New York Is Losing High-Income Earners to Texas—Here’s Why

Texas is drawing an increasing number of high-income professionals—overtaking New York as the top employer of financial services workers, excluding insurance and real estate.

At least 314 companies moved their headquarters to Texas between 2015 and 2024, according to new research from the Texas Economic Development & Tourism office.

And financial services recruitment in Texas surpassed New York’s in 2025, with 9% more job postings.

Forget Wall Street—Texas has become the new "Y'all Street."

Major players move to Texas

Financial heavyweights such as Charles Schwab, JPMorgan Chase, Wells Fargo, and Goldman Sachs have established significant operations in Texas, drawn by its pro-business environment, expanding consumer base, growth prospects, competitive real estate costs, and deep labor pool.

These companies are attracting top-tier professionals to the state for roles in investment banking, wealth management, private equity, and corporate finance.

"I’ve been hearing Texas in these conversations for a while," says executive recruiter Brandon Dock, managing director of TGC Search in New York. "It feels like every other client call starts with 'We’re building this in Dallas now' or 'We need someone in Houston who can be in the room,' and you can tell the talent is following the work."

Dock says compensation varies, but most candidates won't move unless the price is right.

"A client will say, 'We’re thinking $90,000 to $110,000 for an analyst, solid bonus, great benefits,' and then the candidate comes back with, 'Sure, but I’m not moving for that. I need $120,000-plus, and I want the bonus spelled out.' And that little standoff is basically the Texas market now. Employers still want Texas pricing. Candidates are like, 'Nice try, this is a real market.'"

Dock says leadership hires—particularly those relocating from New York or California—generally expect a base salary of at least $180,000, plus bonuses, to justify the move.

Last year alone, Texas attorney Chad D. Cummings, of Cummings & Cummings Law, helped roughly 300 companies relocate to Texas—and he says tax benefits are a big draw.

"Texas collects no state income tax," he tells Realtor.com®. "A managing director at a financial services firm earning $900,000 in New York hands over $100,000 per year to New York state and New York City alone, not counting federal taxes. That same executive in Dallas keeps every dollar out of that $100,000."

Cummings also notes that Texas sits in the Central time zone, which allows finance professionals to cover both coasts in a single trading day, which is another plus.

The Dallas real estate market is booming

As the financial sector relocates to Texas in droves, the real estate market in Dallas—where the median listing price is $405,000—is definitely heating up.

"These kinds of employers are bringing in high-income professionals who are looking for good schools, easy commutes, and a high quality of life for their families," says Dallas real estate agent Todd Luong, of Re/Max. "This shift has definitely affected the real estate market here."

Luong says there's currently a strong demand for single-family homes in various price ranges in the Dallas-Fort Worth area, but there’s especially heavy interest in homes priced between the mid-$400,000 and $800,000. 

Lynda Villarreal of Douglas Elliman in Dallas tells Realtor.com that she's seeing people moving from California, New York, and Chicago—and that there is expected to be even more of a surge of high net worth buyers when the Texas Stock Exchange officially launches by late 2026.

"Texas is a friendly state to high-income earners economically, and people continue to be attracted to the state," she says. "We are accustomed to providing luxury customer services to the high-income earners and the lifestyle that they are wanting to maintain."

Buyer and renter interest remains high throughout the Dallas market.

"Rental demand has always been healthy, especially for young professionals," says Luong. "Areas close to major employment centers like downtown, uptown, and Legacy West have seen strong rental interest because people want flexibility and location."

However, buyer interest is outpacing rental demand, Luong says. "With so many people relocating for jobs and feeling confident in their long-term plans here, they want to buy rather than rent. That’s especially true for families."

Austin also attracts top talent

Cities all over Texas are seeing a boom, including Austin—where the median listing price is $455,000, according to Realtor.com data. 

Austin has added 51% more households in the past decade, according to the National Association of Realtors®—and NAR senior economist Nadia Evangelou says young professionals are moving into the city for jobs.

"Austin’s pulling in the fintech and finance roles that sit close to tech," says Dock.

Wealth adviser Clint McCalla moved to Austin from California and says it was the right decision.

"Almost everything costs less in Austin," he told Realtor.com in 2024. "Housing is the biggest savings for our family. We've been able to buy a wonderful home in an excellent school district with great neighbors, sunset views, and an exceedingly friendly deer population."

According to Cummings, finance professionals like Texas because they can attain a higher standard of living for a lower price tag: "Bigger house, better schools, better weather. The math speaks for itself."