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Austin continues to become less and less affordable for people who aren't bringing in existing home equity from other high cost of living areas. My understandin
by twalla 5y ago
Austin continues to become less and less affordable for people who aren't bringing in existing home equity from other high cost of living areas. My understanding is the bulk of offers for homes in the Austin area are from Texans and existing Austinites but the bulk of winning offers are from out of state.
- scoofy 5y agoThis is incorrect, the property tax system in Texas should allow market forces to guide housing development. I grew up in Austin, the city is literally 3x the size when i was in high school, but unlike they Bay Area, they are building a ton of housing, and have since the 90s, because it's not profitable to just squat on undeveloped valuable property because of the high property taxes. You look at the skyline from when Dell was founded, and look at the skyline today. It's been non-stop residential housing development, and it's only accelerating. The current squeeze is sizable, yes, but the market forces are working.
- slownews45 5y agoThis is a major difference. In Bay Area, your prop taxes are based on time of purchase. That is game changing. Much better even to rent it then to sell it, if you are paying taxes on a cost from 20 years ago you are golden. Development is hard in the bay area too.