Wow you guys in Texas have good priced houses! (renters, neighborhood)

[Need_affordable_home]

Someone didnt believe me when I said you can get condos in Texas for under $30k. In fact theres quite a few for under $20k for 1/1 condos! I could get one as a second home if I desired so. Just about anyone can easily afford a $20k condo! There is no excuse to rent or relocate!

[zix]

Where are these condos? What cities in TX?

[destin04]

Come on down to East Texas....gated community, 27 holes of golf, olympic swimming pool, tennis...3 lakes......10 miles north or Tyler, Texas for under 100,000.00!!!!
Hideaway Lake Club, Inc.

[TexasHorseLady]

My mother lived in Hideaway many years ago (oh, my goodness, it must be over 25 years ago!). It was quite nice then.

Check Georgetown, Texas (just north of Austin). There are 16 houses for $150,000 or less, from 1250 to 2100 sq. ft.

[JamesAbilene]

I sold my recently updated three bedroom, two bath, double garage home in an excellent Abilene neighborhood in June for 109,900. It had 1550 square feet. My wife and I have moved into a small two bedroom condo in an area that is not as good but is certainly safe and okay. We paid $36,000 for the condo. Our monthly fee is $60.00. We are retired and plan to stay here until we die....Easy to care for....cheaper utilities, etc.

[JamesAbilene]

Oh, I also bought a one bedroom condo in the same complex for rental property. It cost $30,000.

[killer2021]

Originally Posted by missingtexas

You sound like a builder or real estate agent........ have you checked the taxes there...dam! its like paying rent they are so high ! I have a home in Fl. county appraised at $385,000. Wouldnt sell for less than $500,00 my taxes are $2400.00 a year. Try the came value in TX. It will make a believer out of you!

Well first off. I live in CA and I am planning on moving to Dallas, tx once I get out of school. Out here in Orange County,ca the 1bed/1bath condos will run you 200-300k+ that means you will be paying 1% of that value in taxes (prop 13) so anywhere from 2-3k/year. In Texas the property taxes are around 3% so a 20-50k 1bed/1bath condo will cost you 600-1500/year in taxes. So the bottom line is that you get more bang for your buck in Texas even with the higher tax rates. Just don't go and buy an expensive home otherwise you will get screwed either way. Also from my research it seems that utilities in Texas cost more than in California.

Theres also other things to look at for example:
state income tax:
CA: 1% (under $6,146 income) to 9.3% (over $40,346 income)
Texas: 0%

unemployment rate:
Texas: 4.3% (jan 2008)
California: 5.9% (JAN 2008)

Median income (2006):
california:
California Estimate
Total: 64,563 (after paying the 9.3% state income taxes this amount comes to $58,558.641)
2-person families 60,032
3-person families 64,766
4-person families 74,801
5-person families 64,132
6-person families 61,348
7+ person families 68,030

Texas: estimate
Total: 52,355
2-person families 49,933
3-person families 52,313
4-person families 59,808
5-person families 52,445
6-person families 49,552
7+ person families 51,504

also another interesting thing to look at is the housing affordability measure particularity this one:
"Percent Income: The percentage of the local median family income required to make payments on the mortgage for a median (sale) priced single family home given a 20% down payment and a 30-year fixed rate loan at prevailing rates."

Here are the percent income required for texas and california:
California:
los angeles: 63.5%
Orange county: 54.3%
riverside: 38.8%
sacramento: 30.5%
san diego: 51.8%
san francisco: 58.2%
san jose: 55%

texas:
austin: 16.6%
dallas: 14.2%
houston: 16.6%
san antonio: 17.6%

Bottom line: You will have a higher standard of living in Texas if you are an "average" family.

[zix]

What part of Dallas, zip and neighborhood, or address was the 2nd pictured house you listed in red brick?

[austin-steve]

If a house looks to good/cheap to be true, there is a reason. I don't even need to see a $20K condo to know it's not something I would want to live in, nor is it in a neighborhood I would allow my mother to live in.

Many of the cheap $120K homes in newer subdivisions on the outskirts of Texas Metro areas are plaugued with foreclosures and high rental property ratios. The chance of enjoying appreciation in value in those areas is slim in the near term.

Finally, the "total cost of ownership" equation must now include commuting and transportation costs. For example, in South Austin, I can sell a 2000 sqft 3/2/2 house 8 miles from downtown for about $200K. If you drive 20 miles further out into Hutto, the same house will cost $150K, saving $300/mo. on the mortgage payment but you give back $175/mo. in additional fuel costs (if commuting to downtown) plus another $85/mo in toll road expenses, leaving you with only $60/mo in actual savings for the "cheaper" house. Factor in depreciation (higher miles) and wear and tear on the car and you actually lose money buying the cheaper house.

Steve

[Bund]

But the property tax is too high. It's expensive to own a house.