According to a new report that identifies the Top 10 states to which Gen Zers are moving, Texas was the runaway winner. Photo via Getty Images

Texas is the No. 1 destination for Gen Zers on the move, study says

by the numbers

A new population analysis by real estate marketplace Zillow has pegged the Lone Star State as the No. 1 destination for adults born between 1996 and 2004 – also known as Gen Z.

Using data from the 2022 U.S. Census Bureau, the report identifies the Top 10 states to which Gen Zers are moving, and Texas was the runaway winner – far outranking No. 2 destination, California, with 76,805 Gen Z movers, versus California's 43,913.

Reasons for moving vary, but the report says young adults from 18 to 24 years old may prefer to live in states with high performing job markets, especially in a place like San Antonio where one of the nation's top employers resides. San Antonio is also a great place for remote work, according to estimations by Forbes.

Favorable weather also may play a factor in the high migration of Gen Z'ers, the report suggests. Texas' mostly year-round sunshine makes it more attractive to younger crowds who are looking for fun activities around the state, not to mention the advantageous impact on dating opportunities.

Other top states with high influx of Gen Z movers include Washington (No. 5), which added over 33,500 Gen Z movers in 2022, and Colorado (No. 6) with less than 31,000 new Gen Z residents.

Their least favorite destination was Michigan, and the Northeast also ranked poorly, with four New England states – Vermont, Rhode Island, New Hampshire, and Maine – all in the bottom 10.

State with a high cost-of-living like Washington, Colorado, and Virginia (No. 7) are places where young adults are more likely to have a bachelor's degree, work in tech, or serve in the military, according to Zillow principal population scientist Edward Berchick.

However, becoming a homeowner is much more difficult, as the report found 77 percent of the Gen Z workers in these states are renters.

"Gen Z movers are likely drawn to the job opportunities in these states, despite the higher costs of housing," Berchick explains. "They may also be in a stage of life where they're willing and able to be flexible in their standards of living while starting their careers."

The top 10 states for Gen Z movers are:

  • No. 1 – Texas
  • No. 2 – California
  • No. 3 – Florida
  • No. 4 – North Carolina
  • No. 5 – Washington
  • No. 6 – Colorado
  • No. 7 – Virginia
  • No. 8 – Illinois
  • No. 9 – Georgia
  • No. 10 – Arizona

The full report can be found on zillow.mediaroom.com.

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This article originally ran on CultureMap.

Everyone wants to live here. Photo by Kevin Hernandez on Unsplash

Houston could be 2nd biggest metro in U.S. by year 2100, new report says

WELCOME, NEWSTONIANS

Start spreading the news: Houston will eclipse New York City as the 2nd biggest metro area by the year 2100, a new report predicts.

An analysis by moving services site moveBuddha published June 22 says Houston's population could swell to 31.38 million people in the next 77 years.

Based on current population and migration trends, in fact, America’s three biggest metropolitan areas by 2100 will be Dallas-Fort Worth (No. 1), Houston (No. 2), and Austin (No. 3), replacing New York, Los Angeles, and Chicago as the country’s most populous metros, the report predicts.

Dallas-Fort Worth's population is estimated to grow to 33.91 million, and Austin's is projected to jump to 22.29 million.

"The future of America may lie in Texas," the report's author says.

The latest data from the U.S. Census Bureau says Houston-The Woodlands-Sugar Land is currently the No. 5 biggest metro in the country with a population of more than 7.2 million and a 10-year growth rate of about 20 percent.

Houston-The Woodlands-Sugar Land had the second highest numeric increase in population between 2021 and 2022 of any U.S. metro (124,281 residents), following Dallas-Fort Worth-Arlington (170,396 residents), according to the Census Bureau.

There are some risks to continued population booms, including the effects of climate change, moveBuddha points out. While heat will be a major issue, there are much more dangerous possibilities.

"The bigger threat may be more destructive hurricanes from off the Gulf of Mexico," the report's author says. "Hurricane Harvey devastated Houston in 2017, and major storms like that could become more common. A historic flood also nailed the city in 2019. Planning for a future of these climate-induced threats will be critical for Houston."

The study also comes with an obvious caveat: no one is sure what the future looks like in terms of population growth. Academics, scientists, and futurists alike haven't been able to agree on population predictions. Climate change isn't just a risk for Houston, but for the entire world, the report reminds.

"According to one GDP projection through 2099, over three-quarters of U.S. counties will suffer economically because of climate damage," the report says. "That could be from everything from heat-related deaths to sea-level rise to increased natural disasters... But if global warming is held in check, Texas may be America’s haven in 2100. New technologies may help us adapt to extreme weather and heat."

