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Closing costs high in Texas

Posted on : 26-08-2010 | By : Sumina | In : Buyers, Education


Tying into my previous article on the lack of affordable housing, according to bankrate.com, Texas ranks the second highest in closing costs. Way to go Texas.  Although in 2009, we ranked #1 in highest closing costs.


Debating with a few non-real estate friends, the question was, if a family doesn’t have a few grand stocked away to purchase a home and are depleting all their cash reserves to purchase a home, should they really be in the home buying market? Any setback (loss of job, disability, auto emergency, etc) would put them in a very difficult position.

According to the general government funding programs, a household should not be spending more than 30% of the total household income on housing. I can say for a fact, that I have several friends who spend close to 60% of their monthly income on housing.

The question becomes, is it lack of affordable housing, or poor financial planning. Obviously, this is food for another post.

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