June 28, 2019
Two national studies are questioning home ownership affordability. The studies also noted that, while owning a home in Texas isn’t as much of a challenge as in other parts of the country, the increase in median housing costs is putting a dent in affordability.
The Q2 2019 U.S. Home Affordability Report, released by ATTOM Data Solutions, noted that median home prices were not affordable for average wage earners in 353 of 480 U.S. counties. Percentage of wages in Dallas and Travis Counties were above the 30% suggested to acquire a house, while affordability in the metro counties (including Harris and Bexar) were less affordable than their historic averages.
Meanwhile, Realtor.com indicated a widening gap between what buyers want, and what is currently available for sale, on a national basis. Texas metros (except for Austin) showed a definite gap between what potential homebuyers wanted to pay, and the price of what is available.
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