The high cost of housing in California was a major factor behind moving Tesla headquarters to Austin. Some bad news: Home prices there have +45% over the past year, a report shows.
Tesla’s packing its bags and moving to Texas — and much like many former Californians, it’s hoping to find cheaper housing in the process.
It’s move that will feel familiar to a lot of people who have migrated from California’s pricey coastal markets to more affordable parts of the country. And Texas is often at the top of the list for where these households relocate. So for existing home-owners in Austin, the influx of people from other parts of Texas and the rest of the country has quickly grown their housing wealth. But for renters and first-time home buyers, it has made housing much less affordable. Realtor.com data shows that the median asking rent in Austin was up 21.7% compared to a year ago.
For folks in nearby San Jose, they are a bit more predisposed to venture out of state for their next move, but even still seven of their top 10 destinations are in the Golden State.But when people in this part of California do choose to move out of state, Texas is one of the most frequent landing spots — particularly cities like Austin and Dallas.
Texas sees a new housing crunch Part of why Texas had long been so popular among home buyers from other parts of the country is that it’s relatively easy to build homes there. Move-up buyers can find “a huge arbitrage opportunity in moving to Austin,” said Ed Pinto, director of the American Enterprise Institute Housing Center.
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