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What can $1025 Per Month Buy You in Austin, Texas in 2011?

By
Industry Observer

 

How Much Home Can You Get for $1025 Per Month in the Greater Austin Area?

$1025 per month can cover the mortgage, taxes and insurance on a $150,000 home in or around Austin, Texas.

That assumes you have good credit and can put down 20%.

The Estimated Numbers for Buying a $150,000 home for $1025 Per Month

  • $120,000 mortgage at 4.75%
  • Fixed-rate mortgage for 30 years
  • $3,900 a year for property taxes (2.6% of $150,000)
  • $900 per year for home owners insurance

If you have less than 20% to put down, or your credit isn’t the best, there are still ways to get you into a home.

(4.75% is a typical mortgage rate as of June 9th, 2011. This will change – up or down – over time.)

Search for Property for Sale in Austin for Under $150,000:

Houses for Sale in Austin Under $150,000

Condos for Sale in Austin for Under $150,000

Great Articles for Getting Started for Buying Real Estate in 2011

You should read these articles:

 

 

Christine Smith
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - Canton, MA
Exclusive Buyer Agent & Attorney, Canton, MA

Alison....Excellent approach of listing the "per month" price rather than the list price.  This is a different approach than most take but I think it is the way to go - thanks for the idea!  Many, many buyers are just thinking more along the lines of what they can pay per month. 

Jun 17, 2011 02:53 AM
Allen 2222
Austin, TX

Hi Christine - I've been thinking alot about this lately - with the dramatic change in interest rates over 5 years or so ago, the financing is very different than it used to be. Unfortunately, here in Austin, property taxes are CRAZY and even with a really low mortgage payment, the taxes can bring it back up.

I was thinking it would be really interesting to see what X per month, at different levels, can get a buyer in different areas of the country. Would love to see someone else to a take off on this and post for their area!

Jun 17, 2011 04:42 AM