Featured Posts

Better to Rent or Own? It’s a question a get a lot. Again the answer isn’t a ‘one-size-fit-all’ type thing because it depends where you live and how expensive it is to purchase vs. rent. However, Trulia has a great...

Readmore

Selling in 2011? 5 things you MUST know. If you are considering selling your house in 2011 here are my top 5 things you need to know as a seller. This is one of my few longer posts, just so you’re prepared! Of course my standard disclaimer...

Readmore

Pflugerville home – 2000sqft+ for under $150K View Full Album Yes, the Austin market is still strong. For those who are relocating to Austin, TX, Pflugerville is just minutes away from Austin, and about 20 minutes to all the downtown fun! This...

Readmore

  • Prev
  • Next

Closing costs high in Texas

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

0

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.

image

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.

Comments are closed.