Real Estate (Austin vs. Milwaukee) (low income, best neighborhood, HOA fees)

[AguaDulce]

One of the many reasons I'm moving to Milwaukee after 32 years in Austin is the real estate prices.

This house is on the market in Austin. Asking price is $775,000. It sits on .52 acres. It is 797 square feet. Two bedrooms and one bathroom. No basement (we don't have them here) and no garage. It is essentially a tear-down. It is located in an "up and coming" Mexican neighborhood that was until recently surrounded by industrial businesses.



https://www.redfin.com/TX/Austin/641.../home/31365316

This one is in Milwaukee. Asking price is $749,000. It sits on .34 acres in what is arguably the nicest neighborhood in Milwaukee. (Click on the link to view the amazing interior pics.)



https://www.redfin.com/WI/Milwaukee/.../home/57966299

Just thought I'd share.

[AguaDulce]

This might have been a better example of how insane the real estate has gotten here.

For $799,000, you can purchase a mobile home on a 7,200 square foot lot (.16 of an acre) that is across the street from an auto repair shop. It's being marketed as commercial property now, for maximum profit.

https://www.redfin.com/TX/Austin/271.../home/31365153

[Milwaukee City]

Buyer beware, Milwaukee's property taxes...

601 E Ogden Ave 906, Milwaukee WI 53202-2686 | Shorewest Realtors

$45,000 a year in property taxes plus $18,000 a year in condo fees, makes this condo a yearly cost of $63,000 a year without even touching the principle and interest.

This Austin condo $3,000,000 $15,000 in property taxes a year

300 Bowie St APT 4201, Austin, TX 78703 | MLS #2236036 | Zillow



Yeah you can get way more here for you money for a house but the actual cost over a lifetime can be much more in the long run making the Milwaukee home more expensive.

[AguaDulce]

Originally Posted by Milwaukee City

Buyer beware, Milwaukee's property taxes...

601 E Ogden Ave 906, Milwaukee WI 53202-2686 | Shorewest Realtors

$45,000 a year in property taxes plus $18,000 a year in condo fees, makes this condo a yearly cost of $63,000 a year without even touching the principle and interest.

This Austin condo $3,000,000 $15,000 in property taxes a year

300 Bowie St APT 4201, Austin, TX 78703 | MLS #2236036 | Zillow

Yeah you can get way more here for you money for a house but the actual cost over a lifetime can be much more in the long run making the Milwaukee home more expensive.

Thanks for the response.

Austin's property taxes are actually worse.

For one thing, the Milwaukee condo that you posted is 2,000 square feet bigger than the Austin one. I think they go by square footage. And HOA fees are based on many different factors.

Incidentally, I would never want to be in an HOA again. Been there, done that.

In my price range ($60,000-$100,000), size range (1,200-1,600 square feet), and distance to downtown, (no further than three miles), Milwaukee stacks up very very nicely.

2355 S 8th ST, Milwaukee WI 53215-3228 | Shorewest Realtors

vs.

https://www.redfin.com/TX/Austin/911.../home/31198915

Jo

[Milwaukee City]

Yeah I don't know if you would want to move to the 2300 of S.8th St, not the best neighborhood.

[helena101]

Originally Posted by AguaDulce

Thanks for the response.

Austin's property taxes are actually worse.

For one thing, the Milwaukee condo that you posted is 2,000 square feet bigger than the Austin one. I think they go by square footage. And HOA fees are based on many different factors.

Incidentally, I would never want to be in an HOA again. Been there, done that.

In my price range ($60,000-$100,000), size range (1,200-1,600 square feet), and distance to downtown, (no further than three miles), Milwaukee stacks up very very nicely.

2355 S 8th ST, Milwaukee WI 53215-3228 | Shorewest Realtors

vs.

https://www.redfin.com/TX/Austin/911.../home/31198915

Jo

That Milwaukee home has income restrictions and you have to qualify for it. The Austin home is in one of the hottest areas of the entire city. Also, Milwaukee has a much higher crime rate than Austin, a much worse job market (especially in certain fields) and has hefty state income taxes while Texas does not impose an income tax.

[AguaDulce]

Originally Posted by Milwaukee City

Yeah I don't know if you would want to move to the 2300 of S.8th St, not the best neighborhood.

What about something like this?

2669 N Booth St, Milwaukee WI 53212-2908 | Shorewest Realtors


Still 1/3 of the property taxes that you'd pay in Austin. And the same house in Austin would cost $600,000.

[AguaDulce]

Originally Posted by helena101

That Milwaukee home has income restrictions and you have to qualify for it. The Austin home is in one of the hottest areas of the entire city. Also, Milwaukee has a much higher crime rate than Austin, a much worse job market (especially in certain fields) and has hefty state income taxes while Texas does not impose an income tax.

How much state income taxes on an income of $35-$40K per year?

Thanks,
Jo

[helena101]

Originally Posted by AguaDulce

How much state income taxes on an income of $35-$40K per year?

Thanks,
Jo

As a single person making that much money you wouldn't qualify for low income housing which is what the Milwaukee home is.

I won't do the math for you, but there are plenty of online websites explaining what you'd pay. Wisconsin and Illinois consistently rank as having the highest average overall tax burdens in the nation.

Wisconsin's personal income tax system consists of five brackets and a top rate of 7.65%. That rate ranks 10th highest among states levying an individual income tax. Wisconsin's state and local income tax collections per person were $1183 in 2012 which ranked 12th highest nationally.

[AguaDulce]

Originally Posted by helena101

As a single person making that much money you wouldn't qualify for low income housing which is what the Milwaukee home is.

I won't do the math for you, but there are plenty of online websites explaining what you'd pay. Wisconsin and Illinois consistently rank as having the highest average overall tax burdens in the nation.

Wisconsin's personal income tax system consists of five brackets and a top rate of 7.65%. That rate ranks 10th highest among states levying an individual income tax. Wisconsin's state and local income tax collections per person were $1183 in 2012 which ranked 12th highest nationally.

Okay, I looked it up, and it looks like the rate for someone making $35,000 is 6.27%. That's $2,194.

If I choose a different house that doesn't have income restrictions, like this one, for example:

2669 N Booth St, Milwaukee WI 53212-2908 | Shorewest Realtors

. . . which comes with a $6,000 cheaper property tax bill, I'm still ahead of the game. And this house would likely cost around $600,000 here, maybe more.

Thanks for responding.