According to Forbes, Texas has four of America’s next boom towns: Austin, San Antonio, Houston and Dallas.
Thanks to technology hubs like Austin and “opportunity cities” like San Antonio, Texas is pretty much the blueprint for America’s cities of the future. Forbes contributor on demographics and social and economic trends, Joel Kotkin says part of the reason is because luxury cities like New York, San Francisco, Chicago, Seattle and Portland are increasingly becoming difficult places to buy a house.
“It’ll cost you an excess of $1 million,” Kotkin says, to set up in one of these places.
People living in large cities accept that it’s unlikely they’ll own a house, they vote with their wallets and their U-Hauls. Millennials especially are looking to buy in increasing numbers, and are moving mostly to Texas just for this reason.
“Kids aren’t stupid and they realize that since 2010 these luxury cities have become too expensive,” Kotkin says.
Another reason for the migration? Texas is a job generator. “People are looking at their lives and saying ‘Where can I get a job and where can I make a decent living?'” Kotkin says.
But Kotkin says there are a few things Texas needs to do to keep people coming to its cities: the state needs to confront its transportation problems and create more planned developments with shopping, jobs and parks.
Listen to the full interview in the audio player above.