Austin's average family home income increases
It's becoming more appealing for families to make an investment in one of the available homes for sale in Austin. Dominic "Dom" Chavez, an Austin City Council candidate, told the Austin American-Statesman that the median family home income has risen 20 percent since 2000.
However, Chavez points out that the city sales and property tax burden has increased 40 percent during the same period. These statistics might appear contradictory, but economist Mark Robyn notes that average household income and local tax rates are not necessarily related.
"I can't think of a reason there’s anything wrong with it," Chavez told the news source. "Although medians and averages are calculated differently, neither one is 'wrong'; there are just many ways to slice the data."
There are plenty of ways to look at taxes, and reviewing how taxes could impact annual costs may help families interested in relocating to the area.
According to the Austin Department of Housing and Urban Development, there was a 27 percent in Austin's median family income between 2000 and 2011. The Austin American-Statesman states families should expect a tax burden of $1,042 annually if they earn a household average of $58,900.
Taxes can prove costly, but homeowners might be able to save thousands of dollars when you buy an Austin house. MarketWatch notes that you could receive a 30-year fixed-rate mortgage around 3.83 percent in May 2012, so investing in Austin property may prove valuable when considering the annual expenses associated with real estate in the area.