InvestingMarkets & Economy

The average Houston resident can afford to buy a home

Houston wages close to national average, and allow purchase of a reasonably-priced home
  • A analysis of 78 metros looked for where housing is affordable in relation to income.
  • Houston came in at 51, and had an average income slightly above the national average.
  • Most of the cities the analysis were not affordable with the average U.S. income.

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Buying a home isn't such a struggle for the average Houston resident. In a review of housing and income data from a variety of sources, Houston comes out as a city with a good balance of an attainable income level to housing prices. Most of the top 10 entries on the list required low six-figure salaries to afford the average home. The top-ranked city, San Francisco, was found to require a salary of $180,600 to buy an average home. That’s because an “average” home in the Bay Area costs $1,119,500. Houston comes in at a much more approachable set of figures. The Bay Area is loaded with unicorn companies worth billions, which pay salaries the techies who work there are accustomed to. Houston, on the other hand, has a well-diversified economy. There are surely pockets of wealth, but homes are within reach of most wage-earners that call that metropolis home. Houston came in at a comfortable 51 out of 78 cities that were rated. The average home value w...