Texas’ Housing Market – Built for the Long Haul
Oh sure, Texas wasn’t completely bulletproof during the recession, but if there’s anything you should know about the Lonestar State, it’s that it’s built for the long haul!
What exactly does that mean?
So much of the economy here is built on things that people use every day – like oil and technology. No matter what the economy does, people are still going to put gas in their cars, still going to need energy to heat their homes, and still log onto their computers.
Plus, Texas’ state government is very hands-off (in fact, the state legislature only meets once every two years). In keeping with that, there is no state income tax – meaning that Texans get to put more of their money into their own pockets.
As a result, many companies head to Texas – either completely or to set up giant hubs. The Austin-area has been labeled the next Silicon Valley because it’s home to Facebook, Google, Apple, and Dell.
So, what does all of this mean for the homes for sale in Texas?
Because Texans pay fewer taxes, they have more money to spend on homes. And, because employment is so much more stable here than in the rest of the country, realtors in Texas foresee good things for the housing market in 2013.
In fact, the prices for homes for sale in most parts of Texas rose throughout 2012 – and those increases are expected to keep up throughout 2013. Surprisingly, the biggest gains were seen in one of the state’s smallest cities, Abilene. There, the median home price rose 12% in 2012.
What about the bigger cities?
Homes for sale in Houston got 5% more expensive in 2012, while homes in Dallas/Ft. Worth became about 9% more expensive. In Austin, home prices rose nearly 5% in 2012.
In San Antonio, the increase was less than 4%, but real estate experts say that area is poised to see major growth over the next five years. In fact, some experts have picked San Antonio to be one of the fastest-growing places (price-wise) in the entire country by 2017!
Luckily, mortgages in Texas are just as low as they are in the rest of the country. That, combined with the stability in the local economy, should lead to a rosy housing picture in 2013.
But what if you’re not ready to buy just yet? What are the apartments in Texas like?
As you might expect, the apartments for rent in Texas vary widely, depending on where you are. (After all, as Texans proudly point out, this state is bigger than France!) The one thing that is consistent across the Lonestar State is that rental prices have gone up and are staying up.
The most expensive apartments for rent can be found in Houston – where the average one-bedroom apartment will cost you $1,176 per month. Dallas and Austin apartments are only slightly cheaper. So, you might be better off buying!