Most Houstonians can’t afford to buy a home.
A report from the Houston Association of Realtors found that, in the third quarter, about 41 percent of Houston households made enough annual income to buy a house, the Houston Chronicle reported. That’s an improvement from last quarter, but significantly lower than the 53 percent who could afford to buy a home last year.
Before the pandemic, 59 percent of Houston households could afford to buy a median-priced home in the area. The number of renters in Houston’s 77056 zip code has more than doubled in the past decade, making it one of the top 10 in the nation in terms of higher concentrations of renters than homeowners
In the third quarter of 2022, the median sales price for a single-family home in Houston was $349,500. To buy a home at that price, the minimum household income would need to be about $90,000 annually, which is up significantly from the $62,000 annual income needed the previous year.
Aldine was the most affordable place to live in Houston’s Harris County during the third quarter. In Aldine, 49 percent of households made enough — at least $68,400 annually — to pay for a median-priced home.
The least affordable Harris County neighborhoods were Memorial Villages and West University Place, where only 3 percent of households in the county could afford a median-priced home. In those neighborhoods, a minimum household income of $480,400 is needed to buy a home.
“Homebuyers had to navigate an overheated market over the last year, but conditions have been cooling to pre-pandemic levels in recent months,” HAR Chair Jennifer Wauhob told the outlet. “We’ve seen home sales slow, prices level off, and inventory rise. These are all indicators that we’re moving closer to more normal, pre-pandemic conditions, and that should create more options and opportunities for consumers.”
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— Victoria Pruitt