Texas won the pandemic migration boom, but it's losing its luster
that in October 2021, 68.4% of its offers in Dallas faced a bidding war compared to just 53.3% in 2020. 4% annually in the third quarter 2021, it's a significant decline from the second quarter's rate of 21.7%, according to the U.S. Bureau of Economic Analysis. In Del Valle, Texas, where Tesla's gigafactory is underway, Zillow data shows average home values have increased by 58% since January 2020.
"How is a $47,000-a-year person that has kids, and all of the costs associated with that, going to buy a $500,000 house?" Scott Roberts, the chief executive of mobile home developer Roberts Communities, told Bloomberg."They can't." The migration patterns to Texas are evident of the Sun Belt's popularity during the pandemic. Florida, Tennessee, South Carolina, and Arizona, all ranked in the top five of U-Haul's growth index.
"The pandemic put a premium on the Sunbelt," urbanist Richard Florida told Insider. But he thinks its popularity is overhyped, anticipating that more people will return to the superstar cities they moved from as we move into a post-pandemic world. He added that housing prices have to reverse at some point, and when they do, it'll be Sunbelt boomtowns — like those in Texas — that will take a hit.Sign up for notifications from Insider! Stay up to date with what you want to know.
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