Texas: A State Going Through A Huge Population Surge

Texas has seen a massive population growth in recent years. More than two million people have moved to the state since 2020. In 2024 alone, nearly 563, 000 people made the move to the Lone Star State. Texas now has a population of 31. 29 million people. This population explosion is due to many factors. Affordable housing, a strong economy, and a pleasant climate are the main attractions. People from other states, especially from California, are moving to Texas to find cheaper homes, and a good job. Many people from other countries are also moving to Texas. The median listing price in Texas is $360, 000, which is cheaper than the national median of $400, 000. Many homes are under $350, 000, making it an attractive option for many. Texas is building more homes than ever before, and many of these homes are smaller and cheaper. This could lead to a decrease in home prices for the Lone Star State. The state approved 15 percent of all new house permits in the U. S. last year. Newcomers to Texas may be thrilled about the opportunities in the state. However, long-time residents may find it difficult to buy a home. Even though home prices are lower than the national average, they're still relatively high for Texas. The median listing price in Texas is $80, 000 higher than the 2019 average. With mortgage rates around seven percent, homebuyers in Texas face an additional challenge. In Texas, the typical monthly housing payment is $2, 100, assuming a 10 percent down payment. The median household income in Texas was $76, 292 between 2019 and 2023. About 13. 7 percent of Texans were living in poverty during that time. The median household income for the average U. S. household was $80, 610 in 2023; in California, it was $96, 334. Compared to the national average, Texas has a large income distribution gap and a lower median household income. This gap has widened during the pandemic. In conclusion, Texas is a state with many opportunities. However, it also faces many challenges. The state's population is growing rapidly, and the housing market is booming. But, the state's income distribution gap is a major concern. It's important for Texas to address this issue to ensure that its residents have access to affordable housing.