The Real Estate Center at Texas A&M University recently studied the Texas economy and housing market as it compares to the rest of the nation. They discovered some very important findings; further explained, the Texas housing market fared better than any other state and the Texas economy is expected to show greater signs of improvement in the upcoming months than the rest of the nation.
“Texas’ lower-than-national-average housing cost is one reason for the state’s higher-than-national-average growth rate,” says Ali Anari, Ph.D., a Center research economist and one of the study’s authors. “When Texans are able to spend more on non-housing goods and services, the state’s economy is strengthened and more people attracted.”
“These results illustrate one of the key reasons the Texas economy outperforms the United States in terms of job growth almost every year,” says Center Chief Economist Mark Dotzour, Ph.D. “The fact that Texans pay less of their income for housing means they have more to spend on other things that add to the overall quality of life. Texas offers a lower cost of living than many places in the United States.
In essence, lower housing costs allows employers to satisfy wage rates that attract workers therefore allowing them to compete in the global economy. Go Texas!!
