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Texas one of the top places to retire 2068 Views :: 2 Comments :: :: Real Estate, Second Homes Texas one of the top places to retire and passes Arizona and California for relocating seniors Watch out, Florida. Texas has emerged as the No. 2 retirement mecca, vaulting over Arizona and California. And the Lone Star State is gaining on the Sunshine State. The North Carolina Center for Creative Retirement, which is nationally known for tracking retirement migration trends, studied 2005 data from the U.S. Census Bureau on the number of Americans who move out of state to enjoy their golden years. Texas, which was the No. 4 destination based on 2000 data, has leapt past No. 2 Arizona and No. 3 California. Texas attracted 6.8 percent of America's migrant retirees in the 2005 data, up from 4.8 percent in 2000. Florida's share is much higher but shrinking. It drew 16.6 percent of retirees in 2005, down from 19.1 percent in 2000. "Older Americans who are looking to relocate upon retirement continue to move to sunny climes, but Texas has gained an edge over other Sun Belt states," said Bill Haas, the study's author. Texas' lower living costs give it a distinct advantage, he said, especially over states like California and Florida, where home price increases in the last few years hit bubble proportions. "Hurricanes, rising housing prices, higher homeowners insurance premiums and overcrowding are making Florida a less desirable destination," Mr. Haas said. Where retirees settle down is becoming a matter of keen interest among economic development officials who see gold in the silver-haired generations. The study said the Texas economy is reaping an additional $751 million annually from older migrants who bring their investments, pensions and Social Security payments. Ron Manheimer, executive director of the Center for Creative Retirement, predicts a heated competition among states for older adults who plan to pick up stakes. "Retirees can be an economic engine," he said. "The money they're spending is creating jobs in their new communities." Consultant Gene Warren estimates the average senior household spends $36,000 a year and pays $3,000 in state and local taxes – about the same economic benefit as adding a job and a half in a community.  Retirees are also a rich source of talent for civic and other volunteer projects, he said. Certified for retirees To compete more aggressively for those residents, the Texas Agriculture Department launched a program last year that certifies communities that want to be known as desirable places for retirees. Department official Beverly Boyd said 65 Texas communities have expressed interest in applying, and six have already gained certification – Athens, Cuero, Duncanville, Lufkin, Nacogdoches County and Winnsboro. The department is improving its "Retire in Texas" Web site, developing brochures, designing ads for retirement magazines and planning trade show exhibits to tout Texas to prospective retirees across the country, Ms. Boyd said. Mr. Warren said Texas hasn't done enough to promote itself as a retirement destination and criticized state legislators for shortchanging the Agriculture Department's marketing initiative. Application fees from the towns seeking certification are financing much of the program. Communities with fewer than 20,000 people will pay $5,000, and others will pay 25 cents per resident, Ms. Boyd said. "If Texas ever devoted the right resources to selling itself as a retirement destination, the results would be enormous," Mr. Warren said. The Phoenix-based consultant, who has advised a number of Texas communities on how to attract retirees, said the state's natural attributes should appeal to boomers who plan to move when their careers are over. "Boomers are looking for areas that complement their active lifestyle, and Texas has an abundance of those places – from the Gulf Coast to the Hill Country to the Piney Woods to the expanse of West Texas," he said. Many out-of-state buyers are moving from California, Florida, Nevada and Illinois. "Housing costs are less here," he said. "Our homes run from $110 to $132 per square foot. That's half of California's prices. People are selling their houses there, paying cash for a place here and investing the rest." By BOB MOOS / The Dallas Morning News Also see Bolivar-Best-Bet-on-Texas-Gulf-Coast Article We are seeing records levels of interest in our Texas Gulf Coast resort markets in South Padre Island, Port Aransas, Galveston and the Bolivar Peninsula - says Mike Stuart CEO of texasgulfcoastonline.com and this corresponds with the first wave of Baby Boomers entering retirement in 2008. The strongest interest is coming from the mega metropolises of Houston and Dallas. Texas a whole other country when it comes to real estate By the Texas Association of Realtors, amy lemen All across the country, the headlines are saying: “Now is a bad time to buy a house,” “The ‘subslime’ that ate Wall Street,” “How low can Florida sellers go?” and “House sales dive 39% in Treasure Coast of Palm Beach.” It’s enough to make you want to turn off the television, cancel your newspaper subscription, and retreat into a box of Moon Pies. But not here. Although the real estate market is depressed in many parts of the U.S. (notably the east and west coasts), right here in the center is one state that continues to buck the trend and defy the naysayers predicting a big bust. That’s right. In Texas we’re still seeing gains in the market at all levels, from home appreciation in nearly all areas of the state to active buyer’s and seller’s markets in many communities. Sure, the overall market’s slowed down a tad, but not nearly to the degree of the rest of the country. In fact, according to recent figures from the Office of Federal Housing Enterprise Oversight, home prices in Texas increased 6.9% during first quarter 2007, well above the 4.3% national average. “Despite the national slowdown, Texas is still strong,” says James Gaines, Ph.D., research economist with the Real Estate Center at Texas A&M University. “There’s no reason prices shouldn't continue to rise despite the increase in foreclosures and the slowdown in transactions, construction, and new-home starts.” Buyer’s or seller’s market? Though applications for building permits have slowed down a bit in Austin, Dallas, and San Antonio, Texas still has good home-price appreciation, and the housing market in general here is still positive. But are we experiencing either a buyer’s or a seller’s market? It all depends on where you live. In ever-popular Austin, for example, sellers still rule the roost. As of April, 3.2 months of inventory ranks the city as one of the tightest markets in the country. But there are ways to tell which market your city is in. According to Austin REALTOR® Roselind Hejl, a seller’s market is defined as “less than six months of standing inventory” in that particular market. Real estate experts determine “standing inventory” by dividing the number of homes available by the sales rate of the past 12 months – where the demand for homes is greater than the supply and buyers compete for the homes that are available. In a buyer’s market, there are fewer buyers than there are homes for sale – essentially there’s less demand for what’s available. The result is that sellers are often forced to lower their asking prices, especially if they really need to sell quickly (as in a job transfer). And those who are buying can often get much better deals on homes. But it all depends on the market and area. “You really need to look at a particular area and price range to make an accurate determination,” says Hejl. “In Austin, under $500,000 is a seller’s market, but over $500,000 is a buyer’s market. Once you’ve determined the market, it’s a very useful tool.” Equity appreciation means ‘inner investing’ Mortgage rates have stayed near all-time lows for the last several years, fueling the real estate boom across the country that spawned new businesses like flipping, more home renovation businesses than ever before, and more real estate agents opening their own shops to take advantage of buyer and seller fervor. And, because of the big appreciation gains in real estate, many people in Texas and elsewhere are now taking advantage of the considerable equity in their homes to do the renovations and remodeling they’ve always wanted. Call it “inner investing,” but in Texas, it’s just another way homeowners are benefiting from the still-thriving housing market here. And that’s good news for everyone who makes a home in the Lone Star State. See the market analysis for the Texas Gulf Coast for more information.