Houston Among Most Affordable Metros for First-Time Home Buyers
Rising home prices amid low home inventories are sidelining some first-time home buyers. A report published by the National Association of REALTORS® shows that only 30% of home purchases made in March 2018 were accomplished by first-time buyers, down from 32% a year ago.
The dearth of entry-level home inventory has made the typical “starter home” much more expensive. Nationally, monthly housing costs are averaging $1,641, which is 9% higher than last year. The markets with the highest jump in year-over-year housing costs include San Francisco, Seattle, Las Vegas, Nashville, Salt Lake City and Dallas.
While Houston home prices have also increased, our homes remain among the most affordable for first-time buyers. Out of 32 major U.S. metropolitan areas studied, Houston ranks 29th in housing cost increases, rising just 4% from a year ago. Monthly housing costs in Houston average $1,500, which is significantly less than the Austin average of $1,921, or the Dallas average of $1,835.
Please remember that all real estate is local, and Houston home prices vary widely by neighborhood and home type! If you are planning to buy a Houston home, begin with a personal real estate consultation from the KW Energy Corridor Team! Our local market expertise and network of home buyer resources will be your advantage.