Texas Now Has Massive Departures As Residents Leave State
Texas now has massive departures as residents leave the state according to fresh data from a Business Insider report.
While much has been written recently about the number of out-of-state residents, particularly Californians, moving to Texas, many Texans are leaving the state, reports Ash Jurberg.
“Between 2021 and 2022, almost 500,000 people moved out of Texas, and a recent report by Business Insider examined why people are leaving Texas.”
With the influx of people moving to Texas, home prices have increased by 30% since 2019.
This is forcing some Texans to seek more affordable housing elsewhere, per the report.
“The Midwest has emerged as popular recently because it is just by and large the most affordable region.
We’re seeing this trend of buyers looking for affordability really explode,” says Hannah Jones, Realtor.com’s Economic Research Analyst.
When looking at the politics side of it, a recent poll found that 39% of respondents have relocated or might consider moving to a different state if their political views didn’t align with the majority.
Meanwhile, a study by the Cato Institute says that Texas ranks 50th in people’s right to exercise personal freedoms.
The debate of people moving in and out of Texas is often rigorous, with people taking stances both for and against moving to Texas, reports Jurberg.
“This is a real issue. I’m not sure that the Texas GOP is thinking long-term. If they want to keep Texas a business-friendly place, they’ll have to ease back on the steady march to dystopian nightmare,” says a user on Reddit.
“Left 11 years ago came back for 1 then bailed for good 8 years ago. Traffic, heat and prices. My old apartment in 2011 was 669 a month, just for fun I looked it up earlier this year and the same size units are going for 1,500,” said another Reddit user.
Also Read: Massive Banks in Texas Now Announce Closures For 2024
Other Economy News Today
Texas is now overwhelmed with massive bank closures per new data from the Office of the Comptroller of the Currency (OCC).
PNC Bank has announced it will close 19 more locations across the United States in February, including three in Texas.
The bank employs over 60,000 people nationwide and is one of the largest financial businesses in the United States.
The following PNC Bank branches closing in Texas are the latest listed with the OCC:
- 407 S Commerce St, Harlingen
- 115 E Van Buren Ave, Harlingen
- 801 W Kearney St, Mesquite
However, Texas has recently become overwhelmed by the growing number of bank closures in the state.
The following bank branches have either recently closed, or are scheduled to shutter in Texas very soon:
- Wells Fargo. 1155 Union Circle, 2ND FL RM 222, Denton.
- Wells Fargo. 700 Jackson, Richmond
- Wells Fargo. 14999 Preston Rd, Building F, Dallas
- Verabank. 1100 Williams Dr, Georgetown
- Amerant Bank. 12145 FM 1960 West, Houston
- Wells Fargo. 3580 Frankford Rd, Dallas
- Wells Fargo. 1200 Flower Mound Rd, Flower Mound
- JP Morgan. 213 W Greens Rd, Houston
- Wells Fargo. 2824 Hillcroft St, Houston
- Bank of America. 9660 Hillcroft St, Houston
- Wells Fargo. 1420 West Mockingbird Lane, Dallas
- JP Morgan Chase. 16802 El Camino Real, Houston
- Capital One. 2301 E. Riverside Dr, Austin
- Capital One. 2910 S. Lakeline Blvd, Cedar Park
- Wells Fargo. 11152 S. Gessner Dr, Houston
- Woodforest NB. 80 Uvalde, Houston
- JP Morgan. 14114 Dallas Parkway, Dallas
- Wells Fargo. 1420 West Mockingbird Lane, Dallas
- JP Morgan Chase. 16802 El Camino Real, Houston
- JP Morgan. 1200 Clear Lake City Blvd, Houston
- JP Morgan. 3103 FM 528 Friendswood
- Home Bank. 12941 Gulf Freeway, Houston
- Home Bank. 251 West Medical Center, Webster
- Bank of America. 7900 Shoal Creek Blvd, Austin
- First NB. 5671 Treaschwig Rd, Spring
- First NB. 5671 Treaschwig Rd, Spring
- Bank of America. 7900 Shoal Creek Blvd, Austin
Between 2017 and 2021, 9% of all branches — almost 7,000 locations— shut their doors.
CNBC reports this leads to “banking deserts when communities are without access to a bank or credit union within 10 miles.
Several studies have shown these communities are more likely to use non-traditional and high-fee lending options such as payday loans and check-cashing services, which increases financial inequities and ends up widening the wealth gap.”
