There is no denying that Texas is experiencing unprecedented growth. Since 2006, almost every major city in the Lone Star State has undergone a rapid transformation as folks from across the country make their way to our major metropolises.
In fact, the MoneyMagnify website crunched the numbers and ranked four Texas metros among the 10 in the U.S. that have changed the most in 10 years. Austin ranks No. 1, followed by Dallas-Fort Worth at No. 2, Houston at No 3, and San Antonio at No. 8.
To create the ranking, MoneyMagnify examined nine change factors for the country’s 50 biggest metro areas:
- Commute times
- Employment growth
- Median income
- Home prices
- Recent moves by residents
- Median age
- Number of residential building permits issued
- Crime rate
For DFW, the biggest changes were a 43 percent decline in crime rate, No. 4 out of the 50 metro areas, and a 32 percent increase in home prices (No. 5).
“Dallas isn’t tops for change in any of the nine categories we looked at, but it ranks high because it’s in the top 10 for five categories, and ranks no lower than No. 19 (growth in rent, at 31 percent since 2006) for any single category,” says MoneyMagnify.
Highlights for Texas’ three other major metro areas include:
- Austin — No. 1 for home price growth; No. 1 for job growth; and No. 3 for jump in median income.
- Houston — No. 2 out of 50 for climb in home prices; No. 3 for growth in residential building permits; and No. 23 for decline in crime rate.
- San Antonio — No. 4 out of 50 for employment growth; No. 6 for climb in home prices; and No. 42 for decline in crime rate.
“Change isn’t necessarily a good or bad thing,” MagnifyMoney concludes. “Big growth in commute times and rents can be negative, but they can also be a function of positive developments like job and income growth. Similarly, places without as much change could be more attractive to people working their way up the salary ladder or those retirees on fixed incomes, offering more affordable housing and less congestion.”
By the way, according to MoneyMagnify, the U.S. metro areas that have changed the least in 10 years are Birmingham, Alabama (No. 50); Milwaukee (No. 49); New Orleans (No. 48); Buffalo, New York (No. 47); and Indianapolis (No. 46).
Courtesy of John Egan / Dallas CultureMap