Texas is attracting an increasing number of high-paid 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 a new study from the Texas Economic Development & Tourism office.
And financial services employment in Texas will surpass that of New York by 2025, with job postings up 9%.
Forget Wall Street—Texas has become the new “Y’all Street.”
The big players moved to Texas
Financial institutions such as Charles Schwab, JPMorgan Chase, Wells Fargo, and Goldman Sachs have established significant operations in Texas, drawn by its business-friendly environment, expanding consumer base, growth prospects, competitive real estate costs, and deep labor pool.
These companies attract top-level professionals from the government to participate in investment banking, wealth management, private equity, and corporate finance.
“It’s been a long time since I’ve heard Texas in these conversations,” the top recruiter said Brandon Dockmanaging 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 follows the work.”
Doc says compensation varies, but most candidates won’t budge unless the price is right.
“The client will say, ‘We’re thinking $90,000 to $110,000 for an analyst, solid bonus, great benefits,’ and the candidate will come back with, ‘Sure, but I don’t agree with that. I need $120,000-plus, and I want the bonus written.’ And that little contradiction is actually the Texas market now. Employers are still looking for Texas rates. Candidates are like, ‘Nice try, this is a real market.'”
Dock says executive hires—especially those from New York or California—often expect a base salary of at least $180,000, plus bonuses, to justify the move.
Only last year, a Texas attorney Chad D. Cummingsof Cummings & Cummings Law, has helped about 300 companies relocate to Texas—and says the tax benefits are tough.
“Texas does not collect state income tax,” he told Realtor.com®. “The managing director of a financial services company making $900,000 in New York gives $100,000 a year to New York state and New York City alone, not including federal taxes. That same Dallas executive keeps every dollar of that $100,000.”
Cummings also notes that Texas sits in the Central time zone, which allows financial professionals to cover both sectors in one trading day, which is another plus.
The Dallas housing market is booming
With the financial sector moving to Texas in droves, the real estate market in Dallas—where the median listing price is $405,000—is really hot.
“These types of tenants bring in high-income professionals looking for good schools, an easy commute, and a high standard of living for their families,” said a Dallas real estate agent.Todd Luongof Re/Max. “This change has had an impact on the housing market here.”
Luong says there is currently strong demand for single-family homes in various price ranges in the Dallas-Fort Worth area, but there is particularly strong interest in homes priced between $400,000 and $800,000.
Lynda Villarreal of Douglas Elliman in Dallas tells Realtor.com that he’s seeing people move in from California, New York, and Chicago—and that he’s expecting an even bigger increase in high-net-worth buyers when the Texas Stock Exchange officially launches in late 2026.
“Texas is a very high-income-friendly state, and people continue to be attracted to the state,” he said. “We tend to provide luxury customer services to those with high incomes and the lifestyle they want to maintain.”
Buyer and renter interest remains high throughout the Dallas market.
“Hiring demand has been healthy, especially for young professionals,” said Luong. “Areas near major employment centers such as downtown, uptown, and Legacy West have seen strong rental interest because people want flexibility and location.”
However, consumer interest is outpacing rental demand, Luong said. “As more people move to other areas for jobs and feel 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 across Texas are seeing growth, including Austin—where the median listing price is $455,000, according to Realtor.com data.
Austin has added 51% more homes in the past decade, according to the National Association of Realtors®—and NAR’s chief economist. Nadia Evangelou he says young professionals move to the city to find jobs.
“Austin is really struggling in the fintech and financial sector around technology,” Dock said.
A wealth advisor Clint McCalla moved to Austin from California and says it was the right decision.
“Almost everything is less expensive in Austin,” he told Realtor.com in 2024. “Real estate is the biggest savings for our family. We were able to buy a great home in an excellent school district with great neighbors, sunset views, and very friendly deer.”
According to Cummings, financial professionals like Texas because they can get a higher standard of living at lower prices: “Bigger house, better schools, better climate. The numbers speak for themselves.”
