THREE TEXAS CITIES AMONG NATION’S MOST AFFORDABLE
November 10, 2010
NEW YORK (Forbes) – Three Texas cities made Forbes’ list of ten most affordable U.S. cities.
San Antonio followed by Austin claimed the other spots on the list and Austin was noted as one of the nation’s hottest cities for high-tech jobs.
Forbes attributed the number of Texas cities on the list to the state’s business-friendly climate, rich natural resources and stable housing economy.
“The state (as a whole), and Houston and San Antonio (in particular) are deriving significant income from domestic in-migration. People are moving to Texas because of job availability and because of the cost of housing being so low,” said Real Estate Center Research Economist Dr. Jim Gaines. “Texas has always been a wide-open laissez-faire, low-control, low-regulation place.”
Here are the top three reasons why Houston is such a great place to live….
1. Job Growth
The Houston Business Journal says that the U.S. technology industry added 78,300 jobs during the first seven months of 2008. While this 1.3% rise in employment opportunities is less than the increase from 2007, there is still job growth. Both software services and communications services also saw significant increases in job growth throughout 2008. And just last year, Houston accounted for almost 10% of the nation’s net growth!
2. Creative Class Workforce
The entire state of Texas boasts a thriving economy. This is because many Texans work in technology and energy sectors of the workforce. Corporate profits and economic growth depend on this creative class, which is full of highly educated, well-paid workers. These types of careers are in high demand, and 31% of employees in the Houston area hold jobs in these fields.
3. Cost of Living
The cost of living in Houston is below the national average of 100. Houston tops off at 88.1, which means people are making more money and spending less on consumer goods and housing. U.S. Census Bureau states that the median household income for the country in 2007 was $50, 233. While most Houston employees are making the country’s average, their cost of living is less than, say, New Yorkers living in Manhattan. So those in Houston are able to buy a huge four-bedroom house for the same price a New Yorker might pay for a small one-bedroom condo.