Bill Rapp here with the Heartfelt and Hot in Houston Blog, and this is our newest segment: Houston Homes by Salary!
Houston's population boom, coupled with the increased demand for housing has challenged the city's status quo of offering affordable lifestyles by driving up the cost of living. The average income needed to live comfortably in Houston in 2017 was $56,223; by 2018, that number jumped to $69,405 - a nearly 25 percent increase, according to Forbes. Houston Homes by Salary!
Thanks to a new report, the increased cost of living in Houston today can be seen on a hyper-local, neighborhood level. A 2019 report from Keller Williams Realty highlights the annual income a person needs to make in order to afford a home in some of Houston's top neighborhoods. Houston Homes by Salary!
The report found on average, salary requirements to buy a home in some of Houston's top neighborhoods increased by 8.5 percent from last year. This is attributed to the unusually high growth rate to increasing interest rates, and the fact that most Houston neighborhoods appreciated in value this year. Land prices appreciating faster than average for neighborhoods zoned to top-ranked schools, and more new construction homes for the rise. Houston Homes by Salary!
According to the report, areas that flooded during Hurricane Harvey were the cheapest to buy a home. Out of 52 neighborhoods, homes in northwest Houston were ranked the most affordable, with a median home price of $191,500 requiring an annual salary of $54,521. Residents making more than ten times that amount can afford to live in the River Oaks neighborhood, which boasts a median home price of $2,450,000, according to the report. Houston Homes by Salary!
That is all for today folks from the Heartfelt & Hot In Houston Blog, make it a great day!
The inspiration for today’s edition came from this original article: https://www.chron.com/neighborhood/homes/article/own-a-home-in-Houston-based-on-your-salary-14282122.php
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