Housing affordability declined for all ethnic groups in the Houston area, according to a June 17 report from the Houston Association of Realtors.
The report revealed 40% of all households earned the minimum income of $105,200 to buy a median-priced home of $336,000 in 2023. In 2022, 44% of households earned the minimum income needed to buy a median-priced home.
The breakdown
According to the report:
- 25% of Hispanic/Latino households earned enough income for a median-priced home in 2023, compared to 28% in 2022.
- 26% of Black households earned enough income for a median-priced home in 2023, compared to 34% in 2022.
- 51% of white and Asian households earned enough income for a median-priced home in 2023, compared to 58% in 2022.
Quote of note
HAR Chair Thomas Mouton said high interest rates have put the “American dream of homeownership” further out of reach for groups that have historically struggled to buy a home.
“This underscores the need for equitable solutions to ensure that every family has access to affordable housing, regardless of race or ethnicity,” Mouton said via the report.
