However, return-to-office policies have forced some to exit the state
During the pandemic and in the immediate aftermath, Florida and Texas were popular destinations for homebuyers looking to make a major relocation.
A recent report by CNBC showed that some of that migration has balanced out a bit in 2025, while other parts of the country, especially rural areas, were heating up.
However, one Texas mortgage broker hasn’t seen a slowdown from his vantage point.
Darshit Chokshi (pictured top), president and CEO of Aequitas Mortgage, said the state has been aggressively pursuing new business to attract more people. It seems to be working.
“That reminds me of a real estate conference I had gone to, and the (former) Texas state comptroller Glenn Hegar was one of the keynote speakers,” Chokshi told Mortgage Professional America. “His keynote focused entirely on what Texas is doing to keep things affordable, what Texas is doing with the property taxes, and what Texas is doing with attracting new businesses and creating employment.
“He said that an average of 50,000 people move into Texas every month. When I was sitting and listening to that, my antennas went up. That's opportunities. That means all these people need housing. That means the rates are high today, and it's challenging, but the future is really bright.”
Return to office
It was a strong year for Chokshi and his company, and while he attributed the lower rates to some of the increase in business, he also thinks some of it is the continued influx of borrowers into the state.
“I don't think we have seen any slowdown,” Chokshi said. “In 2025, we actually grew our units by 25% and our volume by 18%. Of course, the declining rate trajectory has helped. It has brought more people into the market from the sidelines. But I don't think I have seen any lack of people moving into Texas.”
While what Chokshi has seen in Texas might be contrary to national reports about the state, he has seen the state of Florida slow a bit, in large part due to significant insurance premium increases.
“I have seen some slowdowns in Florida,” he said. “That's primarily because Florida became very unaffordable. They got hit by two hurricanes back-to-back in 2024. And so that took their insurance industry out of whack. Carriers didn't want to cover anything.”
While there is still considerable traffic into Texas, that doesn’t mean there haven’t been departures. As corporations have stepped up their return-to-office mandates, some homeowners have been forced to leave Texas.
“Return to office from most big companies is also drawing some people out of Texas, going back to California,” Chokshi said. “During those pandemic years, work from home was very popular, and everybody in California sold their houses or rented them out and moved to Austin or Dallas. They said, ‘This is great. We want to live Texas life now.’
“Now that they have been called back to work and those companies don't have an office in Dallas or Austin, they're forced to go back or look for other employment. So I'm seeing some people moving back to California, but that's primarily because of work-related reasons, not because, ‘Oh, I don't like Texas anymore,’ or, ‘Oh, this is not affordable anymore.’”
Tax relief in place
Brokers across the country have said one of the biggest affordability hurdles is rapidly rising property taxes. Chokshi said Hegar discussed how the state was working to give money back to its taxpayers.
“And he spoke about the state's surplus money,” he said. “They had $18 billion in the rainy day fund, and they did not see any use for it. So Texas went from a 25% homestead exemption on property taxes to a flat $100,000 to a flat $140,000 this year. They've been increasing exemptions. They're giving money back to the taxpayers every single year.
“Keep in mind that Texas doesn't have state income tax. We are a sales tax-driven, excise tax-driven economy here. Businesses pay franchise tax, but it's not very taxing. So the way it's all managed, and the amount of people coming in, I'm super excited.”
From political uncertainty and tariff debates to rising credit costs and AI disruption, Jonathan Hornik of NPLA outlines the key forces that will define mortgage lending in 2026. https://t.co/Imft4PiejH
— Mortgage Professional America Magazine (@MPAMagazineUS) January 5, 2026
Chokshi said that even as thousands enter the state every month, he doesn’t see any inventory challenges awaiting these potential new Texans.
“I don't think there is a lack of inventory at all,” he said. “Where I live, our subdivision is 886 homes. Three months back, our subdivision was lit up with listings. It was a lot more than usual from what I saw in the last three or four years. So that was a good sign.”
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