Summary List Placement
Country crooner George Straight once sang, “All my exes live in Texas.” Odds are yours probably do, too.
From 2010 to 2019, the population of Texas grew by about 3.8 million residents, as Insider previously reported. Now 29 million residents call the Lone Star State home — more than the entire population of Australia.
Within Texas, the capital of Austin has been the center of interest for relocating Americans for most of the last decade. In the last 10 years, the Austin area had a net migration of 355,902 residents —a whopping 20.7% of its 2010 population of about 1.7 million.
In 2020, Austin’s lure has proved stronger than ever, as the coronavirus pandemic’s normalization of remote work — coupled with the influx of businesses that have sought cheaper office space outside of major coastal cities — boosted already high demand.
Tech giants like Oracle and Tesla recently announced plans for expansion or relocation into the Austin area, adding to the growing list of corporations setting up shop outside of the San Francisco-Silicon Valley stretch. And companies like Facebook and Google, which already have thousands of Austin-based employees, are reported to be seeking additional office space in the city as well.
Not to mention Tesla chief Elon Musk, who said last week that he, wife Grimes, and baby X Æ A-Xii would also be decamping to Texas. Speculation is mounting that he’ll pick Austin for a home base, near the factory his electric-car juggernaut Tesla is building.
Techies who once worked in major hubs on the East or West Coasts have relocated to Austin to take advantage of lower costs of living, favorable tax laws, and an overall better quality of life, locals and real-estate industry experts told Insider.
“Austin offers people the cachet of a cool cultural center and a burgeoning tech hub paying high wages, while still remaining much more affordable than coastal markets like San Francisco, San Jose, and Seattle,” Zillow senior economist Jeff Tucker told Insider.
It helps that Austin’s trendy music and food scene and its popular annual cool-kid tech conference, South by Southwest (or SXSW), have elevated its national profile and added to its allure.
The influx of transplants is sending Austin’s property market into a frenzy, sparking bidding wars over the limited number of homes available and pushing real-estate prices to record highs. Most homes are selling for significantly over asking price. There are hour-long lines to get into some open houses, and multimillion-dollar mansions in posh neighborhoods are trading hands in hushed off-market deals.
And while journalist Alex Kantrowitz used LinkedIn data to show that tech workers are not landing in Austin in 2020 at a faster pace than in 2019, the city is still gaining 1.84 tech workers for every one that leaves. Plus, the LinkedIn figures only measured inflow and outflow from April to October of this year. Musk and Oracle announced their moves this month — so the city is bracing for more.
The effects of Austin’s …read more
Source:: Business Insider
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