HOUSTON — It’s a double whammy for anyone hoping to buy a home. Not only are interest rates continuing to rise, but a new report finds affordable housing is getting even harder to find.
To afford a home in greater Houston, you now need a minimum annual household income of $90,000. A year ago, the income was $63,600.
The median home price in the Houston area rose nearly 13% to $349,500 in the third quarter of 2022. The report from the Houston Association of Realtors also breaks down affordable housing by county.
In Harris County, the least affordable areas are Memorial Villages and West University Place. The most affordable part is Aldine. The minimum income needed to be able to afford a house in Aldine is $68,000.
Beyond Harris County, HAR looked at prices in 14 surrounding counties and all of them saw prices go up and affordable housing drop in the past year. These days, you can get more bang for your buck in Polk, Chambers, and Wharton counties.
For renters, the news is a little better. In the past year, renting a house has gone down in Harris, Brazoria, and Galveston counties but got more expensive in Waller. Rent prices stayed about the same in Fort Bend and Montgomery Counties.