Texas is the largest of the lower 48 states in terms of area and is the second-most populated state after California with more than 27 million residents. The population is clustered in the urban centers of Houston, San Antonio, the state capital of Austin, and the Dallas-Fort Worth area. Three of the 10 most-populated cities in the country are in Texas. The overall population of the state rose between 2010 and 2016 by nearly three million people.
Texas ranks firmly in the bottom half of states in terms of average home value, meaning houses are quite affordable in the Lone Star state. Overall, the state has one of the healthiest housing markets.
The median cost of a home in Texas is $151,500, though the average increases to $289,000 as of August 2019 for homes in Houston and to nearly $400,000 in Austin. Home values in Austin have increased significantly in the last several years thanks in part to a number of tech companies that have relocated there. San Antonio median home prices come in at around $239,900. Also, see FHA Loan in Texas for details and requirements for a home in the state.
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According to the Bureau of Labor Statistics, of the more than 14 million employed Texans, most work in the areas of office and administrative support, sales, food preparation and serving, transportation, and education.
As many know, the oil and gas industries dominate the state’s economy with more than $100 billion brought in every year through extraction, making Texas the number one energy producer in the US. The state’s unemployment rate is also 4.3%; slightly more than the national average.
A number of both public and privately held companies are headquartered in Texas, including such recognizable businesses as ExxonMobil, Phillips 66, Valero, AT&T, Sysco, Halliburton, and American Airlines.