According to the report, the top 10 largest metros and their populations by 2100 will be:

  • No. 1 – Dallas-Fort Worth (33,907,275)
  • No. 2 – Houston (31,384,122)
  • No. 3 – Austin (22,293,980)
  • No. 4 – Phoenix (22,271,212)
  • No. 5 – New York City (20,810,467)
  • No. 6 – Atlanta (18,370,497)
  • No. 7 – Los Angeles (15,502,798)
  • No. 8 – Washington-Arlington, D.C.-Virginia (14,972,830)
  • No. 9 – Orlando (14,172,727)
  • No. 10 – Miami (13,779,843)
These projections were calculated using census data from 2010 and 2020, using annual compound and 10-year population growth rates for U.S. metro areas with over 250,000 people. The study then hypothesized the annual compound growth rates between 2020 and 2100 to find 2100's estimated population numbers for the same cities.The full report and its methodology can be found on movebuddha.com.

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This article originally ran on CultureMap.

Many Americans relocated to Texas’ Sunbelt region in 2022. Photo by GeoJango Maps on Unsplash

Most movers in 2022 set Houston as their destination, says new report

moving on in

Where did the most Americans relocate to in 2022? The answer, according to a new report from Penske Truck Rental, is Houston.

Many Americans relocated to Texas’ Sunbelt region in 2022, according to Penske's latest annual “Top Moving Destinations” report. This is Houston’s second consecutive year as the No. 1 moving destination, while Dallas (No. 7), San Antonio (No. 9), and Austin (No. 10) also appeared within the top 10. Based on the 2021 report, Dallas’ destination ranking remained the same, while San Antonio dropped further down from last year to No. 6, and Austin only fell one place.

Penske has been reporting on the migration patterns of Americans for 13 years, using data from the U.S. cities with the most inbound one-way consumer rentals throughout the year. The U.S. Census Bureau estimated 23.7 million Americans moved in 2022, which is about four percent more than in 2021.

In the report, Penske Senior Vice President Kevin Malloy said it’s “always exciting” to find out where the company’s customers are moving with each new release.

“We understand just how hectic the moving experience can be and pride ourselves on putting the consumer first throughout the rental experience,” he said.

Penske’s top 10 moving destinations in 2022 are:

  • No. 1 – Houston
  • No. 2 – Las Vegas
  • No. 3 – Orlando, Florida
  • No. 4 – Phoenix
  • No. 5 – Atlanta
  • No. 6 – Charlotte, North Carolina
  • No. 7 – Dallas
  • No. 8 – Jacksonville, Florida
  • No. 9 – San Antonio
  • No. 10 – Austin

With the arrival of National Moving Month in May, Penske decided to commemorate the month by releasing four specially-curated playlists on Spotify. Each playlist is under an hour and a half long, and has its own unique “vibe” to describe what it feels like to move. They also come with apt names: “Pack It Up,” “Moving on Mix,” “Forwarding Address,” and “Make This House, Home.”

The song choices are intended to “help people look forward to the journey ahead,” according to Malloy.

More information about Penske's report can be found on pensketruckrental.com.

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This article originally ran on CultureMap.

So this is how the other half lives. Photo by Austin Distel on Unsplash

Here's the income it takes to live among the top 1 percent in Texas

isn't that rich?

Wondering how "the other half lives" is so outdated, especially when we we can easily peek into what life is like for the "one percent." A new report from SmartAsset reveals how much money you'll need to be considered the top one percent in Texas.

With two Houston suburbs landing among the richest cities in Texas in a recent report, it's obvious that the Lone Star State is dotted with pockets of wealth. But how much do you actually need in your pocket to have a top one percent income?

In Texas, an annual income of $641,400 will land you at the top, while $258,400 only gets you to the top five percent.

To come up with those numbers, SmartAsset analyzed 2019 data from IRS tax units and adjusted the figures to 2022 dollars using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the Bureau of Labor Statistics.

For comparison, "the average American household earns a median income of under $70,000," according to the study. And per the latest figures from the U. S. Census Bureau, the median household income in Texas (in 2021 dollars) is $67,321. That leaves plenty of us with a long way to go in our financial striving.

So now we know how we compare to our neighbors, but where does that put the affluent population of Texas in comparison with other states?

For starters, Texas claimed the 10th highest income required to reach top income levels.

The one percent income threshold is hardest to meet in Connecticut ($955,000), Massachusetts ($900,000), New Jersey ($825,965), New York ($817,796), and California ($805,519). Only these five states have thresholds that exceed $800,00, and it's a pretty steep drop down to Texas ($641,400) in 10th place.

