With its year-round warm climate, a robust economy and no state income taxes, Texas is an attractive landing site for new residents, as well as a comfortable place for long-sleeved jeans. data. Citing Census Bureau statistics, the Texas Public Policy Foundation’s nonprofit research institute reported that between mid-2015 and mid-2019, 3.8 million people moved to Texas, which brought its total population to nearly 29 million.
Who wouldn’t want to live in Texas? Residents and newcomers benefit from Lone Star State’s relatively low cost of living. The state’s cost of living index stood at 92.3, lower than the U.S. average (the U.S. index is 100), placing it in the 14th lowest position among all. states, according to the Missouri Center for Economic Information and Research. In comparison, the state with the highest cost of living, Hawaii, had an index of 187.6.
The state’s housing cost index stood at 83.5, making Texas one of the most affordable states to buy a home. However, not all areas of the state are as affordable and some Texas cities have more expensive home values. Buying a home in the cities listed here will cost buyers much more than the average house price of $ 172,500. In fact, these cities have a good percentage of homes valued at $ 250,000 or more. Of course, this is still well below the average home sale price in the U.S. of $ 374,900, according to the Federal Reserve Bank of Saint Louis, but more than most home buyers in the state pay. Lone Star.
The city on this list with the lowest percentage of homes valued north of $ 250,000 is Missouri City, in the Houston metropolitan area. There, the average home price is still $ 197,200 more affordable. (For more places where house prices soar, see the document cities where home values are rising faster.)
The two cities with the highest percentage of homes worth at least $ 250,000 (Flower Mound and Frisco) are in Dallas-Ft. Worth the metroplex. The average value of the home in these two places is more than $ 350,000, probably because each is a suburban city tied to a large, bustling metropolitan area. Number nine on the list is Austin-based technology, where the average home value is $ 337,400. With the technology industry attracting newcomers, an increase in population has pushed up housing prices in Austin. (Austin is now one of the cities where the middle class can no longer afford housing.)
Click here to see the most expensive housing markets in Texas
To identify Texas ’most expensive housing markets, Wall St. revised data from the U.S. Census Bureau’s 2019 Five-Year Survey of the U.S. Community Survey, which ranks only census-designated places, cities, and towns with at least 5,000 residents. All data came from DHW, except the percentage of population change, which we calculated using DHW data.