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."
SEE ALSO: Houston named a top-10 housing market for growth and stability
SEE ALSO: Housing market could soon go back to pre-pandemic norms, Zillow says
SEE ALSO: 2 Houston neighbors named some of America's most livable small cities in 2022
This article comes from our ABC13 partners at Community Impact Newspapers.