Purchasing property in Texas has long been considered a great investment. Real estate investors from across the country stay on the lookout for Texas City Homes to Buy, and for good reason. The city has a growing population with several great areas still available for buyers to choose from.
In most big cities, housing affordability is an issue. However, this offers great options at a price that makes sense for median income households. The median property price is $128,073 and median rent of $939. Another advantage of Texas is that it forgoes the collection of income taxes. This means that wage-earning residents have more money in their pockets.
Buying a Home in Texas City
If you believe that purchasing real estate in Texas City is a great idea, then the next step is deciding the best kind of Texas homes to buy.
For people buying the home to live in it, market trends may not be the deciding factor. There are things to consider, such as affordability, privacy, and access to amenities. People that are not financially ready for a house would prefer and condo.
Best Types of Houses to Buy in Texas
Detached, single-family homes are the best kind of homes to buy in the city. They are mostly 3-bedrooms and make up 70.5% of all housing units. These kind of homes are constantly in demand by young professionals and families. The main issue here is the relatively low supply of these homes, which has led to high prices.
The second-best kind of home to buy right now are condominiums and apartments. They make up 22% of housing units and have had rising for the past few years. This increase is due to the growth of Texan cities and rising home prices which make buyers opt for the more affordable condo.
The 2014 Texas Annual Housing Report confirmed this trend. It stated that condos and townhomes were the most rapidly growing units in Austin, Dallas, San Antonio, and Houston. On average, they spent 14 days less on the market in these four cities compared to others.
Condos make excellent second homes in great locations without being too expensive. They are also a great way for a new homeowner to experience ownership responsibilities without diving into the deep end. Condos, especially the upscale types, typically have amenities such as fitness centers, swimming pools, dog parks, etc. Also, it si easy to turn this unit into an investment property when you are not around by renting it out.
Single-family homes offer privacy and allow space for growth. Homeowners can add a detached workshop where they engage in their hobbies. There may even be enough land to add a room to the home. Children also have space to ride their bikes and dig in the dirt.
Whether you decide to buy a condo, apartment, or house, the Texas real estate market is promising, with a year-on-year growth of 3.3%.
