Lack of affordable housing pushes Toyota from California to Texas

Source: Dallas Business Journal

  Toyota recently decided to plant its North American headquarters in Plano, Texas, bringing in more than 3,000 jobs, mostly from Torrance, Calif. According to a professor with inside knowledge of the move, the main driver of Toyota’s move from California was housing costs. Toyota did the math and found that housing costs in Los Angeles County, where Torrance is located, are three times per square foot the cost of a house in Dallas-Fort Worth. The median home in Dallas-Fort Worth costs about $210,000, and the median income is roughly $58,000. In Torrance the median home price is $508,000 and the median income is $76,000.

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