state homeowners have residences that are 17%, or 1,055 square feet, bigger than those in California.
Renters can also get more space in Texas apartments in comparison to their California counterparts. On average, apartments are about 6%, or 124 square feet, bigger in the Lone Star state and they are cheaper.
Zillow data shows that the median rent for apartments in California is $2,116 while the average rent in Texas is $1,227, an $889 price difference.
In 2021, the exodus of Californians moving to Texas continued to pick up steam, with 111,000 people, or 300 per day, deciding to make the move from California to Texas, an 80% increase compared to 2012, according to data from the U.S. Census and IPUMS.
The majority of people moving from California to Texas are millennials, according to the report.
While there are financial benefits to living in Texas, California isn’t all bad.
Aside from the typical year-long mild weather, residents can easily access famous beaches, world-famous tourist attractions, top-ranked theme parks, and more.