AUSTIN, Texas — (CultureMap Austin) With many tech workers in Central Texas hauling in more than $100,000 a year and home values soaring, it stands to reason that Austin is flush with cash.
A new ranking from personal finance website SmartAsset lists Travis County as the second wealthiest county in Texas. SmartAsset based its ranking on a county’s per capita income as well as its median home value and per capita investment income.
Taking those factors into account, Travis County lands in second place on SmartAsset’s “wealth index.” Midland County, where the oil boom has created a gusher of wealth, holds the No. 1 spot.
SmartAsset puts Travis County at No. 7 in Texas for per capita income ($74,032), No. 1 for median home value ($519,353), and No. 7 for per capita investment income ($38,381).
For some residents of the Austin area, the wealth that continues to flow into Travis County might be too much of a good thing.
A recent report from residential real estate platform Redfin shows a number of Austin-area residents are flocking to the San Antonio area in search of lower-cost homes. Austin is the No. 1 origin of out-of-town homebuyers relocating to San Antonio, according to Redfin, and San Antonio is the most common destination for people leaving Austin.
“As San Antonio’s popularity with out-of-towners picks up, Austin’s is declining,” the Redfin report says. “The Texas capital had a net inflow of roughly 3,000 homebuyers in the first quarter — down from a peak of 11,000 a year earlier — and it no longer ranks on Redfin’s list of popular migration destinations.”
“Austin was the nation’s most popular pandemic-fueled migration destination in early 2021 as remote workers flocked from pricey coastal job centers to comparatively affordable parts of the country — but now many buyers are priced out,” the report adds.
Here is SmartAsset’s ranking of the state’s 10 wealthiest counties:
- Midland County (Midland area). Per capita income: $126,631; median home value: $279,569; Per capita investment income: $59,283.
- Travis County (Austin area). Per capita income: $74,032; median home value: $519,353; per capita investment income: $38,381.
- Kendall County (San Antonio area). Per capita income: $84,853; median home value: $437,320; per capita investment income: $29,250.
- Collin County (Dallas-Fort Worth). Per capita income: $71,246; median home value: $448,781; per capita investment income: $15,499.
- Gillespie County (Hill Country). Per capita income: $68,885; median home value: $360,317; per capita investment income: $27,325.
- Glasscock County (east of Midland-Odessa). Per capita income: $87,334; median home value: $287,852; per capita investment income: $13,887.
- Dallas County (Dallas-Fort Worth). Per capita income: $65,401; median home value: $274,136; per capita investment income: $38,445.
- Rockwall County (Dallas-Fort Worth). Per capita income: $64,943; median home value: $379,075; per capita investment income: $15,668.
- Denton County (Dallas-Fort Worth). Per capita income: $63,283; median home value: $398,339; per capita investment income: $12,837.
- Comal County (San Antonio area). Per capita income: $62,994; median home value: $387,251; per capita investment income: $15,509.
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