A new Texas Homebuyers and Sellers Report released by the Texas Association revealed some good news and some not-so-good news. The good news: homeowner diversity is growing in Texas. The challenge: so is affordable.
Among Texas homebuyers, 14% identified as Hispanic, 6% as African-American and 4% as Asian. Minorities among first-time homebuyers were most likely to be Hispanic (27%).
The median household income among Texas homebuyers declined nearly 3% year-over-year to $94,200, while the median home price paid was $215,000. That is higher than the $150,000 set as a “typical” home price for entry level and first-time homebuyers.
“The profile of Texas homebuyers is as diverse as Texas itself, continually broadening as the demand for Texas real estate grows,” said Texas Association of Realtors’ Vicki Fullerton. “At the same time, rising home prices, lower household incomes, and tight lending standards are making it increasingly difficult for some Texans to afford a home.”