Posted on 06/19/2018 12:00:35 AM PDT by 2ndDivisionVet
>>However, luxury is being favored: Metrostudy reports that new home starts priced below $199,000 are down 66 percent since the first three months of 2010. Homes in the $200,000-$299,000 price range are up 114 percent since the same time period, and homes in the $400,000-499,000 range are up 261 percent.
It’s not considered “luxury”. Blame the city government (which is bed and has been in bed with developers for decades now).
Mayor Leepy Brown didn’t like that there were houses worth less than $250,000 in Houston. Said they weren’t bringing in enough on the tax rolls.
And Brown was followed by Mayor White and Parker and now Turner.
Starter homes are a thing of the past.
Don’t tell the Democrats; their heads might Explode!
“Houston metro ranked No. 4 in job growth; No. 2 for adding new homes, Metrostudy says”
Where does it rank as a sucky overcrowded congested democrat big city shithole?
Mayor Leepy Brown didnt like that there were houses worth less than $250,000 in Houston. Said they werent bringing in enough on the tax rolls.
...
Aren’t property taxes in Texas high?
Yes, but the lack of a state income tax helps to ease the pain.
Part of it is also that the costs of construction materials are way up, compared to most of the last decade, so it’s going to cost more to build the same. Then also underlying inflation.
And we’re back to juicing the housing market, diverting capital there, at the expense of ‘less important’ uses, like building and upgrading factories. Go figure.
Wonder how many families with kids are moving to Houston, and how many kids per family with them. If Houston isn’t careful it’ll go the way of San Fransicko.
Just checked zillow for the prop tax on a $330,000 house in the city of Houston: over 9 grand, and that was up 50% from the previous year. If folks bought less expensive, they could save the money they’d’ve paid in prop taxes and put it away for their retirement. Willingly paying that is nuts.
What was one house lot is now subdivided into 3 or 4 townhome/skyrise dwellings 2-4 stories tall per ‘house’.
More tax for the same amount of land. More flooding too.
Compared to San Diego, San Francisco, Boston, etc properties aren’t as expensive (and taxes are based on assessment).
Transplants pay more because they can sink the money from their old in property.
Also real estate investment is global now and not just on the coasts.
Arent property taxes in Texas high?
~~~~~
Yes, but the lack of a state income tax helps to ease the pain.
Thanks for pointing that out. Folks tend to forget/overlook that, when mentioning Texas’ high property taxes.
Wonder how many families with kids are moving to Houston, and how many kids per family with them. If Houston isnt careful itll go the way of San Fransicko.
Most of those moving into and buying homes in the GREATER Houston area are families with children.
Our suburbs are growing with new, master planned developments/shopping centers, office buildings, etc. in every direction from Houston.
Most new homes, in these suburban areas, begin in the $350K + range. A very few are now beginning to spring up in the $200K range (traditionally starter homes, for many).
“What was one house lot is now subdivided into 3 or 4 townhome/skyrise dwellings 2-4 stories tall per house.”
Yep, it’s called ‘infill’ here. Tear down a shack on a 1/3 acre lot and build 3 or 4 skinny, 3 story units, and then charge over $500k for each with a shared driveway and tiny garage.
I can’t say that I really blame the politicians for pushing it...if the people are stupid enough to buy them, so be it.
BTW, thanks to recent tornado activity, our property insurance now accounts for 20% of that mortgage payment, and it won't decline anytime soon. We're having to replace our roof after being attacked by baseball size hail last week.
“Just checked zillow for the prop tax on a $330,000 house in the city of Houston: over 9 grand, and that was up 50% from the previous year.”
Yep, the sad thing is that Dan Patrick launched his political career on just this issue, and hasn’t been able to do jack with it. Republicans are OWNED in Texas, just as they are in DC, with the exception of Trump.
Both are unstable and lead to busts.
I'd rather see slow and steady which leads to long-term stability.
If people rush there because of the hype and the bottom falls out what's left behind is government dependent unemployed and houses left to decay by banks.
Look at the chart at the link. The bust has happened before and this article seems to be hyping the current trend (which as I said, is never a good model for stable growth).
Fake news...the most property taxes can go up in a year is 10%, and you can appeal the valuation to the local municipality.
When I turn 65 next year, my school property taxes are frozen. There are also other exemptions available to homeowners, such as the homestead exemption.
We had to replace a few shingles on the roof of our family ranch house, in Central TX, due to a tornado blowing through.
What part of TX are you in?
That’s pretty much standard cycles, for Houston. Has been for decades.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.