Where the people are

Fewer taxes, cheaper homes and lower unemployment: Of course Californians want to live in Texas

There's been a lot of back-and-forth between Texas Gov. Rick Perry and California Gov. Jerry Brown about whose state is better for business. But real estate website Trulia.com added a new layer to the conversation with a micro-report about the two states' housing markets.

Using data from the Census' American Community Survey, Trulia unearthed the following:

The California exodus rose with the housing bubble and subsided in the recession. Lower home values in 2008-2011 made California more affordable, encouraging in-migration and discouraging out-migration, as well as pushing some California borrowers underwater, further discouraging out-migration.

What's that got to do with Texas? A lot, as it turns out. The Lone Star State is the most popular destination for defecting Californians, with 183 residents moving to Texas for every 100 Texans who went west. Sure, sunny CA has the mountains and miles and miles of white sand beaches, but Texas' value is more quantifiable.

In addition to having a lower unemployment rate (9.8 percent compared to 6.1 percent) and a lower tax burden (11 percent compared to 9 percent), Texas homes are much cheaper than comparable casas in California. In 2012, the median home price per square foot in California was $229; the same piece of dirt in Texas would cost $84 per square foot.

That means that a 2,000-square-foot home in Los Angeles runs at about $458,000, while a similar abode would cost only $168,000 in Dallas. Not surprisingly, Trulia found that the real estate factor weighed heavily than both taxes and unemployment.

"The exodus from California was strongest when and where the gap in housing costs between California and other states was biggest," the report says.

As the economy improves and California real estate rebounds (and thus becomes even more pricey), more surfer guys and gals will likely head to Texas in search of more affordable sand. Look out, Galveston.

You pay dearly for the view in California.

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rent report

2 Dallas suburbs have the highest rents in DFW right now, report finds

Photo courtesy of Simpson Property Group

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After American shoppers spent $11.5 billion on Black Friday this year, it's safe to say many people are watching their wallets this holiday season, including renters. And a new report is shedding light on the North Texas cities that are shelling out the most for their rent.

Zumper's newest monthly rent report, released December 2, analyzed active listings from the previous month across all cities in the Dallas-Fort Worth Metroplex. It tracked the most and least expensive rent prices for one- and two-bedroom apartments, and determines the cities with the fastest growing rents. Listings were aggregated by city to calculate median asking rents.

Frisco and The Colony tied for having the highest rent prices in Dallas-Fort Worth in November. According to the study's findings, the median rent price for a single-bedroom apartment came out to $1,620 last month in both cities. In Frisco, that's $10 lower than what it cost for the same apartment in June.

Frisco residents are expected to budget $3,491 for their holiday presents this year, WalletHub says, which means they might be watching their spending a lot more than other North Texas residents.

For two-bedroom units, median rent prices in Frisco rose 3.3 percent from October to $2,200. A two-bedroom apartment in The Colony rose 0.9 percent month-over-month to $2,130.

Grapevine's median rent prices were the third-priciest out of all cities in Dallas-Fort Worth. Zumper found that the median price for a one-bedroom apartment came out to $1,470, and two-bedroom units cost $1,840 in November.

Dallas tied with Plano for the fourth-highest rents in the metro area, the report said. Single-bedroom units cost the same amount between both cities ($1,470) while two-bedroom units were more expensive in Dallas ($2,060) than in Plano ($2,030).

For comparison, the price of one bedroom unit in Dallas was $30 cheaper in October, while two bedroom units cost $20 less than November's asking price. In September, asking rent for single-bedroom apartments added up to $1,480, while two bedroom units cost $2,100 per month.

These are the median rent prices for one- and two-bedroom apartments across Dallas-Fort Worth:

Richardson – $1,420 for one-bedroom units; $1,750 for two-bedroom units
McKinney – $1,400 for one-bedroom units; $1,850 for two-bedroom units
Carrollton – $1,360 for one-bedroom units; $1,730 for two-bedroom units
Lewisville – $1,300 for one-bedroom units; $1,700 for two-bedroom units
Burleson – $1,250 for one-bedroom units; $1,620 for two-bedroom units
Weatherford – $1,240 for one-bedroom units; $1,370 for two-bedroom units
Irving – $1,220 for one-bedroom units; $1,650 for two-bedroom units
Fort Worth – $1,190 for one-bedroom units; $1,450 for two-bedroom units
Grand Prairie – $1,170 for one-bedroom units; $1,560 for two-bedroom units
North Richland Hills – $1,160 for one-bedroom units; $1,460 for two-bedroom units
Haltom City – $1,150 for one-bedroom units; $1,430 for two-bedroom units

DFW cities with affordable rent compared to the statewide median
Zumper found the statewide median rent for a one bedroom apartment came out to $1,126 last month.

Cleburne had the most affordable rent for a one-bedroom unit in all of Dallas-Fort Worth, with median prices adding up to an even $1,000. The report also found that Cleburne's single-bedroom rent costs are 10.7 percent lower than they were a year ago. The median cost for a two-bedroom unit in Cleburne ($1,190) is 8.5 percent lower than it was in November 2024.

Six more Dallas-Fort Worth cities had more affordable single-bedroom rent prices than the statewide median: Bedford ($1,110), Mesquite ($1,110), Hurst ($1,100), Denton ($1,090), Arlington ($1,080), and Benbrook ($1,020).

dallas fort worth rent rent prices real estate housing report