Here is a summary of the data for Texas:
- Home price-to-income ratio: 4.1
- Median home price: $298,624
- Median household income: $72,284
- 5-year change in median home price: +45.1%
- Mortgage holders spending >30% of income on housing: 28.9%
For reference, here are the statistics for the entire United States:
- Home price-to-income ratio: 4.7
- Median home price: $347,716
- Median household income: 74,755
- 5-year change in median home price: +49.2%
- Mortgage holders spending >30% of income on housing: 27.8%
So the home to price income ratio might be slightly better than the national average, but more people are spending more on their mortgage than the national average. So more people in Texas are more broke than they are on average, so not exactly a win.
What also remains unsaid it “Texas” is not a monolith. In this data, houses in Houston, Dallas, and Austin are lumped in with Lamesa, Beaumont, and Nacogdoches, and I’m going to bet the ratios are wildly different in those places
So houses here are less un-affordable than the rest of the country.
…in the middle of nowhere.
I’m not sure if even that much is true. The data shows the proportion of buyers with mortgages exceeding 30% of income is greater in Texas than the national average.
Texas politicians need to get over the hurdle of “NIMBY” with the voters. They need to somehow circumvent the voter or get sneaky with legislation that relaxes zoning laws statewide.
I’d like to see median net income over mortgage + property tax. The numbers don’t mean much when property taxes are more than the mortgage but there is no state income tax.
Paywall after first opening.
EDIT: Paywall Was on the second load of the page. It works fine on my PC so I don’t know what’s going on there.
It should not be a paywall on first visit to the website. I just tested on another browser and I received none.
