Houston deemed one of the worst cities for first-time homebuyers (Dallas: 2015, apartments)

[Jack Lance]

Originally Posted by Jamaraa

It seems houston house prices keep increasing every year even though same thing is happening across the entire nation. I’m a younger millennial so I’m curious how the next generation (kids born in 2000s) will be be able to afford buying a property in the upcoming decades. I doubt prices will drop back down like during the recession years, Sellers aren’t that gullible anymore.

The economy is constantly expanding and incomes will increase to maintain affordability. Hang in there.

[LocalPlanner]

Originally Posted by Jack Lance

The economy is constantly expanding and incomes will increase to maintain affordability. Hang in there.

In many U.S. markets, the incomes for many working people who would normally consider buying homes (teachers, nurses, municipal workers, retail managers, etc.) have not been keeping up with home prices, so there is valid concern. In TX, it's obviously not that bad. Interestingly, builders have been shrinking lot and home sizes specifically to try to stay affordable for entry-level buyers (apparently much to the horror of some posters in this forum).

[Jamaraa]

Originally Posted by Jack Lance

The economy is constantly expanding and incomes will increase to maintain affordability. Hang in there.

That doesn’t seem likely as incomes aren’t keeping up with the increase in house prices.

Seems like the next gen after millennials will have a lot of apartment renters.

[usc619]

Originally Posted by kreeyax

Florida has no state income tax, low property taxes (average 1.1%), and reasonable sales tax (6-8.5%). I'm still trying to figure out how Florida manages to survive.

My point exactly. As long as these Texas politicians have an R next to their name, they can rob this state blind and no one will complain.

[cheryjohns]

Originally Posted by cheryjohns

This is garbage. If you work near 290/Beltway - can you afford a home nearby? YES. Don't pick inner loop. Pick close to work and reduce your price by a lot. If you work in the EC, can you buy nearby on a limited income ? Going to have to think outside the box and drive further or go smaller. So much depends on circumstances. One size does not fit all.
They lump Houston together because Meyerland is EXACTLY like the Energy Corridor which is EXACTLY like Spring which is EXACTLY like Sugar Land which is EXACTLY like Cinco which is EXACTLY like Cypress which is EXACTLY like Champions, etc., etc.

Originally Posted by KerrTown

Meyerland's post-war ranch housing stock is much different from Cinco Ranch's 21st-century McMansions.

That was sorta my point. I am saying those areas differ so much it's laughable to clump them together.

[Jack Lance]

Originally Posted by Jamaraa

That doesn’t seem likely as incomes aren’t keeping up with the increase in house prices.
Seems like the next gen after millennials will have a lot of apartment renters.

Incomes do not keep perfect pace with prices but eventually they will even out , not necessarily in any one particular market, but perhaps sub-markets that are not on your radar today, will be magnates for newly formed households in a few years from now because of their affordability.

[Htown2013]

Housing prices for existing homes in popular suburbs are relatively affordable and have not increased much. New construction and Inner Loop and desirable Inner Beltway prices have increased.

The problem with Houston is the astronomically high property taxes!! I could easily afford a $700-800k place in a place like Florida or California, but barely go above $450k in Houston because of our ridiculously insanely high property taxes that cost more than the Principal & Interest.

[WRM20]

Originally Posted by Htown2013

Housing prices for existing homes in popular suburbs are relatively affordable and have not increased much. New construction and Inner Loop and desirable Inner Beltway prices have increased.

The problem with Houston is the astronomically high property taxes!! I could easily afford a $700-800k place in a place like Florida or California, but barely go above $450k in Houston because of our ridiculously insanely high property taxes that cost more than the Principal & Interest.

In the 90's, we moved to California and then back to Houston 18 months later. Our property taxes went from $1800 to $3500, but our state taxes went from $6,000 to $0 when we moved back to Houston. Be careful about your analogies. Texas has high property taxes because there's no other funding mechanism, given the absence of a state income tax.

[bu2]

Originally Posted by WRM20

In the 90's, we moved to California and then back to Houston 18 months later. Our property taxes went from $1800 to $3500, but our state taxes went from $6,000 to $0 when we moved back to Houston. Be careful about your analogies. Texas has high property taxes because there's no other funding mechanism, given the absence of a state income tax.

And that 450k house would be 900k in California and probably 600k in a Florida city (higher in Miami).

[usc619]

Originally Posted by WRM20

In the 90's, we moved to California and then back to Houston 18 months later. Our property taxes went from $1800 to $3500, but our state taxes went from $6,000 to $0 when we moved back to Houston. Be careful about your analogies. Texas has high property taxes because there's no other funding mechanism, given the absence of a state income tax.

So in the 90's you bought a house in CA for around 180k and comparing it to a 150k home in Houston? How much of that 6k did you get a state tax return on?

IMHO The no state tax system only benefits the wealthy.