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Old 04-01-2021, 10:52 PM
 
3,322 posts, read 7,977,848 times
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A 700k home in California and 700k in Texas is very different when it comes to monthly payment due to the higher property tax and home insurance in Texas.

I'm taking my third trip to Austin this weekend just to confirm everything regarding moving there in the next month or two. I can afford a really good house in Round Rock or Cedar Park or a condo in San Diego for the same monthly amount. However, the max price I can qualify for is 100k more in California. The TX property tax vs CA state tax is almost a moot point but the home insurance difference is gigantic.
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Old 04-01-2021, 10:58 PM
 
Location: Avery Ranch, Austin, TX
8,977 posts, read 17,564,966 times
Reputation: 4001
Quote:
Originally Posted by Dub D View Post
A 700k home in California and 700k in Texas is very different when it comes to monthly payment due to the higher property tax and home insurance in Texas.

I'm taking my third trip to Austin this weekend just to confirm everything regarding moving there in the next month or two. I can afford a really good house in Round Rock or Cedar Park or a condo in San Diego for the same monthly amount. However, the max price I can qualify for is 100k more in California. The TX property tax vs CA state tax is almost a moot point but the home insurance difference is gigantic.

Our HO insurance on 3600 ft house ~ $500K was only $1300/year. How much lower could it be in CA ?
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Old 04-01-2021, 11:09 PM
 
Location: Fortbend County
164 posts, read 364,625 times
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Quote:
Originally Posted by 10scoachrick View Post
Our HO insurance on 3600 ft house ~ $500K was only $1300/year. How much lower could it be in CA ?
My home insurance on DC home ($650k) was only $490/year. TX home insurance is too high.
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Old 04-01-2021, 11:29 PM
 
Location: C.R. K-T
6,202 posts, read 11,461,356 times
Reputation: 3814
Quote:
Originally Posted by OneOfTheRs View Post
If I may offer an outsider's opinion... Many companies are relocating to Austin (upside!) and are bringing with them home buyers (downside!)...
Tech is very electric intensive. San Antonio's and Austin's municipal utilities were very attractive to the high electrical demands of tech.

But as we saw last month, the Texas power grid is increasingly becoming strained with all the transplants.

There was outrage from Inner Loop residents that Downtown Houston was being lit up like a Christmas tree; meanwhile the residents were freezing-to-death and the food was spoiling. I doubt that will happen next time since residences will be prioritized over offices for public safety reasons. That means that the tech companies will have to deal with business interruptions during intensive power demand events in the cold or heat.

Eventually tech will settle somewhere else where there is less chance of extreme weather and reliable power. Texas may not fit the bill.
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Old 04-02-2021, 12:53 AM
 
Location: Round Rock, Texas
13,448 posts, read 15,499,397 times
Reputation: 19007
Quote:
Originally Posted by Dub D View Post
A 700k home in California and 700k in Texas is very different when it comes to monthly payment due to the higher property tax and home insurance in Texas.

I'm taking my third trip to Austin this weekend just to confirm everything regarding moving there in the next month or two. I can afford a really good house in Round Rock or Cedar Park or a condo in San Diego for the same monthly amount. However, the max price I can qualify for is 100k more in California. The TX property tax vs CA state tax is almost a moot point but the home insurance difference is gigantic.
Oh I agree that insurance and taxes are high and the monthly payment isn’t as cheap as some would like to think, but as you said you still get more house in much of the Austin area. Price per sq ft in Southern California is higher. Many of the Californians moving here have budgets over 800k after selling their million dollar homes. Even with the taxes in their eyes they still come out ahead. The suburbs here are especially reaping the bounty because you can get a nice house.... but the size of that house and what you get gets less and less over time.
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Old 04-02-2021, 12:55 AM
 
Location: Round Rock, Texas
13,448 posts, read 15,499,397 times
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Quote:
Originally Posted by 10scoachrick View Post
Our HO insurance on 3600 ft house ~ $500K was only $1300/year. How much lower could it be in CA ?
Tbh Rick that was years ago bc our homeowners is over 2k for 3700 sq ft
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Old 04-02-2021, 03:51 AM
 
596 posts, read 303,064 times
Reputation: 552
Quote:
Originally Posted by Dub D View Post
A 700k home in California and 700k in Texas is very different when it comes to monthly payment due to the higher property tax and home insurance in Texas.

I'm taking my third trip to Austin this weekend just to confirm everything regarding moving there in the next month or two. I can afford a really good house in Round Rock or Cedar Park or a condo in San Diego for the same monthly amount. However, the max price I can qualify for is 100k more in California. The TX property tax vs CA state tax is almost a moot point but the home insurance difference is gigantic.
I had to do some serious head scratching on this one, pull the reins hard and just say WHOA!!

This comment needs some serious clarification because most people reading it are going to be saying WTF are you talking about?! It's a completely apples and oranges comparison.

1). Why would someone do a comparison between a $700k house or condo in San Diego and a spacious house in Round Rock or Cedar Park?

My wife and I paid $317k for a 4 bedroom/3 bath house in Round Rock and it's much more house than we need (we just want the grandkids to visit more often). I can't even imagine dropping $700k in any situation in those cities in Texas. And why would I be comparing it with a small house/condo in San Diego? Those are two different animals. And of course, there's a serious property tax difference between a $700k house/condo and what we paid.

2) When was the house bought in California? Those are two completely different property tax computations.

3). On average the Texas insurance is about $1,100 more

https://www.bankrate.com/insurance/h...surance/texas/

Again, I don't know what your situation is but I spit out my milk when I read the differences being a "moot" point. Those items you're referring to are exactly why people leave high COL areas of CA and move here.
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Old 04-02-2021, 05:24 AM
 
Location: Austin, TX via San Antonio, TX
9,853 posts, read 13,714,030 times
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Quote:
Originally Posted by ashbeeigh View Post
I will say there are many high level executives that work for McCoys Lumber (headquartered in San Marcos) that live in the Kyle and Buda area.
Cheeva? How you feeling’ now?
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Old 04-02-2021, 06:40 AM
 
8,007 posts, read 10,440,169 times
Reputation: 15038
Quote:
Originally Posted by ashbeeigh View Post
I will say there are many high level executives that work for McCoys Lumber (headquartered in San Marcos) that live in the Kyle and Buda area.
And don't forget the teachers and police officers and other "ghetto" people who have been priced out of Austin.
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Old 04-02-2021, 07:15 AM
 
539 posts, read 442,333 times
Reputation: 734
Quote:
Originally Posted by ashbeeigh View Post
Cheeva? How you feeling’ now?
Feeling about McCoy lumber? ambivalent. It's not Tesla, IBM, Samsung, Visa, Schwab, Apple, Google, Dell or Facebook, but it will do.
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