Why would people buy condos/SFH in Texas?
Why would people buy condos/SFH in Texas if they wanted to live there for work?
Let's say someone wants to live in Houston, TX near the medical centers for work. Would it be a logical argument that renting is almost always better than buying a condo/SFH? The property taxes alone are more than the rent so how can it even make sense money wise to buy? What would be the reasons to buy, and how would they beat the low rent prices in Houston, TX?
Again, I am not sure why people would buy condos or SFH if they were single and needed to work/live in Texas. Let's say there is a 1-bedroom, 1-bath condo in Texas selling for $200,000 in downtown Houston. The property taxes would be a little over $5,200/yr (2.6%) and the HOA fees might be something like $500/month*12 months= $6,000/yr. That's already $11,2000/yr. Together with mortgage interest and closing/selling costs and repair costs, maintenance, etc., why would someone buy a condo in Houston, TX *versus* renting a 1-br, 1-bath for $700/mo? It wouldn't even make sense financially if they paid all of the mortgage off right? I see condos as money sinks in all of the large Texas cities. Doesn't the property tax alone wipe out any financial advantage of owning a home in Texas?