I know that many of you are grappling with declining markets -- and it's difficlut for buyers to determine whether they should wait or move forward.
Anyone who has worked with me knows that I provide guidance based on my clients' personal financial situation. I will tell them whether it makes sense to rent or buy. That said, there was a recent study done by the National Low Income Housing Coalition and the Center for Economic Policy and Research that provides some interesting data regarding the Central Texas area.
According to their studies, if you purchased a low-priced home today (75% of the area's median value) -- in four years you would be in the black. The Central Texas area ranked as the 10th most favorable. Based on their calculations of historic appreciation rates, here are the top ten areas in terms of equity position -- factoring in 3 different loan rates:
|
Metro area |
6% loan |
7% loan |
8% loan |
|
McAllen-Edinburg-Mission, Texas |
$90,437 |
$89,871 |
$89,381 |
|
San Antonio |
$90,017 |
$89,064 |
$88,239 |
|
New Orleans-Metairie-Kenner, La. |
$88,907 |
$87,473 |
$86,232 |
|
Houston-Sugar Land-Baytown, Texas |
$87,837 |
$86,703 |
$85,721 |
|
Dallas-Fort Worth-Arlington, Texas |
$83,880 |
$82,669 |
$81,620 |
|
Rochester, N.Y. |
$82,898 |
$81,898 |
$81,032 |
|
Syracuse, N.Y. |
$80,231 |
$79,341 |
$78,571 |
|
Buffalo-Niagara Falls, N.Y. |
$77,934 |
$77,045 |
$76,275 |
|
Jackson, Miss. |
$77,648 |
$76,659 |
$75,804 |
|
Austin-Round Rock, Texas |
$70,007 |
$68,530 |
$67,251 |
Comments(0)