Real estate prices in Texas crazy cheap?

[LevelUP]

Fannie Mae/FHA rules are that if there 50% rentals then the condo/townhouse doesn't quality for a loan.  

There are hundreds of listings in the Houton area.  What percentage of those listing are you claiming don't qualify for Fannie Mae/FHA loans?

I don't know. OP's premise is that this listing seems unusually low in price for a condo in Houston.

Reasonable explanations include that it's non-warrantable, and that it's been listed lower than the seller's true reserve price to encourage a bidding war or similar.

There could be another explanation, or the premise could be mistaken: maybe this isn't unusually low in price for a condo in Houston. What do you think explains the observation?

I am not living in the US, so I don't know if that is a reasonable price for a small condo in Houston or not. When comparing it to my current country of residence it just seems too good to be true considering the purchasing power in that area ($60,000 for a soviet style 2 room apartment in Belarus earning $400-$800 per month vs $60,000 for a decent 1 bedroom condo in a US metropolis with far better weather and much higher salaries). That's why I asked you guys for your opinion

If $60,000 to $80,000 is a realistic budget for a small condo in Houston in an area where I don't have to expect any extreme circumstances (severe crime, homelessness, etc.), I would actually consider trying to move there and using this opportunity.

There are a lot of people who enjoy pushing fear.

What if there’s a lot of crime in a big city?
Many suburbs around these big cities can have lower crime rates than some of the safest cities in the U.S.

“Rentals and homes cost way too much” (often citing prices in Manhattan, NY, or San Francisco).
Not every place has high prices.

The American Dream is alive and well in 2024. People here often don’t realize they’ve already won the lottery simply by being born in this country. Instead, they focus on the negatives and victimize themselves.

Here’s an example: a brand-new home listed for $120,000, just a 30-minute commute from Houston, TX.
https://www.realtor.com/realestateandhom...5583-60223

[David1477]

Wow, this is really crazy for non-Americans.



In my country, a somewhat ok apartment costs like 12 to 20 times the annual median net salary. Also, our local mortgage rates are 16-22% interest PER YEAR.

Being able to buy a house on a low interest rate for about 2 to 4 times your annual net salary seems insane in contrast to this.

[LevelUP]

Wow, this is really crazy for non-Americans.



In my country, a somewhat ok apartment costs like 12 to 20 times the annual median net salary. Also, our local mortgage rates are 16-22% interest PER YEAR.

Being able to buy a house on a low interest rate for about 2 to 4 times your annual net salary seems insane in contrast to this.

A college graduate here can easily earn $40,000 to $60,000 a year as a starting salary. Buying a home is quite attainable.

Some people use a strategy called house hacking, where they purchase something like a duplex and rent out the other side. The rental income often covers most or even all of the mortgage.

[bjcheung77]

I don't really focus on specific states for housing, just wondering which states have inexpensive housing (not condos, but either a duplex or house)... Maybe even a lot where you can build on, something to that nature. Then there are areas that are better to own versus renting, that's another debate altogether...