On the move: Houston economy, real estate market create hot spot for relocation

Houston is HOT, and relocation to the Houston area is even hotter!

The eyes of the world seem to be on the Bayou City as the Houston area continues to prosper, and enjoy a steady influx of new residents. Even during the height of the recession, Houston remained a top destination for relocation.

Houston was the last city to enter the recession, and the first city to come out of the recession.

While other parts of the country suffered severely declining housing markets, Houston's housing market remained relatively stable.

It is impossible to escape all of the good press that the Houston area has been receiving. It has taken the top spots on some impressive lists, including being ranked Number 1 by Forbes magazine as America's Coolest City to Live In.

The economic growth of the Houston area doesn't seem to be losing any steam either.

In fact, Houston was ranked Number 2 on Forbes list of Fastest Growing American Cities. Texas was named 2012's top state by Business Facilities magazine for having "the most dynamic economy of any state in the nation."

Houston was also ranked Number 6 for the second consecutive year on the Penske Truck Rental list of Top Moving Destinations based on one-way rentals within the U.S. Houston was also listed Number 6 on the United Van Lines most popular city for U.S. families to move to between May 1 and August 31.

So what is putting Houston at the top of the list for relocation? It's the thriving economy, which is fueled by the oil and gas industries. Houston enjoys a robust housing market and low unemployment rates.

One of the key factors that protected Houston from the recession was the absence of a housing bubble.

Since Houston didn't experience over-inflated real estate prices, it didn't experience the boom and bust cycle that was prevalent in other areas of the country.

The comparatively affordable housing market, combined with improved job availability and business opportunities, a lower cost of living and a warmer climate keep attracting new residents to the Houston area.

It's no wonder then that Texas Gov. Rick Perry is telling Californians to pack up and move to Texas.

He is running 30-second radio spots in California media markets about why has been named the best state for doing business for eight consecutive years. In the radio ads he states, "Our low taxes, sensible regulations and fair legal system are just the thing to get your business moving to Texas."

When the governor of Texas is targeting people in other states and encouraging them to relocate to Houston that has to say something.

All of the people relocating to Houston will need to a place to live, so the impact on real estate in the Houston area is significant. Currently, the Houston real estate market is experiencing severely low inventory levels coupled with high demand for properties.

This is true with properties available for sale as well as properties available for lease. This demand is expected to remain high as more people continue to relocate to the Houston area.

Works cited:  https://www.chron.com/news/article/On-the-move-Houston-economy-real-estate-market-4339872.php