Once Again, Texas is a Great Place to Buy
The National Low Income Housing Coalition recently conducted a study in the 100 most populous metro areas in the country. They analyzed whether it makes more sense to buy or rent in each area. Of the top ten areas where it makes more sense to buy than rent, five of them are in Texas. Austin comes in at number ten. So, all of you renters out there, start looking. With the mortgage rates as good as they are, now is a great time to make that move.
Austin definitely is a great place to buy — I’ve met several 20-something renters who are beginning the house hunt since it makes more sense to buy. But as with any place, property value across town varies GREATLY. You can get a huge family home in very south Austin for $150,000, but in central Hyde Park, you’ll have to fork out $400,000+ for a tiny bungalow, sometimes just one or two bedrooms. I think the market is best for people who want to live in South Austin — that’s where all the deals are to be had, in my opinion.
Of course the suburbs give you more for your money. But I am interested to read that Texas buyers are being offered great mortgage deals at this time. You can’t get a loan for a magazine here.
Texas is among the few stable real estate markets left in the country.
Good article, we have a little different spin on things here, the rental market is so tight that if you have pets, or smoke for get about getting a place to rent, nobody will rent to you.
ANywhere is great to buy at the moment if you can put your hands on the money. Especially at the deals at the top end of the market.
Amen, Texas is a great place to buy
I have heard the Austin market has been pretty strong, seems like there is many real estate agents though but I am sure there is enough of the pie to go around.
God Bless Texas! Even though we don’t live in Austin anymore, it is still our favorite place in Texas (which is the best state in the USA - which is the best country on the planet… what does that make Austin?)
I love Texas and I believe that the simple Texas state law that states one can not do a cash out refinance over 80% of value is why we are so stable today.