Texas
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.
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.
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.
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.
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.”
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.
Holiday traditions run the gamut in North Texas. For some, it means a yearly dinner at a popular Dallas Chinese restaurant. But not just any dinner. These are gatherings reserved months in advance. And Wednesday’s festivities just happened to fall on Christmas day and the start of Hanukkah.
Ask April Kao when they plan to close the Royal China restaurant for the night, and she’ll tell you simply whenever the last person leaves. It’s what she’s grown accustomed to. When the hustle and bustle of the holiday season, with all its excitement and frenzy, comes breezing through the front door of the Royal China restaurant off Preston Road and Royal Lane.
Kao and her husband George, both owners of the restaurant, said opening on December 25 was never part of the original business plan.
“We didn’t used to open on Christmas day,” she said. “And in 2008 after the renovation, people begged and begged, ‘Please you have to open.’”
So, they did, and there’s been a massive turnout ever since. People from surrounding neighborhoods in North Dallas and people from different faith communities rely on Royal China.
“Before we open the door, we have lines outside and it’s getting busier and busier. So we take reservations a year before,” Kao said.
One Dallas family made reservations during the summer just to be sure their 15-year tradition wouldn’t miss a beat.
“My son-in-law, Berry, was the one who first suggested that we come to a Chinese restaurant on Christmas day,” said Lynn Harnden. “And we make our reservations like in July to be sure to come.”
As the years pass, seats are added to the reservation. This year, the Hardens occupied two tables with seventeen guests.
As for upholding family traditions, the Kaos have their own wall of memories at the restaurant. It’s a reminder of how far they’ve come from 1974, when George Kao’s father came from Taiwan with a dream and a plan.
“He is very proud,” he said. “He would smile. He’s smiling from above.”
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Data Skrive
The Las Vegas Bowl features a battle between the Texas A&M Aggies (who are 3.5-point favorites) and the USC Trojans on December 27, 2024 at 10:30 p.m. ET on ESPN. The over/under is set at 52.
Facing the Texas Longhorns in their most recent game, the Aggies lost 17-7. Last time out, the Trojans fell to the Notre Dame Fighting Irish, with 49-35 being the final score.
Keep up with college football all season on FOX Sports.
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Texas A&M vs. USC Game Information & Odds
- When: Friday, December 27, 2024 at 10:30 p.m. ET
- Location: Allegiant Stadium in Paradise, Nevada
- TV: ESPN
- Live Box Score on FOX Sports
More College Football Predictions
| Favorite | Spread (Odds) | Favorite Moneyline | Underdog Moneyline | Total | Over Moneyline | Under Moneyline |
|---|---|---|---|---|---|---|
| Texas A&M | -3.5 (-111) | -180 | +149 | 52 | -109 | -111 |
Texas A&M vs. USC Prediction
- Pick ATS:
Texas A&M (-3.5)
- Pick OU: Under (52)
- Prediction: Texas A&M 28, USC 24
Predictions are made by the Data Skrive betting model.
Learn more about the Texas A&M Aggies vs. the USC Trojans game on FOX Sports!
Texas A&M vs. USC Betting Insights
- Per the spread and over/under, the implied score for the tilt is Aggies 28, Trojans 24.
- The Aggies have a 64.3% chance to claim victory in this meeting per the moneyline’s implied probability. The Trojans hold a 40.2% implied probability.
- Texas A&M has compiled a 3-9-0 record against the spread this season.
- USC has put together a 7-5-0 record against the spread this season.
Texas A&M vs. USC: 2024 Stats Comparison
| Texas A&M | USC | |
|---|---|---|
| Off. Points per Game (Rank) | 30.3 (52) | 29.8 (55) |
| Def. Points per Game (Rank) | 21.2 (23) | 23.5 (47) |
| Turnovers Allowed (Rank) | 13 (28) | 18 (71) |
| Turnovers Forced (Rank) | 17 (61) | 16 (69) |
Texas A&M 2024 Key Players
| Name | Position | Stats |
|---|---|---|
| Marcel Reed | QB | 1,572 YDS (61.1%) / 12 TD / 4 INT 501 RUSH YDS / 6 RUSH TD / 45.5 RUSH YPG |
| Le’Veon Moss | RB | 769 YDS / 10 TD / 85.4 YPG / 6.4 YPC 10 REC / 141 REC YDS / 0 REC TD / 17.6 REC YPG |
| Amari Daniels | RB | 661 YDS / 8 TD / 55.1 YPG / 4.8 YPC |
| Noah Thomas | WR | 34 REC / 545 YDS / 6 TD / 45.4 YPG |
| Taurean York | LB | 57 TKL / 6 TFL / 2.5 SACK / 1 INT |
| Nic Scourton | DL | 29 TKL / 11 TFL / 4 SACK |
| Will Lee III | DB | 37 TKL / 0 TFL / 2 INT / 2 PD |
| Dalton Brooks | DB | 44 TKL / 5 TFL / 1 SACK |
USC 2024 Key Players
| Name | Position | Stats |
|---|---|---|
| Jo’Quavious Marks | RB | 1,133 YDS / 9 TD / 94.4 YPG / 5.7 YPC 47 REC / 321 REC YDS / 0 REC TD / 29.2 REC YPG |
| Miller Moss | QB | 2,555 YDS (64.4%) / 18 TD / 9 INT -18 RUSH YDS / 2 RUSH TD / -2 RUSH YPG |
| Ja’Kobi Lane | WR | 36 REC / 398 YDS / 9 TD / 36.2 YPG |
| Jayden Maiava | QB | 906 YDS (61.2%) / 7 TD / 2 INT 49 RUSH YDS / 4 RUSH TD / 5.4 RUSH YPG |
| Easton Mascarenas | LB | 84 TKL / 4 TFL / 3 SACK / 2 INT |
| Kamari Ramsey | DB | 44 TKL / 4 TFL / 2 SACK |
| Mason Cobb | LB | 61 TKL / 2 TFL / 2 INT / 2 PD |
| Jaylin Smith | DB | 49 TKL / 3 TFL / 2 INT / 2 PD |
FOX Sports created this story using technology provided by Data Skrive and data from Sportradar.
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