Austin is currently in a rather strange position in the national housing market. Although Texas is one of the three states responsible for 46% of the nation’s population growth (along with California and Florida), it ranks 45th in homeownership rates. Officials believe that high property taxes are one of the main contributing factors to such a low rate. The Austin Realtors Association supports organizations and politicians who are willing to change property tax laws.
Quick Austin Housing Facts
Percent of Homeowners in Austin: 63.8%
Percent of Renters in Austin: 36.2%
Median Austin Household Income: $19,617
Average Austin Credit Score: 651
Best Cities to Live in near Austin: Colleyville, Boerne
Median Austin Home Value: $82,500
How Much Real Estate Can I Afford In Texas?
Before you enter the Austin housing market, you need to know where you stand in the market. Luckily, we have a few tools that can help you determine such information. First, fill out the following questionnaire:
- How much am I willing to spend on my monthly mortgage payments?
- What kind of payment plan will work well for me?
- What are the property taxes like in Austin?
- What are current interest rates in Austin?
Once you’ve completed the questionnaire, check out our online mortgage calculators. Once you’ve done some number crunching, you should have a pretty good idea of where you stand and will know what your next move will be.
Refinancing in Austin
There are three main reasons that people refinance their mortgages in Austin:
- For a better interest rate. If the market interest rate drops 2% below the one you are paying, it is probably worth it to refinance.
- For a better interest rate. Yes, we know we already said that. If your credit score improves enough, you may qualify for a better interest rate.
- For a different payment plan. Want to lock in on low interest rates? Change from an Adjustable Rate plan to a Fixed Rate Plan. Don’t have a lump sum of cash like you though you would? Get out of your Balloon plan and switch to something more to your liking.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.