Is no transfer tax a real saving?

At closing, yes. Over a hold period the property-tax rate usually outweighs it. Compare total cost of ownership, not closing costs.

Did the market actually fall?

Asking rents and prices came off the 2022 peak as supply landed. That is a genuine correction, not a talking point — check current comparables.

United States · USD

Austinreal estate

Austin has no transfer tax and no state income tax, and takes it back through one of the highest effective property-tax rates in the country. The 2021 boom and the supply-driven correction after it both happened here.

New York Miami Los Angeles Chicago Seattle

County records path

HOA & insurance checked

3D map

50state codes — there is no one US market

Titleinsurance, not a notary, protects the buyer

FIRPTAwithholding hits foreign sellers, not buyers

No SSNneeded to take title as a foreign buyer

What a purchase really costs

$750,000 home in Austin

Owner's title insurance (≈0.5%): $3,750
Lender, escrow & appraisal (≈1%): $7,500
Attorney, recording & prepaids (≈0.3%): $2,250
Cash needed at closing: $763,500

≈ +1.8% over the price. There is no national property code. Transfer tax is a city and county question — New York adds a buyer mansion tax above $1m, Chicago charges the buyer 0.75%, Texas charges nothing and takes it back in annual property tax. Since the 2024 NAR settlement, buyer-agent compensation is negotiated in writing rather than assumed from the listing.

Rentals run on rules

The rent side, in three lines

Deposit caps, notice periods and eviction timelines are state law — one to two months is common, but New York and Florida are not the same statute.
Rent stabilization is local: New York City has it, Miami and Austin sit under state preemption against it.
Insurance is the variable that reprices a building — Florida wind and flood can move faster than the asking price.

HOA and condo documents are the yield. Read the reserve study and the special-assessment history before the inspection.

Cities

Six metros, six closing customs

The buyer-side transfer tax is the fastest way to see how local this market is: 1%+ in Manhattan, 0.75% in Chicago, zero in Austin and Seattle where the seller pays instead.

Effective property tax typically lands around two percent of assessed value per year. On a $750,000 house that is a five-figure recurring cost that a buyer from a low-property-tax country will systematically underestimate.

A large multifamily delivery wave after 2022 pushed rents down from the peak — the rare recent US metro where asking rents fell. Underwrite current achieved rent, not a 2021 comparable.

Texas preempts municipal rent control and offers a homestead exemption plus an assessment cap to owner-occupiers that investors do not get. Central Austin, the eastern crescent and the suburban corridors behave very differently.

FAQ

Is no transfer tax a real saving?: At closing, yes. Over a hold period the property-tax rate usually outweighs it. Compare total cost of ownership, not closing costs.
Did the market actually fall?: Asking rents and prices came off the 2022 peak as supply landed. That is a genuine correction, not a talking point — check current comparables.

All markets: sivrce.com · Georgia marketplace: sivrce.ge · Prices and availability are published only when a verified listing exists. Market currency: USD.