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Texas is attracting young and rich movers ditching California and New York

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Texas is attracting young and rich movers ditching California and New York


Move aside old, Texas money; nouveau riche is moving to the Lone Star State.

Amid the state’s attempt to snatch the crown as the financial hub of the United States, Texas now ranks second in the country for attracting young and rich people. The state had a net gain of 1,660 new young and rich households based off a study by SmartAsset using 2021 and 2022 data from the IRS.

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Individuals aged 26 to 35 who earn more than $200,000 are considered wealthy, according to the study. Only Florida narrowly beat out Texas with a net gain of 1,786 new young and rich residents.

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Still, it underlines the growing sentiment affluent individuals feel about states like California and New York as both were in the top five for negative net migration. California lost 3,226 young and rich households while 345 young and rich households abandoned New York.

California and New York ranked first and fourth respectively for losing young and rich households.

Between 2010 and 2019, Texas attracted over 25,000 establishments to move to the state. Many have said it’s due to the state’s business friendly climate over issues like taxes. The state has no income tax; a move which may also be attracting the young and rich.

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Half of the other states winning over the latest breed of young money, like Florida, Tennessee and Nevada, also don’t have income tax. Nine states in the U.S. don’t charge income tax and five of them made it into SmartAsset’s top 10 list for young, affluent movers.

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Since rich people have the most to win or lose from charging income tax, it’s likely one of the biggest drivers pushing households to Texas, said SmartAsset’s director of economic analysis Jaclyn DeJohn.

“While this study didn’t include data that pins down exactly what’s driving the shift, there are several economic incentives that may entice the young and rich to move to Texas,” she said. “In particular, the state and local governments do not charge income tax on residents, which may shave off a sizable portion of income taxes for high-income young people living in states that do charge income taxes.”

More companies focusing on big money industries like technology, finances, real estate and more is also a big factor that’s attracting young talent to the state, DeJohn said. Areas like Dallas, Austin and Houston are mostly to credit with gaining corporate relocations like SpaceX, AECOM, CBRE and more.

Winning over the rich and young is a victory for the state economically speaking, Dejohn said.

“Overall, more wealth coming to Texas helps add to the bottom line of local businesses. While no income tax is collected on these newcomers, they do still have an impact on Texas’s tax base via sales, excise and property taxes,” she said. “The age group of incoming wealth also has an impact on which businesses, services and amenities are in demand, potentially leading to changes in supply.”

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The young and rich moving to Texas is also a part of a bigger trend of the state’s young workforce growing. Texas is gaining more Gen Z movers than any other state, according to a study from Zillow Group Inc. Plus, it adds to the Dallas’ already existing reputation as a haven for affluent individuals.

Dallas is the 22nd most wealthy city in the world, sixth in the U.S., according to a report from London-based private investment migration consultancy firm Henley & Partners.

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A worker climbs aboard a locomotive at a CPKC rail yard Wednesday, Aug. 21, 2024, in Kansas...
Labor dispute stops Canadian freight rails, could cause major economic disruption in U.S.
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All rail traffic in Canada and all shipments crossing the U.S. border have stopped, although CPKC and CN’s trains will continue to operate in the U.S. and Mexico.



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U.S. and Israel carry out joint military strikes against Iran

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U.S. and Israel carry out joint military strikes against Iran


The U.S. and Israel announced a major military operation against Iran early Saturday, after President Trump threatened the Iranian regime for weeks to make a new deal to rein in its nuclear program, and before that, threatened it over its violent crackdown on protesters in January.



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Texas to require proof of identity, legal status for new vehicle titles March 5, 2026

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Texas to require proof of identity, legal status for new vehicle titles March 5, 2026


A major change is coming to how vehicles are titled and registered in Texas, with local officials and border-area dealerships bracing for questions, delays and the possibility that some buyers could take their business out of state.

Beginning March 5, 2026, Texans applying for an original vehicle title and registration will need proof of identity and proof of legal status in the United States.

The Texas Motor Vehicle Board approved a new rule requiring county tax offices to verify that documentation before processing those transactions.

“If the person doesn’t have valid ID, we cannot register their vehicle,” said Ruben Gonzalez, the El Paso County tax assessor-collector.

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Gonzalez said the rule is mandatory statewide and is not a local policy, but a state mandate he is required to follow as an agent of the DMV.

Under the rule, buyers must present a REAL ID-compliant Texas ID or other federally recognized documents, including a passport or permanent resident card.

Gonzalez said the rule takes effect March 5 for new titles and registrations, but proof of legal status for registration renewals will not be required until Jan. 1, 2027.

“We’re going to give a year’s time for those people to qualify, but more so to allow the entities, businesses like lean holders and dealers and the county offices to be trained on what’s an acceptable form of documentation to accept from people that are renewing online or in our offices,” Gonzalez said.

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Destiny Venecia reports on Texas to require proof of identity and legal status for vehicle titles, registrations (Credit: KFOX14)

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Local dealerships said they are working to adapt, but some employees and customers are uneasy about the change.

Luis Fierro, president of the El Paso Hispanic Independent Automobile Dealer Association, said, “My personnel is a little bit scared to make a mistake. Within the dinner community, they’re all scared, they’re all lost in the system. They’re trying to figure out, as we all believe, an ID was a real ID. Now we find out that what we knew that was good to be used is no longer good.”

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Border-area dealerships also worry customers could buy and register vehicles in New Mexico, taking taxes and fees out of Texas.

“Customers are scared of the new implementation, that they’re going to take their business to New Mexico, pay their taxes in New Mexico, and handle the registration and renewals in the state of New Mexico and avoid Texas,” Fierro said.

County leaders said the concern extends beyond lost sales to lost revenue for Texas counties.

“It’s going to be a loss of revenue because if they go to New Mexico, we can’t collect our fees that are due because they’re all they’re running using our highways,” Gonzalez said.

County officials said they expect an increase in questions and possible delays in the first few months after the rule takes effect March 5, 2026.

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North Texas middle school closes after a norovirus outbreak

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North Texas middle school closes after a norovirus outbreak


A middle school in the Eagle Mountain-Saginaw ISD is closed Friday after an outbreak of norovirus.

According to the school district, they closed Creekview Middle School in Fort Worth on Friday to sanitize and clean the building. The district said they plan on reopening the school on Monday.

The district said children started to get sick on Tuesday with what appeared to be a stomach virus and that on Wednesday it spread to a larger group.

EMSISD said they reached out to the Tarrant County Public Health Department and that they recommended disinfecting and cleaning the school on Wednesday night and reopening the next day.

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More cases continued to be reported on Thursday, so the public health department then recommended that they clean again and close the campus on Friday.

Parents were notified of the district’s decision on Thursday afternoon.

The district has not said how many students and staff were sickened in the outbreak.

Officials with Children’s Medical Center said that because norovirus is highly contagious and resistant to many common hand sanitizers, it presents a unique challenge for families.

The hospital says hand sanitizer isn’t enough and recommends thorough hand washing with soap and water. They also recommend parents keep their children home for a full 48 hours after symptoms stop to prevent further outbreaks.

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The Centers for Disease Control and Prevention says there are approximately 2,500 norovirus outbreaks in the United States each year and that they are most common from November through April. For further tips on preventing the spread of norovirus, visit the CDC.



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