Real estate
BY CARSON WEAVER
Houston housing affordability improves for 2nd quarter in a row
Housing affordability in Houston improved for the second quarter in a row, with 40% of Hous- ton-area households able to purchase a medi- an-priced single-family home in the fourth quarter of 2024, according to the Houston Association of Realtors’ Q4 Housing and Rental Affordability report released Feb. 6. Households needed to make $94,400 to buy a Houston-area home, a 4.1% decrease year over year, according to the report. The details The average mortgage rate in the Greater Houston area fell to 6.63% in the fourth quarter, and the average monthly payment on a fixed 30-year mortgage dropped to $2,360 from $2,460, leading to lower housing costs, per the report. The median home price in the Greater Houston area increased 1.1% in the fourth quarter of 2024 to $340,200, according to the report.
Housing affordability in the Houston metro, Q4 2024
Median home price
Median qualifying income
Median qualifying income percentage change from Q4 2023
$400,000 $100,000 $300,000 $200,000
$0
Houston metro
Harris County -10.4%
Brazoria County
Galveston County
Fort Bend County
Montgomery County
-4.1%
-1.8%
-5.2%
-6.6%
-9.1%
SOURCE: HOUSTON ASSOCIATION OF REALTORS’ Q4 HOUSING AND RENTAL AFFORDABILITY REPORT/COMMUNITY IMPACT
is welcome news for Houstonians looking to achieve the dream of owning a home,” HAR Chair Shae Cottar said via the report. “Moderating home prices and easing mortgage rates are creating more opportunities for buyers, but many still face challenges.”
Zooming out In Texas, 39% of households could afford a median-priced home in the fourth quarter of 2024, per the report—a 3% increase year over year. What they’re saying “The continued improvement in affordability
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