houston – On average, homebuyers need a six-figure income to buy a typical home in the United States, according to Redfin. However, the prospects are slightly better for those looking to buy in Houston.
The national average annual income Americans need to buy an average-priced home was $107,281 in October this year, up 45.6% from a year earlier, according to real estate firms.
Their data show that the median US home price also rose from $378,837 in October 2021 to $398,687 in October this year.
The data shows that the average monthly mortgage payment rose from $1,842 to $2,682 over the same period.
In the analysis, monthly mortgage payments were considered affordable if homeowners spent 30% or less of their income on their home.
file photo. (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images) (File photo. (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images))
In fact, according to Redfin’s analysis, homebuyers in at least 45 metropolitan areas must earn at least $100,000 a year to buy an average-priced home.
Texas includes Dallas and Austin, and data shows that you would need to earn $113,016 and $128,354 respectively to buy the median home.
However, there are several metropolitan areas in Texas, including Houston, where you can buy a home on less than $100,000 in income.
According to Redfin, Houston homebuyers need to make $88,798 to buy a home that averaged $330,000 in October. Required salary increased by 49.7% from October 2021.
According to their data, Houston’s average monthly mortgage payments increased from $1,483 last October to $2,220 this October.
Among other Texas metropolitan areas included in the analysis, McAllen had the lowest required salary at $60,544. A homebuyer should make at least $64,580 for him in El Paso and $87,453 for him in San Antonio.
click here To see Redfin’s full analysis.