Can someone explain me about house price and mortgage and interest rate in United States?

[MonopolyGuy]

I am from Canada and since Covid, house prices are skyrocketing. In 2018, house is 300K and now 650-700K. Average 1800sq/2 700-750K (this is in small city) depends on location.
I am an architect and generally know most cost of house but still does not make sense 700K. What is the situation in US?
I have seen lots of 3000 sq/2 house in Texas around 250-300K. How the fuck is that possible?
Average property tax around 5-6K/anually here. Is that a big deal in US?

Updates

+1 y

Can you guys mention your propert/ real estate taxes? How does that calculate? Base on property value or kind of municipal percentage? Does it worth to move US. That’s why all I am looking into.

[AviatorTom]

Depends where you are. Just across the border in Westen New York State, you can find 2500 sqft houses for US$300-US$400 K, with real estate taxes of US$7-US$10 K. Don't forget the exchange rate... US$1 is about CA$1.30.

[AviatorTom]

@MonopolyGuy Property taxes are based on a percentage of the resale value of the property, called the millage rate. There are usually several different taxes a property-owner has to pay, including the county they live in, the city, town and/or village they live in, and the school district they live in; each tax has its own millage rate. by the way, most places cap the millage rate at a maximum value set by the state. Property values are typically reassessed each year, and they always increase, so taxes also increase every year. Some places have discounts for senior citizens, for example: some places don't charge seniors school tax. You can google for more info if you want. Hope this helps.

[MonopolyGuy]

For sure, so technically you are paying so much taxes almost 15-20years worth of buying 2nd houses. Here in Canada, a 700K CAD house with 5-6K CAD taxes annually.

[jahaims]

Private equity firms are artificially increasing prices by acquiring large quantities of property.

[curiousmandy]

It’s no better here in the US. Even rent is crazy. It’s nearly impossible to not live paycheck to paycheck it seems

[leahzrc]

it's bad here too