Texas, the Lone Star State, is known for its cattle, its oil, its Tex-Mex cuisine — and its low cost of living. Sure, residents put up with a lot of ultra-hot weather, but they also pay no state income tax and can spread out due to Texas’ glut of buildable land. So, residents are able to rent or buy homes priced, in many Texan cities, at lower levels than the national average.
Consider that cities like Brownsville, Abilene and Wichita Falls have multiple homes on the market for less than $200,000 and home rentals less than $900 — prices unheard of in the Northeast and the West Coast. Then there are the small cities and towns — often renowned for their beauty and healthy community life — where median prices are even lower, at less than $100,000. This is the least expensive county to buy a home in every state.
Accordingly, it’s no surprise that Texas has attracted a lot of new folks this year, and that has driven up prices. Not only are people flocking to the state, but their ability to pay more is a big factor. According to the real estate brokerage Redfin, out-of-state buyers are typically shelling out more for a home than, say, a long-time resident of Austin. Markets are heating up statewide — home prices are surging in Hutto, Texas.
The Texas Real Estate Research Center at Texas A&M University adds that the hot markets of Austin and Dallas-Fort Worth have driven the average number of days on market down as well, with houses sitting a record low 30 days on the market in June.
Still, particularly in small metropolitan areas and towns in Texas, prices are far lower than in Austin or Dallas even if there has been a considerable drop in active listings this year because of COVID-19.
To identify the 50 most affordable housing markets in Texas, 24/7 Wall St. reviewed data from the U.S. Census Bureau’s 2019 American Community Survey five-year estimates, ranking only the 404 census-designated places, cities, and towns with at least 5,000 residents in Texas. (All data came from the ACS. We calculated the percent of population change.) The housing markets on this list range in median price from about $78,000 to as low as $47,000.
So grab your guitar, your Willie Nelson tunes and your Stetson, and take a look at the affordable home-buying markets listed below as you start your Lone Star search.
Click here to see the most affordable housing markets in Texas
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