Many changes are happening in the housing industry in last few year or so, both around the nation and also in our back yard. Do you know from which city people are moving to Houston the most? New york. I was surprised when I read that in the article published by Houston Chronicle recently. But I started to believe when I saw lots of vehicles with New york license plate around the town.
Newyorkers moving to Texas
A growing number of New Yorkers have been moving away from the city lights to Texas’ wide open spaces, with the largest spike in the Houston area. The Center for an Urban Future, a New York-based think tank, analyzed IRS Migration data and found a 34 percent increase in the number of New York City residents moving to the major cities in Texas, Houston, Austin, Dallas, Fort Worth and San Antonio, between 2005 and 2010.
The group analyzed hundreds of counties across the United States and, compared to other cities that saw a decrease, it found Texas had positive numbers across the board, said Jonathan Bowles, executive director of the center. According to the study, the number increased from 2,955 to 3,957 from 2005 to 2010 in Harris, Dallas, Travis, Tarrant, Bexar and Fort Bend counties.
Harris County had the greatest number of New York transplants. The greatest percent increase over five years was Travis County with a 96 percent increase, followed by Fort Bend with a 56 percent increase. Bowles also said people are attracted to Houston’s because it is a major metropolitan area with low cost of living, areas with academia and research and a diverse immigrant communities.
“Other places on the east coast are fairly convenient,” he said. “Houston and Texas overall is not a natural migration route, but it’s becoming one because of the economic trends.”
Click here to read the full article from chronicle.
Immigrants move Housing Industry
The report, “Immigrant Contributions to Housing Demand in the United States: A Comparison of Recent Decades and Projections to 2020 for the States and Nation,” looks ahead to 2020 and makes a demographic-based projection of the growth in homeowner and renter households headed by immigrants in individual states and across the nation.
The study was sponsored by the Mortgage Bankers Association’s Research Institute for Housing America and prepared by the Population Dynamics Research Group at the University of Southern California School of Policy, Planning, and Development.
As per the report, Rental and home ownership demand from new U.S. immigrants is expected to grow as more foreign-born citizens settle into the U.S.
Starting with a surge, the volume growth of foreign-born homeowners has expanded each decade, rising from 800,000 in the period stretching from 1980 to 1990 and then growing another 2.1 million from 1990-2000. From 2000-2010, 2.4 million immigrants arrived in the U.S., and that number is projected to rise to 2.8 million from 2010-2020.
“Rising numbers of foreign-born households are driven by the continued increases in homeownership rates achieved as immigrants settle longer in the United States,” said John Pitkin, senior research associate of the Population Dynamics Research Group.
He added, “For example, among the cohort of Hispanics who arrived in the United States during the 1980s, homeownership rose from just above 15% in 1990 to nearly 53% in 2010 and is projected to rise to above 61% in 2020 when the cohort will have resided more than 30 years in the United States.”