Study - CS least affordable city in the country

3,226 Views | 21 Replies | Last: 6 yr ago by australopithecus robustus
techno-ag
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AG
It's all an effort to keep students out.

http://www.kbtx.com/content/news/article-states-college-station-475474003.html
Stupe
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S
I chuckled at that as soon as I read the headline this morning.

A city full of students has a high income / rent ratio.


I'M SHOCKED!
techno-ag
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AG
Yup. That's the problem with counting them as residents. It skews the statistics. Oh well.
nought
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AG
LOL based on the number of students driving Range Rovers, BMWs, Mercedes, and the like, I certainly don't think they're hurting for money for the most part.
AgsWin2011
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AG
While the article is ridiculous, due to students who don't work very much or at all, College Station is damn expensive as far as land and housing goes.

Most 1 acre lots are well over $100k in CS. Pretty crazy if you ask me.
Oogway
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"The landlords are a little slow in lowering the rent. they would rather give concessions."

Fine, but landlords also shouldn't ask the city to restrict property owners/developers from building on their property just because they want to keep supply low and their rent high. Not the government's job. If you can't make money at it, then sell and move on.
SARATOGA
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Not all land is used to make money !
SARATOGA
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Quote:

Most 1 acre lots are well over $100k in CS. Pretty crazy if you ask me.
How much does a 1 acre lot cost in Austin / Houston / Dallas / San Antonio ?

Oogway
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I'm referring to someone who moves into a second home thinking that they will lease out their first home and doesn't spend time crunching the numbers. Some folks here are pretty financially sound and have figured out how to make that plan work for them, and they understand the market here but others just look around and think 'I could do that'. That is when they (perhaps) should have sold and invested elsewhere. Some of my friends are in the first group, but I have a number that are in the last group, and I guess I get frustrated because it seems like they are spinning their wheels when the money could be invested elsewhere. Asking the city to restrict development just so you personally can have a better market for your rental doesn't seem right. Just my 2 cents.

Is that wrong, Saratoga?
techno-ag
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AG
Oogway said:

I'm referring to someone who moves into a second home thinking that they will lease out their first home and doesn't spend time crunching the numbers. Some folks here are pretty financially sound and have figured out how to make that plan work for them, and they understand the market here but others just look around and think 'I could do that'. That is when they (perhaps) should have sold and invested elsewhere. Some of my friends are in the first group, but I have a number that are in the last group, and I guess I get frustrated because it seems like they are spinning their wheels when the money could be invested elsewhere. Asking the city to restrict development just so you personally can have a better market for your rental doesn't seem right. Just my 2 cents.

Is that wrong, Saratoga?
Are you saying real estate investors who got in early want to stifle new competition?
Oogway
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Not so much as saying that IMO you (the landlord) have to adjust to the market.
powerbelly
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AG
Heismenberg said:

Most 1 acre lots are well over $100k in CS. Pretty crazy if you ask me.
That is pretty ****ing cheap.
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saltydog13
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AG
Hey stay east of the Brazos. I enjoy looking at farmland on the drive home vs development everywhere
australopithecus robustus
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One acre lots in west austin are $450k. It's pretty damn cheap here
ro828
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Reading that article, you'd expect to drive through the streets of College Station and it look like Detroit or possibly even Calcutta. That $904 rent figure may look scary, until you consider that in so many cases it's being split between four people.

Aust Ag
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AG
Yep, misleading article. Rents have been on a steady decline for over a year. And rents, comparatively, weren't that high to begin with.
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AC Hopper
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S
Don't worry ... they're coming down. Overbuilding and glut on the supply side will change more factors than merely rent prices.

Single family homes in the neighborhoods currently occupied with los's (lots of students) will see los's migrate to suddenly low-priced, luxury apartments and Aggie shacks, while inmigration of low-income and unemployed single-parent families from God only knows where changes the face of the neighborhoods, city & schools forever!

Thanks CSTX city council and planning & zoning department. Party's over. Now that y'all got lubed and screwed, it's everybody's turn!!!
CS78
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AC Hopper said:

Don't worry ... they're coming down. Overbuilding and glut on the supply side will change more factors than merely rent prices.

Single family homes in the neighborhoods currently occupied with los's (lots of students) will see los's migrate to suddenly low-priced, luxury apartments and Aggie shacks, while inmigration of low-income and unemployed single-parent families from God only knows where changes the face of the neighborhoods, city & schools forever!

Thanks CSTX city council and planning & zoning department. Party's over. Now that y'all got lubed and screwed, it's everybody's turn!!!
Yay diversity and affordable housing!!! It's worked so well in places like Southwood Valley. Why not celebrate it across the entire town?
australopithecus robustus
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Let's all just pump the brakes and chill please. This town is growing just like towns tend to grow. It's good for Commerce. Settle down with the exaggerated drama.
biobioprof
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australopithecus robustus said:

Let's all just pump the brakes and chill please. This town is growing just like towns tend to grow. It's good for Commerce. Settle down with the exaggerated drama.
Why focus on Commerce instead of Kingsville or other TAMUS towns?
australopithecus robustus
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BCS commerce
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