High crime, taxes in Democrat-led cities contributing to Blue state exodus
Market expert and CIEN+ CEO Lili Gil Valletta weighs in on how these moves could impact the country's political map on 'Fox & Friends.'
Purchases of large, rural properties in West Texas grew 50% in the first quarter of 2021, according to new research from Texas A&M University.
University researchers noted in the findings published Tuesday that countryside sales surged in the third and fourth quarters of 2020 while the country grappled with COVID-19 case surges and lockdowns, as well.
"In the aftermath of the COVID-induced economic lockdown, 2021 Texas rural land markets have exploded in a burst of activity," Dr. Charles Gilliland, research economist and rural land expert for the Texas Real Estate Research Center at Texas A&M University, said in a Tuesday statement.
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She added that Q1 2021 sales of "large acreage rural properties" increased by more than 50% in West Texas and 37% throughout the state, sending the statewide price for such land up 9.5% higher than 2020 costs to a record $3,251 per acre.
Elmwood area of Abilene Texas (Google Maps)
Also in the first quarter of this year, the Texas rural land industry recorded an annualized total dollar amount of $1.99 billion -- a 38% increase compared to last year.
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"This unprecedented sales volume confirms reports of buyers flocking to rural environments during these uncertain times," Gilliland said. "...These developments mark one of the most active times in the history of Texas land markets as urban-based buyers seek out rural retreats. The pandemic-inspired lockdown prompted a growing number of individuals to review their lives and seek out a more relaxed mode of living."
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Gilliland cited anecdotal reports of former city dwellers purchasing rural property to escape "cities mired in political and social unrest" and concerns of local government abilities to handle "debt burdens."
Some reports have suggested that the COVID-19 pandemic facilitated moves out of big cities like New York and San Francisco and into suburbs or even rural areas.
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