The five states where it's easiest to attain one percent status (even though that doesn't seem like good news) are Kentucky ($447,300), Arkansas ($446,276), New Mexico ($418,970), Mississippi ($383,128), and West Virginia ($374,712).

The SmartAsset report also included average tax rates for top earners in each state. There was surprisingly little variance in the top 10 states, with Washington state having the lowest rate (25.02%) and Connecticut collecting the highest tax rate (27.77%).

Texas was in the middle of the pack with a tax rate of 25.71% levied on top one percent incomes.

The 10 states with the highest earnings required to be a one-percenter and their tax rates are:

  1. Connecticut ($955.3K, Tax rate 27.77%)
  2. Massachusetts ($896.9K, Tax rate 26.4%)
  3. New Jersey ($826K, Tax rate 27.36%)
  4. New York ($817.8K, Tax rate 27.48%)
  5. California ($805.5K, Tax rate 26.78%)
  6. Washington ($736.1K, Tax rate 25.02%)
  7. Colorado ($682.9K, Tax rate 25.24%)
  8. Florida ($678.8K, Tax rate 25.23%)
  9. Illinois ($666.2K, Tax rate 26.23%)
  10. Texas ($641.4K, Tax rate 25.71%)
If you're on your way to being a top earner and want to do a deeper dive on those numbers, you can view the full report on the SmartAsset website.

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This article originally ran on CultureMap.

Turns out Austin-born millennials haven't moved too far. Photo by Getty Images

Houston named No. 1 destination for millennials on the move from this Texas city

putting down roots

For the most part, Austin millennials have stayed close to home after entering adulthood, a new report indicates.

At age 26, nearly 70 percent of people who were born from 1984 to 1992 and raised in Austin remained there, according to the report. That leaves more than 30 percent who moved elsewhere.

Data compiled by researchers at Harvard University and the U.S. Census Bureau pinpoints Houston as the No. 1 target for millennials who lived in Austin at age 16 and grew up here but lived somewhere else in the U.S. at age 26. The Bayou City attracted 3.9 percent of millennial movers born from 1984 to 1992 (a large subset of the millennial generation) who grew up in Austin.

Bayou City was followed by San Antonio (3.1 percent), Dallas (2.8 percent), Killeen (1.3 percent), and Fort Worth (1.2 percent). These were the only Texas cities to surpass the 1 percent mark for the share of millennials born from 1984 to 1992 who had moved away from Austin. In 2022, these millennials are celebrating birthdays from 30 to 38.

These are the top five out-of-state destinations for Austin-raised, on-the-move millennials:

  • Los Angeles — 0.86 percent
  • New York City — 0.79 percent
  • Denver — 0.64 percent
  • Seattle — 0.50 percent
  • Washington, D.C. — 0.43 percent

The list of Texas places that sent millennials to Austin looks very similar to the list of places that gained millennials from Austin. The top five are Houston (6.7 percent of movers born from 1984 to 1992 who came to Austin), Dallas and San Antonio (3.7 percent each), Fort Worth (2 percent), and Brownsville (1.6 percent).

Los Angeles is the only out-of-state destination that broke the 1 percent barrier for millennials who relocated to Austin (1.6 percent), followed by Chicago (0.97 percent), Washington, D.C. (0.63 percent), Detroit (0.51 percent), and Boston and New York City (0.49 percent each).

The geographic regions cited in the report are not metro areas but, instead, are commuting zones. A commuting zone represents a collection of counties that define an area’s labor market.

Researchers relied on federal tax, population, and housing data to assemble the report.

The statistics for Austin largely align with nationwide trends. The researchers say 80 percent of young-adult movers in the U.S. had relocated less than 100 miles from where they grew up and 90 percent had moved less than 500 miles.

“The majority of young adults stay close to home,” the researchers explain. “Average migration distances are shorter for Black and Hispanic young adults than for White and Asian young adults. Average migration distances are also shorter for those with lower levels of parental income.”

“For many individuals,” the researchers conclude, “the ‘radius of economic opportunity’ is quite narrow.”

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This article originally ran on CultureMap.

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Houston investors back new platform for retail traders looking to follow financial influencers

making a splash

As anyone who witnessed the impact Gamestop's meme stock had on the country already realizes, influential investors can drive momentum within the financial sector. And one company with fresh funding from a Houston firm is betting on that exactly.

CashPool is a new mobile platform that gives everyday investors the opportunity to derive influence from the investment strategies and trades made by trusted and influential stock traders who have built substantial followings on social media platforms. By allowing retail traders the chance to join social media influencers’ various “pools” on its platform, CashPool is primed to change the way the masses acquire wealth.

