PUBLISHED 5:22 PM CDT Apr. 03, 2022What You Need To Know
Researchers say labor shortages, low housing supply, interest rates and other economic factors have a greater impact on housing pricesHowever, contrary to popular belief, a new study found people moving to Texas are not the reason for the rising cost of single-family homes. “A lot of people are struggling to be able to become homeowners,” she said. “So we’re seeing either two or three people on a loan in order to qualify for a house.”
Some have suggested the people moving to Texas have more money, which drives up home prices. In Miller’s research on home sales and residential histories, the median of out-of-state homebuyers pay about $60,000 more than Texans, but that’s been the case for the past 15 years when migration had slowed down.
The cause of these costs is more likely related to economic factors like mortgage interest rates, low housing supply, labor and construction shortages — where the pandemic has also played a major role. Carter-Walker says those coming to the area for tech jobs do have an impact, but interest rates and lack of inventory are the main problems.
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