Submitted by AMY DuBOSE
San Marcos Area Board of REALTORS®In addition to the great weather and attractive job market, there is another big reason that keeps people coming to Texas: affordable homes. According to the San Marcos Area Board of REALTORS®, Texas housing has remained more affordable than in other parts of the country, even in the last several years.
“When comparing household income and median home sales price in Texas to those in other states, you’ll find more Texas families able to afford a home,” explains Brooke Hunt, chairman of the Texas Association of Realtors. “With stable home prices across the state, Texas real estate has remained a strong, long-term investment.”
According to data from the Real Estate Center at Texas A&M University, home-price appreciation in Texas has not fallen below zero in the last 16 years. The average sales price of a home in Texas increased $15,200 from January 2004 to January 2008. Over the same four-year period, the median sales price in Texas increased $10,900.
In addition, the Real Estate Center shows Texas homes are substantially more affordable than national averages. Using the correlation between home values and personal salaries, the typical Texas family can purchase a median-priced home for twice the median household income in Texas. In contrast, the typical U.S. household requires three times the annual household income to purchase a median-priced home.
Residential real estate values in the state are projected to hold up well. According to a real estate trends report issued by PMI Mortgage, cities in Texas have either a “low” or “minimal” risk of price depreciation over the next two years. The study based its assessment on prior trends in home price appreciation, employment, housing affordability, excess housing supply, interest rates and foreclosure activity – all which have bucked national trends in Texas.
In addition, record-low mortgage interest rates and programs such as the first-time homebuyer tax credit of $8,000 help make Texas real estate even more affordable today.
To help deliver affordable housing opportunities to more Texans, the Texas Association of Realtors offers the Texas Affordable Housing Specialist program to its members. Designed to increase the rate of homeownership and retention in Texas, this two-day training provides Texas Realtors detailed knowledge about various programs available to assist first-time homebuyers and help those consumers who are at risk of losing their homes. To find a certified Texas Affordable Housing Specialist or learn more, visit www.TexasRealEstate.com.
The San Marcos Area Board of REALTORS® is the largest not-for-profit professional membership association in Hays County and represents all aspects of real estate. We advocate on behalf of Texas Realtors and homeowners. To learn more, visit SMABOR.com.Email | Print