Home Affordability Top Concern for Texas Home Buyers
Rising home prices are the biggest obstacle to home ownership, according to a recent survey of Texas home buyers, conducted by the National Association of Home Builders. Here are highlights from the NAHB’s Economic Data for Texas!
One key finding stands out: 22% of Texas buyers are currently paying 50% or more of their monthly income towards rent! This makes it difficult to set aside funds for a down payment, and is part of the challenge facing buyers today.
According to the survey, here are the top 3 obstacles to buying a home:
- Finding an affordable home : 33%
- Accumulating funds for a down payment: 29%
- Obtaining a mortgage approval: 24%
The survey respondents reported challenges in other areas, to a lesser degree:
- Needing a better job/better income: 18%
- Being able to sell current home for enough profit: 16%
- Needing to pay down student loans or other debt: 13%
While the obstacles to home ownership are financial, the biggest motive behind home buying isn’t all about money. According to the survey, 70% of respondents want to buy a home in order to have “a place to call their own.” About 53% said home buying was a “good investment.”
Don’t just dream about home ownership – plan for it! Having the right real estate professionals by your side can make a world of difference!
We can refer you to local, trustworthy mortgage lenders who can help you explore your mortgage options! And when you’re ready to begin your home buying journey, trust the KW Energy Corridor Team to guide you!
KW Energy Corridor Team
11757 Katy Fairway | Suite 930
Houston, TX 77079