A poll by the DailyMail revealed that 51% of consumers said they were very or somewhat concerned about the declining number of bank branches.
And according to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved.
Also Read: A US Bank is Now Denying Customers Access to Money
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
Comments are closed.
-
-
-
-
-
-
-
-
-
-
Show CommentsSorry, but not buying this tripe. Abbott’s not perfect, but he is a huge bit better than the clowns running blue states into the ground. Our Great State continues to do well, and the recent constitutional amendments voted in DID reduce property taxes for people claiming homestead exemptions. As it always has been : Dall-ass, Austin, San Antonio and Houston continue their rapid trek into communism so they remain lost causes. The rest of Texas is doing FINE Thank You.
Texas ranks 50th for personal freedoms, heh. I clicked on the link and painstakingly worked my way through the CATO Institute’s assessment that led them to the low ranking. Their definition of what qualifies as freedom criteria is different than what the majority of how Texans would define freedom.
Be honest. No body likes Governor Abbott. He has done cruel things to people–he went to a party right after children lost thier lives at a school where his safety ideology was outdated and tired, letting scaredy cats handle the problem using Parents handcuffed for trying to get thier babies out of school because the police were inside and outside cowering . Then Abbott and Ted Cruz go to a fundraiser a stone’s throw away seemingly without empathy for the children or parents because they were Hispanic and not white. .
Using the courts over and over pushing unpopular bills..now trying to fund private schools with public money, so they can appease white parents. Rents and mortgage pmts over the roof on Steroids for greedy contractors , despite a two year old vote of approval by citizens on lowering taxes SLOW AS HECK. Voting and revoting over the same stuff. Then allowing people to be gouged by an”Delivery fee” on all light bills and cheated on sales of Solar panels –duping the ordinary working folk and lying to elderly saying they get an incentive from government..but it’s a lie, if you get a refund you get NO relief. Leaving them in debt and no recourse, in their old years. NO caring for anyone who is not white with money, and the poor ones in the country keep thinking he’s good, until they see this is a right to fire state, for no reason, you can be fired. Creating no job stability. Low paying and high denial of unemployment, awful. THAT’S JUST THE BEGINNING OF WHY FOLK ARE LEAVING. YOU CANNOT LIVE STRESS FREE IN THIS STATE between rent and utilities.
This is propaganda bullshit, anyone that doesn’t want to live in Texas should be on their merry way, don’t let the door hit you in the ass! The whole nation is in the same shape as described because we have Joe Biden for president… Case closed!
Maybe because governer Abbott has lost his mind. He has a lot of people pissed about the abortion laws which is totally wrong. Women have been told for certain centuries what they can not do mostly by Men, because they MEN, thought they were superior and they were the only ones that had brains. We are tired of being told what we can do with our own bodies. Now, other women are doing it. Leave our bodies out of government. None of other people’s business. It’s our own business and it’s personal. Stay out.
Well written and all facts! The prices for homes and rent have skyrocketed and are forcing Texans to go elsewhere. They aren’t too bad compared to some other places, but they have gone up dramatically and quickly. In addition to the actual prices, the property taxes are the 7th highest in the nation. In conjunction with the higher prices, that’s making people reconsider buying a home. Unfortunately, rent is a lot higher as well. If that isn’t enough, the state wages war on the LBGTQ community, women’s rights, and bans books. Religion and affairs of state are supposed to be separate but not here in Texas. I’m all in favor of Border Security but there has to be a humane way to do it that doesn’t involve drowning people with giant floating balls in a river. Politically, the state is a mess. I’m a Republican but I’m smart enough to vote against my party candidate if he/she is bad news. Not most Texans. Abbott being in office yet again is proof of that. Heck, a resurrected A**lf H*t**r could run for POTUS of Governor and claim to be Republican and get elected just because he is running as a member of that party. I’ve never seen such mass ignorance. This is a completely different state than it used to be. If not for my daughter and grandkid keeping me here, I would leave.
Maybe they’re leaving because all the major cities in Texas are deep blue, property taxes are out of control, we are being invaded by illegal aliens, Governor A-Butt closed down the State during the scamdemic?
Doesn’t surprise me a bit. I’ve already moved to Mexico from Texas. I could have written the article myself
For more news and updates like this, opt-in for push notifications.
Leave your thoughts below.