Austin Real Estate is Second in Forbes Survey
Best Cities to Buy a House Announced by Forbes
The best cities to buy a house have been announced by Forbes magazine and Texas tops the list with Houston ranking first and Austin real estate coming in a very close second. The Texas cities are ranked so high thanks to large corporations calling Texas home, probably because of a business-friendly tax environment, which creates jobs and tax revenue.
Austin is a Best City to Buy a House
The number two best city to buy a house is Austin, Texas and it’s no surprise to us here at HomeToAustin.com. According to the Forbes’ article, Austin’s vacancy has been falling over the past two years by over 37.5% to 1.5% in spite of a lot of building over the past few years. However, buying isn’t much more than renting with an average mortgage payment of around $1100 and an average rent of about $770.
Best Cities to Buy a House Factors
The best cities to buy a house were chosen based on many factors. Forbes started with the country’s 40 largest metropolitan areas and then narrowed it down to cities where home prices had appreciated over the past 24 months. Then they examined tightening vacancy rates, as these were cities where buyers were investing in homes in order to live versus just looking to make a quick buck. These cities are typically where the housing market is relatively solid. Finally, they factored in the difference between average mortgage payments and average rental payments.
Best City to Buy a House For Many Reasons
Austin has many reasons other than the average mortgage costs that it was named best city to buy a home in. There is the draw of the University of Texas that brings a constant supply of new workers into the job market, as well as research-related jobs. There are tons of parks and lakes in and around the city, not to mention that Austin isn’t called the Live Music Capital for nothing. You can go and catch a great live musical act any day of the week and any week of the year.
So when you are ready to purchase a home in one of the top cities for doing just that, come to HometoAustin.com and let us help.
