Page 13 - April 2023

HOUSING AFFORDABILITY, SELECTED REGIONS
Minimum

Region Median Monthly Qualifying
Home Price Payment
Income
Aldine $226,450 $1,760 $70,400
Pasadena 235,000 1,830 73,200
Baytown 227,450 1,840 73,600
La Marque 233,000 1,840 73,600
Alief 242,700 1,850 74,000
Spring 260,000 2,070 82,800
Conroe 301,800 2,330 93,200
League City 2,680 107,200 R
Tomball 362,000 2,750 110,000 i
Richmond 378,420 2,870 114,800 s
Pearland 375,000 3,030 121,200 h
Sugar Land 413,250 3,070 122,800 e
Katy 447,500 3,500 140,000 l

The Woodlands 535,000 3,980 159,200 p
Cinco Ranch 547,500 4,160 166,400 i

Fulshear 540,204 4,480 179,200 n
g
Sienna 555,000 4,480 179,200 m
Bellaire 1,040,000 7,720 308,800 a
West U. Place 1,416,159 10,320 412,800 k

Memorial Vil. 1,422,420 10,560 422,400 e
Source: Houston Association of Realtors h
o

Rising interest rates have driven the monthly payment
on a 30-year, fixed-rate loan (including taxes and insur-
ance) from $1,660 in Q4/21 to $2,350 in Q4/22. To qualify
for that loan, homebuyers needed to earn 41.6 percent
more annually than they did a year ago.
The most affordable neighborhoods in Houston,
based on minimum income needed to qualify for the
median-priced home in that neighborhood are Aldine,
Alief, Baytown, La Marque, and Pasadena. The least
affordable neighborhoods are Bellaire, Memorial
Villages, and West University. To qualify for that loan,
HAR is helping make homeownership more attainable homebuyers needed to earn
by launching a new down payment assistance tool. HAR
has partnered with Down Payment Resource (DPR) to
display down payment assistance programs on more than 41.6 percent
165,000 listings across Texas on HAR.com. more annually than they
Houston is not alone. In metro Austin, less than a
third (31 percent) of households earned enough to pur- did a year ago.
chase the median-priced home, down from 41 percent in
Q4/21. In Dallas, the share slipped from 50 percent to 37
percent; in San Antonio, from 47 to 36 percent.

NBIZ ■ April 2023 13