Leaving California for Texas? What You Will Find
The Lone Star State has attracted thousands of California businesses and residents to relocate to its expanses. Companies leaving California have chosen Texas for their new headquarters, which attracts their employees to also make the move. Lower taxes and housing costs keep the overall cost of living in Texas low. How much lower than California? Find out what your finances can expect from moving to Texas from California.
Companies Relocated from California
First, Texas is drawing companies from California. Many are moving to Austin, Texas’s growing tech capital. Among businesses moving to Texas is Elon Musk’s Space X. Other companies leaving California include Oracle moving to Austin and Hewlett Packard going to Houston.
With these major companies leaving California, many workers are following behind. In fact, 50,000 Californians moved to Texasannually before 2020. Texas has a much better climate for business and residents. Businesses can enjoy fewer regulations and lower taxes. Residents will also find lower taxes and housing costs.
Texas is one of the few states where residents don’t have to file state income taxes. However, there are state sales taxes and higher property taxes. The total amount of taxes paid in Texas, though, is generally less than in California since Texas lacks a state income tax. Lower overall taxes means that paychecks in the Lone Star State can have more buying power due to a lower cost of living.
Lower Housing Costs
Housing costs in California are notoriously high. In fact, a majority of homes in the state (57.8%) cost more than half a million dollars. In Texas, far fewer homes have such high price tags, only 7.8% of properties. Plus, many homes in Texas cost less than $200,000. Finding a home for less in Texas is easier, helping to keep the total cost of living much lower in Texas than in California.
Considering Leaving California for Texas? Contact IMPACT Properties to Help
Texas has many benefits for those leaving California. However, before you finalize your move, get help with handling any property you have in California. Contact us at IMPACT Properties to get the assistance and advice you need for selling your home or handling other real estate needs.