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Window Tint Taylor Tx – Migration from California to other parts of the country during the pandemic has driven up home prices in smaller markets, creating a new housing crisis in the process.

A Tesla Model 3 sedan is parked on the outskirts of Austin, Texas. On Thursday, Tesla CEO Elon Musk announced that the company will be moving its headquarters to Austin. Getty Images

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Tesla is packing his bags and moving to Texas — and like many ex-Californians, hoping to find cheaper housing in the process.

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During Tesla’s -2.70% annual TSLA meeting on Thursday, the company’s CEO Elon Musk told investors it was moving its headquarters to Austin, Texas. Musk himself announced in December that he was moving to Texas and dividing his time between this place and California.

The high cost of housing in California was a big factor behind the decision. “It’s hard for people to afford a home (in the San Francisco Bay Area), and a lot of people have to commute to work in the company’s factories and offices,” Musk said. “There are limits to how big you can grow in the Bay Area.”

The move will be familiar to many who have moved from California’s expensive coastal markets to more affordable parts of the country. And Texas is often at the top of the list where these families move.

That’s one reason why three of the top five markets for single-family home construction — Houston, Dallas and Austin — are located in Texas, said Robert Dietz, chief economist for the National Association of Home Builders.

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“Because of relatively better housing affordability, these kinds of business moves will increase those gains for Texas,” Dietz said.

Home prices in Austin rose more than 45% last year, according to a report released by the National Association of Realtors in August. The Texas capital was the No. 1 market. After Pittsfield, Mass., a popular vacation spot in the Berkshires, it ranks No. 2 in home price growth in the nation.

So for existing homeowners in Austin, its housing wealth has skyrocketed due to the influx of people from other parts of Texas and the rest of the country. But for renters and first-time home buyers, it makes housing more affordable. Realtor.com data shows that the median asking rent in Austin is up 21.7% from a year ago.

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Also, people fed up with expensive housing markets like San Francisco and San Jose didn’t go that far.

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“If you look at where people are migrating from San Francisco, it’s still other areas of California,” said Danielle Hale, chief economist at Realtor.com. The top 10 destinations for people leaving San Francisco are other cities in California.

For people in nearby San Jose, they’re a little more likely to go out of state for their next move, but still seven of their top 10 destinations are in the Golden State.

But when people from this part of California decide to move out of state, Texas is one of the most frequent landing spots — especially cities like Austin and Dallas.

The Star State was not the only state to benefit from emigration from California. A 2018 report by Trulia found nearby Las Vegas to be the most popular destination. Other popular markets among Californians include Phoenix, Miami and Tucson, Ariz., according to Trulian’s analysis of search traffic on its website. includes.

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In recent years, smaller cities in the country’s Mountain West have taken advantage of the increasingly expensive cost of living in California, including places like Boise, Idaho, and Bozeman, Montana. .

Part of the reason Texas is so popular with home buyers from other parts of the country is that it’s relatively easy to build a home there.

“Texas has lower regulatory costs associated with land development and home construction, allowing for additional housing,” Dietz said.

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This has helped keep housing prices more affordable than in more expensive coastal markets. According to the National Association of Realtors, the median home price in Austin in the second quarter of 2021 was $515,100. Meanwhile, the average price for San Francisco was $1.39 million, and in San Jose it was $1.7 million.

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Ed Pinto, director of the American Enterprise Institute’s Housing Center, said upscale buyers “can find a huge arbitrage opportunity when they move to Austin.”

And compared to California? “You can buy a house in Austin for 30 cents a square foot on the dollar,” he said.

Affordability is never guaranteed, and it’s difficult to determine exactly how much migration to Texas has contributed to rising home prices in the state’s prime housing markets. In Austin, 46% of people shopping for a home came from somewhere else in the second quarter of 2021, Hale said.

Although housing regulations in Texas make it easier to build a home there than in many other parts of the country, that’s just one of the factors that affect home prices.

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“Affordability of housing in areas like Austin has decreased because of this increased demand,” Dietz said. “Texas needs more housing, and streamlining supply chains and adding a skilled workforce to the construction sector are key elements necessary to achieve that goal.”

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After taking care of her for 12 years, my aunt left me. His brother, my uncle, won’t talk to me. I offered to give him the house. What else can I do?

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