Average Houston home buyer needs 70% more income than in 2020, study finds

HOUSTON, Texas -- Of all the things that have changed since the coronavirus pandemic began in 2020, one of the most drastic is the residential real estate market.

In 2020, according to a new report from real estate company Zillow, a household earning $59,000 annually could comfortably afford the monthly mortgage on a typical U.S. home, spending no more than 30% of its income with a 10% down payment.

That was below the U.S. median income of about $66,000, meaning more than half of American households had the financial means to afford homeownership.

Continue reading this article from our ABC13 partners at Houston CultureMap.

SEE ALSO: Is owning a home still part of the 'American Dream?' What to consider before deciding to rent or buy