Data shows median home price in Houston area slightly dipped to $349k, renting costs also down

HOUSTON, Texas (KTRK) -- Both the cost of buying a home and renting went down in the Houston metro, according to data from the Houston Association of Realtors.

According to the data, more households in Houston could afford to buy a home in the second quarter of this year. 39% could afford to buy a home, which was up 2%.

While HAR said the numbers are going in the right direction, they said five years ago that the number was higher at 60%.

When looking at the median home price from the start of this year, the data showed it went down slightly to $349,400.

HAR described Houston as being in a balanced market right now, with the city having a little over five months of housing inventory available.

"Houston, we're kind of in a sweet spot right now. You know, it's good for buyers, but it can be good for sellers as well, because they're still seeing those solid offers. But the buyers, like I said, have more negotiating power and they do have more options with more inventory," said Theresa Hill, HAR Chair-Elect.

According to HAR, rent prices also went down. The data showed 46% of Houston renters could afford the average lease price of $2,100, which was down by a little more than 4%.

The data showed the minimum annual household income was $98,400 to afford a median home price and $84,000 to afford an average lease price.

According to data from the Kinder Institute for Urban Research, the median household income in Houston last year was a little over $64,000.