Texas, in particular Richardson, continues to be a migration hotspot, according to a recent U-Haul report.
“Migration trends in 2022 are very similar to those of 2021, with Texas, Florida, the Carolinas and the Southwest continuing to see robust growth,” said John Taylor, president of U-Haul International, in a Jan. 3 press release.
U-Haul recently named Texas the number one growth state in Canada and the US for 2022 in its annual report. U-Haul Growth Index. This is the second year in a row that Lone Star State has been named the number one growth state by U-Haul and the fifth time since 2016.
“People are still flocking to Texas,” Zane Rowland, president of U-Haul in Northeast Dallas, said in a separate press release. “Metroplex DFW attracts new companies every day. Companies are moving to DFW and Texas because we are a cost effective option.”
In the state, U-Haul lists top growing cities such as Missouri City, Richardson, and Conroe. Other notable net worth markets include Roanoke, Porter, Farr, College Station Bryan, Cypress, Mesquite, Cathy, Magnolia, Huntsville, Longview, Prosper, North Richland Hills, Baytown and Kingwood.
“Texas is great because you have a low cost of living, no state income tax, and unregulated energy costs,” said Robert Abidin, president of U-Haul Northeast Houston. “Texas is also the energy capital of the United States. We are home to all major industries. Everything you look for in Texas, you can find in Texas.”
U Haul’s growth index calculated based on the net profit of one-way U-Haul trucks arriving in a state or city compared to those departing from that state or city in a calendar year.
The data is compiled from more than two million one-way U-Haul truck transactions that occur annually in the US and Canada. While the data is not directly related to population or economic growth, the index is an effective measure of how well states and cities are attracting and retaining residents.
The remaining ten states with the highest growth from the report are: Florida, South Carolina, North Carolina, Virginia, Tennessee, Arizona, Georgia, Ohio and Idaho.
Additional trends show that California and Illinois have the largest net loss of single-sided U-Haul trucks for the third year in a row. The top five worst states for growth in 2022 are New York, Massachusetts, Michigan, Illinois and California.
Richardson, Texas, ranks 15th in terms of index growth. And while the cost of living in Richardson can be low compared to other parts of the country, the city has one of the top three rental markets in the state, one of the consequences of the influx of new residents.
According to the latest Subway Dallas Rental Report from Zumper, which was released Jan. 4, Frisco, Richardson and Plano have the highest rental rates in the state.
The cheapest rental markets in Texas are Arlington, Denton, and Fort Worth.
According to the report, the average cost of a one-bedroom apartment is $1,176. A one-bedroom apartment in Richardson averages $1,550; and $1,110 in Arlington.