Texas 18th Nationwide for Homeowner Costs
Posted by Regent Property Group on Wednesday, February 27th, 2019 at 7:19pm. 610 Views
Texas is 18th in the nation for average annual homeowner cost among those who have a mortgage, based on 2017 United States Census Data compiled by Ali Anari with the Real Estate Center at Texas A&M University. These costs include real estate taxes, insurance premiums, utility payments, and property debts. Housing costs on median in the state were $18,156 per year.
The city with the highest cost in Texas was Frisco, which had costs substantially higher than median at $30,936. Next was The Woodlands at $29,016, Sugar Land at $28,044, Flower Mound at $27,084, Cedar Park at $25,716, and McKinney at $25,008. Austin skirted past the top ten most expensive and was in place eleven with a yearly cost of $23,028. Round Rock was 14th with $20,880.
On the low end, Brownsville was the least costly at $13,104 per year, with Bryan at $13,572, Killeen at $13,608, Abilene at $13,704, Wichita Falls at $13,728, Harlingen at $13,812, and Pharr at $13,824.
As a state, Texas was tenth in the nation in cost of property taxes and fifth in the nation for property tax as a percentage of home prices. The median annual property tax for Texas homeowners was $3,724. In Austin, the median property tax was $5,900, tenth in the state.
When looking at ratios of homeowner costs as a percentage of median home value, Austin was the lowest in the state among those cities studied, with a 6.83 ratio of housing costs to home values. Plano, Flower Mound, Frisco, and Allen all came in under 7.5 percent. The small ratios were attributed to “higher home prices due to higher homeowners' incomes.”
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