In California, people are priced out, in Texas, people are taxed out.
Give the government $1.00 of tax revenue and they spend $1.20 more. It seems like sarcasm, but it’s unfortunately true.
I am feeling it as well. Give me pause for my future investment there.
Tell Texas to adopt CA’s Prop 13, and watch property price sky rockets.
What is the highest the property tax rate can be ? Say in a desirable area in Austin ?
It varies from county to county, but it is about 2.5% to 3.5%.
Dallas-Fort Worth has the steadiest growth in the state because it provides many of the financial and business services that other markets need. Recent job growth has stayed high even as other markets have cooled off a bit. Pretty much any kind of real estate investment can be successful here - renters are half the population and many jobs are in the higher-paid finance, consulting and computer industries.
State government in Austin, including the staff of the state university, provides a large population of potential renters with moderate income, especially as home prices increased 30 percent over the last three years. The growing computer industry provides higher-paying jobs. Austin had the fastest population growth of the big Texas markets over the last five years, so demand outstripped the pace of home building. This creates a dilemma for investors - on the one hand, home prices will keep rising…for a while - on the other hand, with job growth slowing there will eventually be too much building. Different investments do best at different stages of the demand cycle. Right now you don’t want to flip homes in Austin, you can’t buy bargains. You CAN invest in rentals - single-family and apartments - but you need to make sure you don’t overpay; do not expect prices and rents to increase as they have the last few years.
Crude is dropping like a stone. I don’t think Texas is doing all that great.
They are banking on Silicon Ranch…
If you do go to Texas, bring this translator with you. …And remember the best thing about Texas is the strip clubs and BBQ…lol
Awesome!!! I clearly belong in Texas, but I’d need to start assembling an Arsenal of Weapons and take lessons on how to fire my Assault weapon.
The best is the Chinese mercury laden lightbulbs. SO TRUE!
Texas is rated the 7th worst state for summer weather. .Ca the 7th best…location, location, location
Californian landscape is something to be admired and preserved. Texan landscape is a POS to be bulldozed over. That about sums it up the two states’ attitude towards nature.
Individual investors are the most dominant, but their strategy is changing. Earlier, they invested in single-family rental assets for yield. Now they are looking at this class as a wealth preservation play.
We are seeing SFR investors pursuing high-growth areas like Austin (Texas) and see the asset type as a way to create equity. The properties take care of themselves financially and maintenance-wise via the rent paid by tenants.
The obsession with California puzzles me. I play the keyboards in a blues band, and our drummer has a sticker on his kit saying “Stop Californication of Texas Music.” The mayor of Austin, Steve Adler, is a Democrat, but he recently warned that, if our city stays on its current path, “we’ll end up like San Francisco,” with out-of-control housing costs. The newspapers often feature gloating stories about the number of Californians fleeing to Texas (eight per day to Austin alone), as an indication of the vast superiority of the Texas way of life.
When I was in Houston (for business), it looked like that had already happened.
I have 3 friends alone that have moved from Bay Area to Austin the the last year…so it is happening
I agree on the weather, don’t miss the heat/humidity at all but it’s one of those things my body would adapt back into once I moved back I’m sure - but I have no intention of leaving California for Texas
This is a repeat of another thread?? The contents look almost the same