Most of Texas is undervalued because frankly... NOBODY wants to live there!
They have been calling Texas a 'great buy for real estate' for years now. But property values never really rise any significant amount.
So to answer your question.... who knows how they come up with these values.
except for the 20 million people in TX. why would you say something like that? people have family there, myself included.
bluesashbride
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Re: Mortgage rates up...affordability down
That's a VERY closed minded statement about NOBODY wanting to move to TEXAS. I'm from there and would love move back, especially to Austin.
Mrs. dleeny
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Posted by bluesashbride
That's a VERY closed minded statement about NOBODY wanting to move to TEXAS. I'm from there and would love move back, especially to Austin.
unfortunately, many NY'ers are very closed minded and think there is nothing west of the Hudson. Sadly, I used to be this way myself until I met my DH who has lived all over, including Europe. He has really changed that about me, thank goodness!
Ronkonkomonga
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Re: Mortgage rates up...affordability down
Am I doing the math right on this one - if a Nassau Suffolk median priced home is $425K, and that is 40% overvalued - Is CNN saying that it is really worth 60% of that? That a median house price on LI is only 'worth' $271K? Hmmmm - I wouldn't put those texas real estate agent s on your speed dial just yet.
Speaking as someone who has traveled alot - The lone star state wouldn't be on the top of my list - no offense to your fam.
Blu-ize
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Re: Mortgage rates up...affordability down
All I'll say to this one is that it's easy to take the girl out of New York but hard to take New York out of the girl..
hard transition..anywhere.
lrs2005
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Re: Mortgage rates up...affordability down
I think they may be referring to the median home price in the US which is about 200,000 and in Nassau-Suffolk it is over 400,000 so in reference to the median home price it is 'overvalued' however, there is a reason that homes are priced the way they are: Location, location, location.
There are price differences on LI as well, for example people will pay more to live in Cold Spring Harbor than they would in Roosevelt, it is the same thing as NY v. TX. I am sure people pay more to live in some areas of TX than others.
I think that the article fails to take into consideration intangible factors such as the scarcity of land per person in NY v. TX and the number of jobs in NY v. TX. Also, for many, living in NY is a big dream, and that is not just for people from NY.
Mrs. dleeny
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Re: Mortgage rates up...affordability down
well, on the flip side of things, a lot of people think NY is full of crack whores and drug dealers on every corner, crime riddled, homeless people everywhere and filthy dirty. they probably wonder why anyone wants to live here.
DjPiLL
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There are a lot of negatives for moving to Texas.
If Texas was in such hi demand... don't you think the property values would have risen higher through this RE boom?
DjPiLL
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Re: Mortgage rates up...affordability down
Posted by dleeny
well, on the flip side of things, a lot of people think NY is full of crack whores and drug dealers on every corner, crime riddled, homeless people everywhere and filthy dirty. they probably wonder why anyone wants to live here.
The same people that still think NYC still lives in the 1970s. NYC has been known to be one of the SAFEST big cities in the entire country. If you don't believe me... read the crime reports.
The only good thing about living in Texas is the lack of state taxes.
I can think of PLENTY of places in the USA that are more desireable than living in Texas.
Sorry... just my opinion.
SomethingBlu
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Re: Mortgage rates up...affordability down
Posted by DjPiLL
There are a lot of negatives for moving to Texas.
If Texas was in such hi demand... don't you think the property values would have risen higher through this RE boom?
Wow...not surprised about these statements...after all, this is coming from someone who owns a LI home and wants the best for his investment.
As for Texas...it's a simple equation. Supply and demand. Space vs. no space. NY is done with development, in order to get houses you have to pay ridiculous prices for those established or move to bumblefvck for new construction.
Texas (much like GA - where my DH and I ARE PROUDLY moving to) is huge. There are a lot of places that have not yet been developed and construction is booming. Houses are not in short supply because there are trees and there is land that could still be developed (as opposed to 'wonderful' NY ) so they don't rape the families looking for houses...at least not yet.
There ARE places in the US where having the 'American Dream' is very much possible and you don't have to sell your kidney for it.
Meaghan729
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Re: Mortgage rates up...affordability down
There ARE places in the US where having the 'American Dream' is very much possible and you don't have to sell your kidney for it.
hmmmm...selling a kidney.....well you do only need one.....
SomethingBlu
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Re: Mortgage rates up...affordability down
Posted by Meaghan729
There ARE places in the US where having the 'American Dream' is very much possible and you don't have to sell your kidney for it.
hmmmm...selling a kidney.....well you do only need one.....
DjPiLL
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Re: Mortgage rates up...affordability down
Posted by SomethingBlu
Wow...not surprised about these statements...after all, this is coming from someone who owns a LI home and wants the best for his investment.
As for Texas...it's a simple equation. Supply and demand. Space vs. no space. NY is done with development, in order to get houses you have to pay ridiculous prices for those established or move to bumblefvck for new construction.
Texas (much like GA - where my DH and I ARE PROUDLY moving to) is huge. There are a lot of places that have not yet been developed and construction is booming. Houses are not in short supply because there are trees and there is land that could still be developed (as opposed to 'wonderful' NY ) so they don't rape the families looking for houses...at least not yet.
There ARE places in the US where having the 'American Dream' is very much possible and you don't have to sell your kidney for it.
Thats fine and if you prefer to live in Texas... thats cool. But as far as your supply and demand topic goes... places like Florida and North Carolina have tons of undevloped land.... yet the Florida market continues to be MUCH hotter than Texas.
As overpriced as people claim Long Island is... I am sure that in the long run Long Island real estate will continue to appreciate higher than Texas would (percent wise).
Like you said... living the american dream in Texas is very possible. Land and housing is very cheap. No state tax.