This is the kind of algorithmic trading aimed at a new generation of investors that gets the attention of early-stage venture capital funds like Houston-based Ten X Labs, a pre-seed angel fund that recently invested in CashPool to help the trading platform continue its mission of transforming the investment landscape.

"We are thrilled to receive funding from Ten X Labs, as it validates our innovative approach to trading and investing," CashPool Founder and CEO Averett Barksdale says in a news release. "This investment will enable us to further enhance our platform, expand our user base and continue to revolutionize the industry. We believe that everyone should have transparent, governed access to profitable trading and investment opportunities, and through CashPool we are making that vision a reality."

Connecting the dots

CashPool is broker agnostic connector, allowing its users to keep their current brokers like Robinhood, Coinbase, Charles Schwab, Acorns, Fidelity, ETRADE, Stash, Sofi and Betterment and creates a seamless investment experience.

“We are that middle piece,” says Barksdale. “So your money stays on whatever brokerage you’ve connected to the platform, and we just execute the trades on your brokerage for you.”

Considering that users’ money remains with their original brokerage, how does CashPool monetize its platform?

“We don’t charge users to execute trades,” says Barksdale. “We charge per pool you join. So, on our platform, strategies are called pools and a user can join as many strategies as they want.”

Financial influencers set the strategies. These are profitable traders who have become influencers on various social media platforms and built-up followings comprised of people who are or are desiring to be retail traders themselves.

“There are a ton of people out there who actually are profitable traders,” says Barksdale. “Same as what we saw happen with GameStop and the whole Reddit situation. That was a financial influencer, right? It just so happens that he had a strategy that he thought would work and it turned out for a while it did work, right?

“We want to not only empower the retail trader, but empower these financial influencers who are profitable as well. Just because it's a whole marketplace out there for it. But a lot of times the retail trader doesn't quite understand who to go with. On our platform, you could see the results of these financial influencers right before your eyes on our platform. So you can see if they're profitable or not, or if someone's just on Instagram or whatever, social media platform posting screenshots but aren’t actually executing those trades.”

Increasing transparency

With trading, past success can be an arbiter for future performance, so with CashPool, users can choose to join the pools of influencers who have documented success as a trader on the platform.

“On our platform you can't hide,” says Barksdale. “We're connected to their brokerage account, so we see what trades they're making in real time. We also see their performance in real time, and we display that on the platform. That's something that you really can't get around. So if someone on Instagram says they traded this stock, then I made X amount of dollars and had this percentage of return, then you go to the platform and look at your pool and see they didn't do that and were lying the whole time, it’s literally just putting everything out there in the open. We have the kind of transparency that doesn't exist currently right now in the space.”

Broadcasting one’s successes is easy, but what about the losses?

“I thought it was going to be a lot more difficult just thinking, do people really want to show what they're doing?” says Barksdale. “But the thing that I've seen is a lot of these traders are a whole lot more competitive. And the traders who are doing it, they're constantly talking out against people who aren't actually doing it in real life.

“A lot of the traders who are actually profitable, they do live trades every day. But how do users if they should pay to get into a specific trader’s live trading session? Like, how do they know they're profitable already?

“On CashPool, users can see an actual influencer's win rate and say, 'Okay, 86 percent of the time they are profitable, and I could see how many trades they've made in total.' From that standpoint, users can make an educated decision on what pools to join and pay for.”

CashPool users can join as many pools as they see fit, but the cost of each pool’s membership may vary due to the popularity or success percentage rate of the financial influencer.

“You can join as many pools as you want, but what we suggest is you start by joining the pools of influencers that you already follow and trust, that you're already following like on Twitter or YouTube or Instagram or whatever it may be,” says Barksdale. “We are suggesting that you follow them first and you join their pools first. What we do is on the monetization side is we allow the creators on our platform who are the influencers to set their own price for their pool.”

Building a secure network

Outside of who or what to follow, information security is likely a concern for potential users. Financial influencers’ trade information is readily available (win percentages and number of trades, not dollar amounts), but users’ won’t be able to see other users’ information on the platform.

“Currently, we have a list of 10 brokerages who are on board, and then we're working to onboard more as we keep going on,” says Barksdale. “So, we have like your Interactive brokerages, and we also have a few other ones that are UK specific and Canada specific. We would love to have every single brokerage on the platform, but unfortunately, there are a couple that are still kind of playing hard to get, so to speak.”

The first rollout of CashPool is set, but version two will likely include content creation from the financial influencers.

