FindTheHome analyzed data from the National Association of Realtors from its October 2015 Housing Affordability Index, which found that affordability is on the rise throughout the nation.
The monthly composite index value was reported at 166.3, up from 163.7 the previous month. Using median existing home sale prices and the income required to obtain a mortgage, the affordability index shows that not only were there gains in median family income, but the qualifying income for a mortgage has dropped to become a reality for more Americans.
In Houston, the mortgage cost distribution shows that 27.8 percent of Houston residents pay more than $2,000 monthly. This is just slightly less than the 31.5 percent of U.S. residents that pay more than $2,000 monthly on a mortgage. Most commonly, homeowners pay between $1,000 and $1,500 for a mortgage in Houston.
According to the U.S. Census Bureau, the median household income in Houston, as reported between 2010-2014, is $45,728.
[graphiq id=”cUypr0treMl” title=”Mortgage Cost Distributionin Houston, TX” width=”600″ height=”473″ url=”https://w.graphiq.com/w/cUypr0treMl” link=”http://places.findthehome.com/l/94729/Houston-TX” link_text=”Mortgage Cost Distributionin Houston, TX | FindTheHome”]