According to a new report, Wall Street investors are snapping up Texas homes, accounting for 28% of home purchases in 2021.

According to the National Association of Realtors, via TheRealDeal, institutional investors are buying houses in Texas at more than double the national rate. While 13% of homes are purchased by investors nationally, 28% of Texas homes were. The two areas with the highest concentration were Tarrant and Rockwall Counties in the Dallas-Fort Worth area, as well as Midland Country in the oil patch region.

Per TheRealDeal, National Association of Realtors’ Nadia Evangelou explained in an interview with the Texas Standard why Texas has such appeal to investors.

“Our study shows that institutional buyers tend to purchase homes in areas that have fast-growing household formation with larger millennial renter and minority populations,” Evangelou said. “But then we also see that although both rents and prices for homes for sale are rising quickly, housing is still affordable in the areas where institutional buyers purchase homes. Texas offers all these to investors.”

Texas is seeing major growth, thanks in no small part to an exodus out of Silicon Valley, with some of the biggest names in tech relocating to Texas.