Mcallen, Luis Lopez, Austin discussed on Marketplace
Amy was talking about home remodels an older people doing it. We are going to go down to mcallen, Texas now to talk about first time home buyers because the median home price there is about one hundred and thirty six thousand dollars that's eighty five thousand or so less than the national figure, but the politics of President Trump's wall and also mckellen's proximity to one of Mexico's most dangerous cities Reynosa mix the real estate seen in mcallen a little bit different. For the latest in our series business at the border marketplaces and dealer set out to get a sense of the mcallen housing market. Luis Lopez is checking out this yellow three bedroom. Two story house about fifty miles north of downtown mcallen my budget. I wanna place in like one fifty one sixty s. One thirty five he needs a lot of work. Lopez lived in the area for twenty three years helps his parents run a catering business. He rents a place right now. But feels ready to buy and it will be about the same amount of money. So it'll be I'd rather spend it on the mortgage then being paying someone else. Rent the fifteen hundred square foot place Lopez's checking out today is listed under the median home value in mcallen of about one hundred forty grand. It's that kind of affordability that brought real estate investor. I'm Mira Khalifa back to her hometown about three years ago. She and her husband were living five hours north in Austin, where the median home price is above three hundred fifty thousand dollars we loved Austin, but moving back here. I mean, the cost of living his whole much cheaper. They bought seventeen hundred square foot place in calendar for one hundred and twenty five thousand dollars. That's seventy one dollars a square foot. She was paying more than twice that in. Austin Khalifa says mcallen's affordability really hit home the other day when she was doing her taxes. She was comparing your tax Bill from her house in Austin, which she still. He owns with the one in mcallen. And then literally I message my husband's like five times cheaper to live in mcallen than it is Austin, maybe a bit of hyperbole but property taxes in mcallen are lower than Austin, which means the city's public schools get less funding that hasn't stopped mcallen from becoming a bit of a BoomTown. The population is surging and sales of existing homes in February were up eight percent over last year bucking the national trend some of those who've moved to mcallen their affluent Mexicans who fled drug related violence across the border as a sociologist the Texas Rio Grande valley, but there's a lot of money invested here by people from Monterrey air from China's whomever can afford it, especially those Mexicans with cash. It can be a bit tricky for Mexican citizens trying to land a mortgage Maria Gonzalez found that out recently when she borrowed money to build a house in north mcallen. She's a US citizen, but she got financial help from her two brothers who are both Mexican citizens. She says that threw a wrench into the process. They're going to ask you a lot more. A dump payment a huge down payment. It's a lot harder in buying a house takes longer for Mexicans more paperwork. More financial scrutiny mcallen realtor. Ronnie own tomatoes thinks it's not just the hassle. She says Mexicans are starting to find the city less inviting as political tensions rise border wall issues. They don't feel as welcome. And we had a lot more Mexican nationals. They used to come.