Canal front homes for sale in Texas cost less than those in Austin, as the latter had more houses priced at $300,000 more than any other area in Texas, according to a report.
The Texas Association of Realtors’ report covered home prices in Austin between January and June 2017. The increase in expensive homes caused the local industry to be concerned about the long-term sustainability of Austin’s real estate market.
Strong demand for homes may be important to drive more development projects, yet the market in Austin depends on price ranges and different options for it to be sustainable, according to Brandy Guthrie, president of the Austin Board of Realtors. As much as 48.7% of homes in the city amounted to at least $300,000 in the first half.
Dallas-Fort Worth ranked second with a 37.8% share of the market, while Houston and San Antonio accounted for 31.4% and 23.6% of homes priced in that range, respectively. For renters, Austin may not be a good place to look for properties, as typical monthly rents were the highest at $1,139.
You may have decided to take out a loan for a home purchase in Austin, yet you need to earn almost $70,000 per year to cover all expenses for your mortgage. Nationwide, the city ranked as the 13th least affordable housing market with a median price of $308,000.
Your required annual salary will increase to slightly more than $80,000 if you plan on making a 10% down payment instead of 20%. Dallas and Houston also landed on the top 50 most expensive metros in the U.S. for a home purchase.
Those who plan to buy homes in Texas should be aware of prices in different markets. Rents can be expensive as well, so you need to do some research whether you can afford to buy or lease a property.