The subsidiary of Rupert Murdoch's News Corp, Realtor.com, is cutting ties with California and moving its headquarters from Santa Clara, California, to Austin, Texas, the Daily Mail reported Tuesday.
The development comes as a continuing exodus from the Golden State as companies such as Elon Musk's SpaceX and Chevron look to establish a residence more hospitable to businesses.
Realtor.com CEO Damian Eales said in a statement that he was drawn to Texas' expanding housing development, low cost of living, and growing workforce.
"There is no better place for us to call home," Eales said. "Over the coming years, we are committed to growing our presence by hiring great local talent and by bringing new recruits to Texas."
Robert Thomson, the CEO of News Corp, also expressed enthusiasm at the notion.
"We are proud to be housed in a state which understands the crucial role played by business in providing opportunities for personal growth, professional success and community achievement," Thomson said. "Our investment in Austin is a downpayment on The American Dream."
Texas Gov. Greg Abbott also celebrated news of the move, touting the Lone Star State as an "unmatched business environment."