More people moving to Texas, says report

Fleeing high taxes and cost of living, many residents on the country's coasts are moving to Texas, said a report.

Texas - particularly Travis County and the city of Austin - has experienced an influx of Californians and New Yorkers, according to Forbes, citing Internal Revenue Service data.

That domestic migration could be the result of the state's lower tax rate, said the Economist. High-earning emigrants can keep between 9 percent and 11 percent more of their income by moving to Texas, reported the paper - although economist Brad DeLong estimates the difference only to be 1.3 percent. The influx of new Texans might also be a result of Travis County's lower housing costs, said the Economist.

The cost of living in California or New York is higher, but "you get what you pay for" in those regions because they have "dynamic and productive" economies, said DeLong.

However, Austin's metro area is one of the fastest growing in the country, and many find it comparable to the economies of cities in the West and East. Portfolio.com ranked Austin as its top market for young adults in 2010, based on population and employment growth rates as well as cost of living.

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