Less than half of Houston-area residents can afford a median-priced home

ByGeorge Wiebe Community Impact Newspaper logo
Friday, May 6, 2022
Houston's real estate market reaches record levels
"We're seeing things we've never seen before, multiple offers within an hour or two of properties being listed." That's just one perspective in the middle of a white-hot market right now.

HOUSTON, Texas -- Climbing prices and rising interest rates have created a climate of unaffordability for potential homeowners as the minimum required income to meet expenses of a median-priced home in the Greater Houston Area rose 26.9% in the last year, according to the Houston Association of Realtors.



The video featured above is from a previous report.



This trend is not exclusive to Houston or other Texas metros areas, with the minimum income needed to afford a home within the U.S. rising 26.5%, according to HAR.



The minimum qualifying household income varies dramatically across the state, with Houston and San Antonio hovering around the state average of $73,200; the Dallas metro area's minimum qualifying income is $81,200, while Austin's metro rose to $120,400-more than $30,000 more than the previous year, according to HAR data.



"Austin has seen the largest influx of people coming from California, and what we have seen (is) those people who are coming from high-priced states are kind of importing their prices with them," Houston Association of Realtors Chair Jennifer Wauhob said.



The median price of a home in the Houston area is about $330,000, Wauhob said, well below the median price of $375,300 across the U.S., according to the National Association of Realtors.



In the Houston area, 47% of households make the minimum income necessary to afford that median price.



"We do have inventory that is below that, so don't just assume that you're one of those 53% who can't qualify based on your income ... ." Wauhob said. "There are more affordable options out there."



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This article comes from our ABC13 partners at Community Impact Newspapers.