Texas, in particular Richardson, continues to be a migration hotspot, according to a recent report from U-Haul.
“The 2022 trends in migration followed very similar patterns to 2021 with Texas, Florida, the Carolinas and the southwest continuing to see solid growth,” stated John Taylor, president of U-Haul International in a press release on Jan. 3.
U-Haul recently named Texas as the number one growth state in Canada and the U.S. for 2022 in its annual U-Haul Growth Index. This is the second year in a row the lone star state has been named the number one growth state by U-Haul and the fifth time since 2016.
“People are still flocking to Texas,” said Zane Rowland, president of U-Haul of Northeast Dallas in a separate press release. “The DFW metroplex is attracting new companies every day. Businesses are relocating to DFW and Texas because we’re a cost-effective option.”
Within the state, U-Haul lists the leading growth cities as Missouri City, Richardson and Conroe. Other notable net-gain markets include Roanoke, Porter, Pharr, College Station-Bryan, Cypress, Mesquite, Katy, Magnolia, Huntsville, Longview, Prosper, North Richland Hills, Baytown and Kingwood.
“Texas is great because you have a low cost of living, no state income tax and deregulated energy costs,” said Robert Abidin, president of U-Haul Northeast Houston. “Texas is also the energy capital of the U.S. We’re home to every major industry. Anything you’re looking for in Texas, you can find in Texas.”
U-Haul’s Growth Index is compiled according to the net gain of one-way U-Haul trucks arriving in a state or city, versus departing from that state or city, in a calendar year.
The data is compiled from more than two million one-way U-Haul truck transactions that occur annually across the U.S. and Canada. While the data does not correlate directly to population or economic growth, the index is an effective gauge of how well states and cities are attracting and maintaining residents.
The remaining top ten growth states from the report include: Florida, South Carolina, North Carolina, Virginia, Tennessee, Arizona, Georgia, Ohio and Idaho.
Additional trends show that California and Illinois saw the greatest net losses of one-way U-Haul trucks for the third consecutive year. The bottom five states for growth in 2022 include: New York, Massachusetts, Michigan, Illinois and California.
Richardson, Texas ranks 15th for growth on the index. And while the cost of living in Richardson may be low compared to other areas of the country, the city ranks in the top three highest rental markets in the state, one of the consequences of this influx of new residents.
According to the latest Dallas Metro Rent Report from Zumper that was released Jan. 4, Frisco, Richardson and Plano have the highest rental rates in the state.
The least expensive rental markets in Texas are Arlington, Denton and Fort Worth.
According to the report, the state median for one-bedroom is $1,176. A one-bedroom in Richardson averages $1,550; and $1,110 in Arlington.