Texas consistently ranks as one of the nation’s most favorable business climates based on its low tax burden and competitive regulatory environment. In Texas, aggregate costs for real estate, energy, wages, and taxes are below most states in the country. Compared to other major business centers, Austin is well known for offering affordable living. The National Association of Realtors reports that the median single-family home price in Austin was $284,000 in the third quarter of 2016, while the national median was $240,900. The National Association of Home Builders, which also produces median home price estimates, has a narrower difference between Austin and the nation. Its third quarter 2016 estimate for Austin is $280,000 with a national median of $247,000. NAHB estimates that 58.7 percent of homes sold in Austin are affordable to families earning Austin’s median family income—close to the 61.4 percent national affordability rate. Texas features no personal or corporate income tax, and overall the state has one of the lowest state and local tax burdens in the nation, ranking 38th among the 50 states in taxes paid per $1,000 of personal income
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