Kinda misleading. TX has one of the highest property and insurance taxes in the nation. A $450K house may have lower down payment and lower price, but my sister-in-law's $475K Austin house has much higher monthly payment than my $920K house in Boston simply because of higher than average property taxes a home insurance. Entertainment, dining out, and everything else is pretty much the same everywhere. I'd say other than South TX, TX has lost the affordable tag. The only remaining affordable region in the country is the Midwest.
Thanks for the feedback! Yes, Texas property tax is definitely higher, but with that math, you would be looking at property tax that doubles a mortgage payment. So I would double check those numbers on your sister-in-law’s house. The main reason for that difference in payment is likely your interest rate, and not just property taxes. At most, Texas is only going to be 1% higher than some other states (and mostly likely not that much higher), which comes out to about $300 per month on a 400k home. Double check those interest rates for me and let me know. I’m actually really curious to see if it really is that different!
@@goallinerealestateteam Her total taxes for the year is $10282 for a $475K house. So per month it's $856. And insurance is roughly $3700 or $305 per month. For my multifamily $920K house, my insurance is $2300 or $192 per month and my property taxes are $6400 or $533 per month. That's a difference of $440/month even though my property appraises twice as much. House prices in Dallas are declining where in the northeast prices are still flat or increasing. Not to mention the higher auto insurance premiums Texans pay as well.
Yeah, when you include insurance premiums, that totally makes sense. Thanks for providing the extra data points. But overall, with interest rates identical, the average home in Dallas will still be cheaper for the same square footage, amenities, etc. compared to a Boston home. Not near as cheap as before like we mentioned in the video, but I do believe there’s still a difference. Regardless, you are correct. Dallas is no longer “cheap” by any stretch of the imagination.
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Kinda misleading. TX has one of the highest property and insurance taxes in the nation. A $450K house may have lower down payment and lower price, but my sister-in-law's $475K Austin house has much higher monthly payment than my $920K house in Boston simply because of higher than average property taxes a home insurance. Entertainment, dining out, and everything else is pretty much the same everywhere. I'd say other than South TX, TX has lost the affordable tag. The only remaining affordable region in the country is the Midwest.
Thanks for the feedback! Yes, Texas property tax is definitely higher, but with that math, you would be looking at property tax that doubles a mortgage payment. So I would double check those numbers on your sister-in-law’s house. The main reason for that difference in payment is likely your interest rate, and not just property taxes. At most, Texas is only going to be 1% higher than some other states (and mostly likely not that much higher), which comes out to about $300 per month on a 400k home. Double check those interest rates for me and let me know. I’m actually really curious to see if it really is that different!
@@goallinerealestateteam Her total taxes for the year is $10282 for a $475K house. So per month it's $856. And insurance is roughly $3700 or $305 per month. For my multifamily $920K house, my insurance is $2300 or $192 per month and my property taxes are $6400 or $533 per month. That's a difference of $440/month even though my property appraises twice as much. House prices in Dallas are declining where in the northeast prices are still flat or increasing. Not to mention the higher auto insurance premiums Texans pay as well.
Yeah, when you include insurance premiums, that totally makes sense. Thanks for providing the extra data points. But overall, with interest rates identical, the average home in Dallas will still be cheaper for the same square footage, amenities, etc. compared to a Boston home. Not near as cheap as before like we mentioned in the video, but I do believe there’s still a difference.
Regardless, you are correct. Dallas is no longer “cheap” by any stretch of the imagination.