TEXAS, USA — More Texas homeowners and renters than ever are struggling with high housing costs — andhave potentially put the dream of owning a home out-of-reach for a growing number of families.
It’s now common for buyers to have to make at least six figures in order to purchase a home in major urban areas where the state’s job opportunities are largely concentrated. A family needs to make more than $100,000 if they want to buy a typical home in the Houston and Dallas-Fort Worth regions, according to the center. In the Austin area, a buyer needs to make more than $140,000 to afford a home at the median sales price.
High interest rates have dramatically slowed the pace of homebuying, contributing to lower home prices. That slowdown has allowed homes to sit on the market for longer periods of time than during the highly competitive days of the hot pandemic housing market and boosted the supply of homes available to prospective buyers. More supply means buyers have more leverage to negotiate lower prices with sellers.
“It’s really difficult for you to see a significant correction in prices,” said Luis Torres, senior business economist at the Federal Reserve Bank of Dallas.”