Barksdale, who has a background in product development and experience working at companies like Charles Schwab and Fidelity, is mostly excited about the prospect of CashPool unlocking expert financial strategies for everyone, not just the financial advisors behind the closed doors of Wall Street.

“Yes, my philosophy is that financial health and financial growth should be accessible for all,” says Barksdale. “The thing that gets me is it needs to be responsible. So, for example, RobinHood is a platform that doesn't necessarily care if you are making responsible decisions, they just care that you're trading on that platform.

“Our platform is strictly focused on actually being the place where these retail traders can make responsible decisions centered around investing and trading.”

Tech companies contribute to recovery fund for those affected by Houston storm

helping hands

The past month in Houston has been marked by severe flooding and a sudden storm that left nearly a million residents without power. The Houston Disaster Alliance has established the Severe Weather and Derecho Recovery Fund to help those impacted by the weather.

“The Greater Houston Disaster Alliance was formed so that in times of crisis, there is a swift and efficient response to help those severely impacted begin the process of recovery,” said Stephen Maislin, president and CEO, Greater Houston Community Foundation. “When disaster strikes, it requires a collaborative and coordinated response from the nonprofit, for-profit, public sector, and philanthropic community to ensure the most vulnerable in our region get the help they need to start the recovery and rebuilding process.”

At least a million dollars has been donated to the fund, courtesy of $500,000 from the CenterPoint Energy Foundation and another $500,000 from Comcast. With Houston now a federally declared disaster area by President Joe Biden, impacted residents are able to apply for various grants and aid.

Those still struggling from the weather events should call the 211 Texas/United Way HELPLINE. Assistance is available for housing, utilities, food, elder assistance, and other areas. Crisis counseling is also available.

“Outside of times of disaster, we know that 14 percent of households in our region are struggling on income below the federal poverty line and 31 percent of households in our region are working hard but struggling to make ends meet. It’s these neighbors who are disproportionately impacted when disaster strikes,” said Amanda McMillian, president and CEO, United Way of Greater Houston. “This fund allows us to lift up the most vulnerable who have been impacted by recent weather events to ensure they can not only recover from the immediate crisis, but also prepare themselves for future disasters.”

The derecho storm that hit Houston on Thursday, May 16 had wind gusts up to 100mph. Nearly a million people in the Houston area were left without power, and as of Wednesday CenterPoint was still working to restore electricity to more than 60,000 people. Photos showed that the storm toppled massive power pylons, took down trees, and even ripped the sides off buildings. Miniature tornadoes touched down in parts of the city, adding to the devastation.

The Houston Disaster Alliance was launched in 2023 as a joint effort between the Greater Houston Community Foundation and United Way of Greater Houston to help mitigate the damage of weather crises year-round. This has become increasingly necessary as Houston's weather has become more unpredictable than ever.

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This article originally ran on CultureMap.

Innovative coastline project on Bolivar Peninsula receives federal funding

flood mitigation

The Galveston’s Coastal Barrier Project recently received federal funding to the tune of $500,000 to support construction on its flood mitigation plans for the area previously devastated by Hurricane Ike in 2008.

Known as Ike Dike, the proposed project includes implementing the Galveston Bay Storm Surge Barrier System, including eight Gulf and Bay defense projects. The Bolivar Roads Gate System, a two-mile-long closure structure situated between Galveston Island and Bolivar Peninsula, is included in the plans and would protect against storm surge volumes entering the bay.

The funding support comes from U.S. Army Corps of Engineers (USACE) and will go toward the preconstruction engineering and design phase of Ecosystem Restoration feature G-28, the first segment of the Bolivar Peninsula and West Bay Gulf Intracoastal Waterway Shoreline and Island Protection.

Coastal Barrier Project - Galveston Projects

The project also includes protection of critical fish and wildlife habitat against coastal storms and erosion.

“The Coastal Texas Project is one of the largest projects in the history of the U.S. Army Corps of Engineers,” says Col. Rhett A. Blackmon, USACE Galveston District commander, in a statement. “This project is important to the nation for many reasons. Not only will it reduce risk to the vulnerable populations along the Texas coast, but it will also protect vital ecosystems and economically critical infrastructure vital to the U.S. supply chain and the many global industries located here.”

Hurricane Ike resulted in over $30 billion in storm-related damages to the Texas coast, reports the Coastal Barrier Project, and created a debris line 15 feet tall and 40 miles long in Chambers County. The estimated economic disruption due to Hurricane Ike exceeded $150 billion, FEMA reported.

The Coastal Texas Project is estimated to take 20 years to complete after construction starts and will cost $34.4 billion, reports the USACE.

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Correction: This article previously reported the incorrect project valuation and timeline. It has been updated to reflect the corrrect information.