According to the US Census and the Houston Real Estate Association, Texas, Florida, and California account for nearly half of the nation’s population growth, yet Texas ranks at an astonishingly low 45th (among the 50 states) when it comes to homeownership rates. Though this peculiar ratio could be due to many factors, the Houston Real Estate Association believes it is at least partly due to high property taxes.
Quick Houston Housing Facts
Percent of Homeowners in Houston: 63.8%
Percent of Renters in Houston: 36.2%
Median Houston Household Income: $19,617
Average Houston Credit Score: 651
Best Cities to Live in Texas: Colleyville, Boerne,
Median Houston Home Value: $82,500
How Much Real Estate Can I Afford in Houston?
Buying a home is a turning point in a person’s life, and can be a very stressful time. The good news is, we offer you tools that will help eliminate some of the stress you would otherwise experience in the preliminary stages of home buying. We have plenty of mortgage calculators that will help you determine where you stand in the homebuying market. But before you start number crunching, we encourage you to think about the following questions:
- How much can I spend per month on my mortgage?
- What kind of mortgage payment plan will work best for me?
- What are the property taxes in Houston?
- What are the average mortgage rates in Houston?
Once you answer these questions and use our mortgage calculators, we are confident that you will feel more confident about entering the housing market.
Refinancing in Houston
Refinancing has become a popular financial tool amongst homeowners. Homeowners in Houston use it to take advantage low interest rates when market interest rates drop 2% below the rate they are paying. Other homeowners refinance when their credit scores improve significantly enough to qualify for lower rates. Some homeowners even accomplish two financial tasks at once with a Cash Out Refinance. This is a popular option for people who are in the situation to refinance for lower rates, but are also interested in a loan product that allows them to use their home equity for extra cash. The Cash Out Refinance is a popular option for this situation because it allows them to refinance and take out a bit of extra cash, all under the same loan process.
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.