houston area home prices are on the rise, but that's not slowing down our hot market. In fact, a new study says Houston is the second best place in the U.S. to buy a home.
The folks at SelfStorage.com examined the 60 biggest metro areas in the country to determine where potential homeowners should buy. Specifically, they looked at long-term economic growth, long-term job growth, availability of new housing, cost premium (ratio of median home value to median salary), recent price increases and real estate taxes.
While the No. 1 city on the list was Austin, SelfStorage.com says that "Houston actually outperforms Austin in many ways," including lower cost premiums and real estate taxes. In terms of the percentage change in median sale prices from 2012 to 2014, prices in Houston are up by more than 20 percent.
"However, there’s less recent construction in Houston, and economic growth — while healthy — is slower than in Austin," the site states.
Austin tops the list, thanks in part to job and economic growth. "The capital of Texas boasts the highest long-term job growth and the second-highest economic growth numbers among the Top 12," SelfStorage.com notes. Interestingly, Austin boasts the "second-highest share of recent construction." And according to the study, home prices are still relatively affordable: Median prices are only slightly higher than three times
the median income.
Texas cities San Antonio (No. 5) and Dallas (No. 6) are also among the best places to buy a home. The two share similar economic numbers, but San Antonio has the lowest real estate taxes of any Texas city on the list.