The Amount of Income first time home buyers need to Purchase a Home Now Compare to Last Year

Good Friday morning, according to HAR, 40% of households across Texas could afford to buy a median-priced home in the first quarter of 2023 compared to 45% a year ago. The most affordable counties were Polk County where 68 percent could afford to buy, Chambers County (53 percent), and Montgomery County where 47 percent could afford to purchase a home. Not anymore.

In Harris County, Memorial Villages, River Oaks and West University Place were the least affordable with only 3 percent of households in Harris County were able to afford to purchase a median-priced home in these communities.

Pasadena was the most affordable in Harris County—50% of Harris County households made the minimum annual income of $68,400 to afford a median-priced home there.

In Fort Bend County, Stafford was the most affordable area—64 percent of Fort Bend County households were able to afford the median-priced home in Stafford based on the minimum annual income of $74,000. Sienna was the least affordable where only 27 percent could afford to purchase there.

In Montgomery County, Conroe and Montgomery were the most affordable area—51 percent of households in the county were able to afford the median-priced home in those areas based on the annual income. The Woodlands was the least affordable with 26 percent. A minimum annual income of $166,400 was needed to purchase in The Woodlands.

In Brazoria County, Angleton was the most affordable—62 percent of Brazoria County households were able to afford the median-priced home in Angleton based on the annual income. Manvel was the least affordable with only 24 percent were able to purchase.

For first time home buyers, please remember down payment assistance programs are displayed on more than 165,000 listings. In addition, more than 85% of the listings in the HAR Multiple Listing Service are eligible for at least one assistance program.

These programs provide not only down payment help, but also closing cost assistance to first time home buyers and some repeat home buyers, plus there are almost, always, additional incentives for veterans, active military, law enforcement, firefighters, educators and healthcare workers.

We hope you enjoyed your visit with us today. As always, thank you so much for stopping by. Until next time…Diana.

Source: Houston Association of Realtors

Image by Houston Association of Realtors