From 2000 to 2022, the median annual household income in the U.S. increased by 77.6%, from $41,990 to $74,580, while the median home price nearly tripled—a 170% increase—from $123,086 to
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 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