5 affordable places to live in Texas
There's plenty of housing in the Lone Star State that won't break the bank. Here are some areas to consider.
1. Wichita Falls
About two hours northwest of Dallas, Wichita Falls sports an impressive network of parks, and it appeals to families and young professionals. The median home value in Wichita Falls is $97,400, according to Niche, well below the median home value for Texas -- $211,199, according to Zillow. The average property tax rate in Wichita County, as reported by Tax-Rates.org, is 1.69% of a home's assessed value. That's just below the average property tax rate for all of Texas -- 1.81%.
2. Brownsville
On the Mexico border, Brownsville has a fairly healthy economy, with plenty of government jobs and opportunities in education and aerospace. Just be aware that summers in Brownsville can be extremely hot and humid. The median home value in Brownsville is $87,600, while the average property tax rate in Cameron County is 1.76% of a home's assessed value.
3. Beaumont
About 90 minutes east of Houston, Beaumont is known for its arts scene, museums, and historic buildings. The median home value in Beaumont is $104,400, while the average property tax rate in Jefferson County is 1.59% of a home's assessed value.
4. Amarillo
In the northwestern corner of Texas, about an hour from the New Mexico border, Amarillo is known as a meat-packing hub, supplying about one-quarter of the country's beef. The city also offers access to Palo Duro Canyon State Park, the United States' second-largest canyon system after Arizona's Grand Canyon. The median home value in Amarillo is $127,200, while the average property tax rate in Potter County is 1.76% of a home's value.
5. McAllen
At the southern tip of Texas near the Mexico border, McAllen has seen its share of economic challenges in recent years. Despite that, its network of parks and recreation make it a draw for young families. The median home value in McAllen is $123,900, and the average property tax rate in Hidalgo County is 1.92% of a home's assessed value.
Before you apply for a mortgage in Texas, you may want to boost your credit score and lower your debt-to-income ratio. Doing so will make you a more appealing loan candidate, which means you could end up with a competitive rate. Paying down existing debt helps from both credit score and debt-to-income ratio perspectives -- it also gives you less to worry about once you sign for a mortgage and have a new monthly bill.
Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
