Houston’s Affordability is the Current Driver of the Influx of People, Business, and Economic Growth. What Factors Drive that Affordability?
In a recent story, Houston’s well-recognized affordability comes under question as the writer speculates maybe it is not all that affordable. Texas Monthly claims Houston is less affordable than New York City. However, Reason cites the article and questions it’s logic.
While we certainly can’t claim expertise in how affordable Houston is versus other major metropolitan areas, we can share with you a few of the reasons we’ve attracted 1.1 million new residents since 2010. Houston’s affordability (whether perceived or actual) relies on a few important factors that residents like.
- Texas as ZERO state or local income tax.
- Median home prices in Houston in 2018 were $178,000. Well below the national median of $240,000. Ranking second in the top 10 list of growing metros with affordable housing in 2018.
- Houston made Turbo Tax’s Top 10 list of cities with the lowest tax rates.
- Houston property values are assessed every single year for property tax purposes. There is a method built-in to the system for protesting that assessment to ensure your property taxes are fair.
If you are not convinced that all of these factors contribute to over-all increased affordability in Houston, don’t take our word for it. Keep an eye on businesses and people moving into the area.
The city has been growing for almost 10 years straight, adding 92,000 new residents in 2018 alone. And Texas was ranked number two in the top 10 list of best states for business. If Houston wasn’t as affordable as people thought, word would have gotten out by now.
In the meantime, if you are navigating your Houston area property taxes, give us a call. We can file your property value protest for you and make sure your case is presented with expertise and proper evidence of the actual value. Call today. 281-880-6500