Economy | News | Real Estate

Texas is Top Ranking State for Housing Affordability


Read time: < 1 minute

The housing market in Texas is now marked as the most affordable in the country with record low interest rates, giving Texans home buyers even more affordability in the home buying market.

According to the Texas A&M University Real Estate Center, a current Texas home buyer making around $37,000 a year could likely qualify for a $150,000 home, while twenty years ago a home buyer would have needed to have at least around a $49,000 annual income to qualify for a house of the same amount. This is because while a present day 30-year, 80 percent loan with a 4 percent interest rate would be appropriate for a current home buyer, in 1991 a home buyer could qualify for the same loan but with an average interest rate of 9.64 percent.

However, housing experts are saying that other states are honing in on the affordability of the Texas housing market and are striving to narrow the gap. According to James Gaines, a research economist at the Real Estate Center of Texas A&M, the national median price of homes has declined 25 percent in the last six years. Unfortunately for the Lone Star State, the statewide median home prices have increased about 4 percent during that time. While the Texas housing market is in the lead now, Gaines suspects that we may see a decline in affordability in some areas.

Related links

Leave a Comment

Related Posts

None found

INSTAGRAM

Are you looking for the most up-to-date and easy-to-use home search website in Austin? You’re in the right place! Explore RealtyAustin.com, Austin’s #1 home search website. Check out the full home search video on IGTV or use the #RAlinkinbio. Find your next home today! 🏘️ 💻 📱 #realtyaustin #makethemove #austinrealestate⁠⠀ ...

@foundationcommunities is on a mission to end the affordable housing crisis that many Austin residents face, now more than ever. Realty Austin, Co-Owner, @yvetteboatwright sits down with Foundation Communities CEO, Walter Moreau to discuss the program's community initiatives to provide safe affordable housing while enhancing the quality of life for the community members in need. Get involved and watch the full interview using the #RAlinkinbio ❤️ 🏡 #ouraustinpledge #realtyaustin #foundationcommunnities #affordablehousing ...

Realty Austin is honored to be ranked #3 on the Austin American-Statesman‘s 2020 @topworkplaces of Greater Austin list! 🏆🎉 Rated in areas of leadership, ethics, values, and treatment of employees, we are proud to be on this list for the ninth year in a row. Check out the #RALinkInBio to learn more about why Realty Austin is consistently voted a Top Workplace! #topworkplaces #realtyaustin #realtyawesome ...

This error message is only visible to WordPress admins

Error: API requests are being delayed. New posts will not be retrieved for at least 5 minutes.

Pin It on Pinterest