The most significant advantages of moving to Texas are its high-income tax rate, diverse cities, rich history, and diverse career opportunities. Some of the largest oil reserves and the NASA space center are among its many world-famous attractions. In addition, five of its cities are among the fastest-growing in the country.
Moving to Texas has many lucrative benefits, but like anywhere else, you may face some challenges. Are you considering moving to Texas? Here are the pros and cons so you can make an informed decision about your financial planning in Austin Texas.
- No state income tax
The zero state income tax policy is probably one of the greatest factors attracting people to Texas. Although there are no taxes in this state, the property tax rate is higher than the average in other no-tax states. There is a state sales tax that stands at 6.25%. However, because local municipalities and counties levy their own sales taxes, the sales tax rate can vary and reach anywhere between 6.25% and 8.25%.
- Affordable housing & electricity bills
Low-income households can afford to live well in Texas thanks to affordable housing. Investopedia has reported a 59.1% decrease in housing prices for California residents moving to Texas. According to Zillow, Texas, home values are $197,500, below the $229,000 national average. Property outside of the inner cities is quite affordable due to the abundance of land in Texas.
Moreover, Texas has a deregulated electricity sector (in most parts), which keeps electricity prices competitive, and allows you to save on electricity expenses. Many landlords allow you to select your own provider depending on your needs. You can check out good electricity rates texas to select which provider would be the best fit for your budget and needs.
- Tons of job opportunities
As a result of the development of new industries like IT, aeronautics, computer technology, tourism, and energy, Texas’ job opportunities have become increasingly diverse. This includes small business opportunities, such as investing in Texas´ booming commercial real estate and housing markets. Previously, most job opportunities in Texas were restricted to the oil and gas industry, which is still one of the state’s major contributors.
54 Fortune 500 companies are based in Texas, including AT&T, Southwest Airlines, Texas Instruments, American Airlines, Kimberly-Clark, Whole Foods, and J.C. Penney!
- One of the U.S.’s biggest cities
There are three of the country’s largest cities in Texas: Dallas, Houston, and San Antonio. More than two-thirds of the state’s population, or two-thirds of the total, lives in urban areas. Austin and Fort Worth are also diverse cities.
In case the benefits of relocating to Texas weren’t enough, there is another reason for job seekers and entrepreneurs to do so. Many technology and start-up companies have sprung up in Austin, which is considered the next Silicon Valley by many. It has created lucrative opportunities for entrepreneurs, innovators, and techies.
- Own a car
Texas citizens will be doomed without a car without the extensive public transportation network in cities like Dallas and Austin. Driving long distances between towns and neighborhoods is necessary for most states due to the vast distances between towns and neighborhoods.
Despite the heavy traffic in the bigger cities, traffic is still quite light compared to New York and Los Angeles. The growing population of Texas necessitates the construction of new freeways to meet commuter demand.