If there is any positive aspect to the foreclosure crisis that has gripped the U.S. in the past few years, it is that anyone interested in investing in real estate should be able to find appropriate properties at bargain basement prices. Homes can be purchased from banks at far less than their actual value, and business properties are also as affordable. And a very good reason to consider investing in south Texas real estate is because this area is one of the few in the country that is expecting steady population growth over the next several years.
Affordable Residential Real Estate
Unlike other areas of the country that have experienced such a population growth, south Texas real estate has not seen the median price of their residential homes skyrocket in proportion to that growth. This raise in median home prices was seen in California, Florida, and other areas of job growth but has not been seen in areas of Texas. This means that real estate is very affordable and ripe for investment dollars.
Qualified Buyers
In some areas of the country, there are affordable homes and jobs but this doesn't mean that those jobs are paying enough for people to buy those homes. When it comes to south Texas real estate, this just isn't the case. According to the Texas Housing Affordability Index, a Texas family earning the statewide median income has 152% of the income required to qualify for financing on the median-priced home. Nationally, families have about 16% more than what is required. Nationally a median home value is 3.62 times the median household income, but in Texas, the median value is only 2.52. This means that not only is there affordable housing in south Texas real estate but plenty of customers that can easily afford those homes as well.
Other Jobs on the Way
When an area of the country experiences a population growth, this means that there is a resultant strain on the area's infrastructure and resources, but there are tax dollars to correct this. This means jobs are then created to build and repair infrastructure and increase those resources. This means that as the real estate becomes more valuable, more support is needed and then created, which means more jobs and more valuable real estate created.
Some people purchase a vacation home now, intending to move there after retirement but you should remember that your life and your circumstances may be very different when you reach retirement age. When you're at retirement age, your knees may not appreciate being in a "winter wonderland" when you have arthritis and poor circulation. In order to make your vacation home a proper investment for your retirement years, you need to be practical and realistic. Weather will be a major factor for you to consider when you reach retirement age. Purchasing a vacation home for your enjoyment now can be a great investment for families who are looking forward to a permanent residence upon retirement.
Anyone considering an investment in real estate should consider south Texas. The jobs and economy are headed there, the weather is beautiful, and everything is booming. While no one wants to make light of the housing crisis that's affecting so many millions, this does mean that there are opportunities for others who want to park their investment dollars in a sure bet. And south Texas may be just the place they're looking for!
Author Resource:-
David Cowley has created numerous articles on real estate investing. He has also created a Web Site dedicated to real estate investing. Visit http://www.rgvre-team.com
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