Income Growth Texas’ future prosperity will derive from more people, more jobs and expanded personal income.

Between 1980 and 2005, Texas’ total personal income grew by 422.8 percent, from $142 billion to $741 billion. By first quarter 2007, total personal income was up to $841 billion. The 2005 Texas median household income of $42,139 could reach nearly $68,000 by 2030.

Another major factor in this population growth stems from Texas’ House Prices and Housing Affordability. Texas is the most housing-affordable high-growth state in the nation. So far, skyrocketing home prices common to fast-growing states like California and Florida have not occurred in Texas. In mid-2007, the state’s median-priced home ($151,000) was about two-thirds the national median ($229,000) and about 25 percent of California’s median ($589,000).

Housing prices, cost of living and basic lifestyle is also making Texas the destination for retiring baby boomers. The “boomers” are finding out that Texas has just as much, if not more to offer than the traditional destinations of California and Florida at a much lower price tag.

Indices support that a family in Texas earning the statewide median family income has 152 percent of the income required to qualify for financing on the median-priced home.

The next 25 years should be marked by an increased prosperity for our State and especially for our region. Again all the while driven by growth in population and jobs. By 2030, the state is expected to add 13.6 million people.

Obviously all of this is speculative albeit supported by substantial research. Factors which could affect this anticipated growth could include transportation issues such as congestion etc, availability of water and its cost, a continued and adequate supply of necessary utilities and the delivery of those services. Other factors could include local regulatory bodies wishing to limit growth, fiscal policies of the State governing bodies and the taxes they assess. A major contributing factor could also be the reform/restraint or otherwise controlling of immigration policies.