Texas, Florida, and California are all responsible for 46% of the population growth of the United States. Yet El Paso ranks 45th when it comes to amount of home sales. Experts attribute this out of proportion figure to high property taxes, among other factors.
Quick El Paso Housing Facts
Percent of Homeowners in El Paso: 63.8%
Percent of Renters in El Paso: 36.2%
Median El Paso Household Income: $19,617
Average El Paso Credit Score: 651
Best Cities to Live in Texas: Colleyville, Boerne
Median El Paso Home Value: $82,500
How Much Real Estate Can I Afford In El Paso?
Buying a home is probably the largest financial decision the average American will make, so naturally it can be a stressful process. Fortunately, we have tools that will help eliminate some of the stress involved in the initial stages of the process. First, we recommend that you consider the following questions:
- How much am I willing to spend each month on mortgage payments?
- What kind of payment plan will work best for me?
- What are the property tax rates in El Paso?
- What are the interest rates in El Paso?
Then, do a little number crunching with our mortgage calculators. They can help you answer some of the previous questions, and will also give you a better idea of where you stand in the housing market. At that point, you should be able to make a decision about what your next move will be. Are you ready to contact a realtor? Make an offer on a house? Or do you want to wait until your credit score improves before you enter the housing market? Whatever decision you make, you will have the peace of mind knowing you made an educated decision.
Refinancing in El Paso
Refinancing is a great economic tool. You might want to consider refinancing if the market interest rate has fallen a full 2% below the rate you pay. If you have developed better financial habits since you purchased your house, check to see how your credit score has improved. If it has improved significantly, you may qualify for a lower interest rate.
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.