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Photo by: Staff Photographer
Buying a home is out of reach for a growing number of Houstonians.
While the median home price slipped by 2.5 percent over the year to $348,000 in the second quarter, the decline was more than offset by higher mortgage and insurance costs, according to a new report by the Houston Association of Realtors.
Only about 40 percent of Houston households could afford to buy a median-priced house in the second, according to HAR. That compares with 58 percent of local households in the second quarter of 2019 prior to the pandemic.
"Rising interest rates continue to weigh on potential homebuyers who are faced with the challenge of balancing affordability and opportunity," said HAR Chair Cathy Treviño.
A buyer would need an annual household income of at least $96,000 to qualify for a median-priced home in Houston last quarter. That's roughly $6,400 more than a year earlier.
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