In Houston, the median home price has increased 18 percent from last year to $310,000, according to a report from the Chronicle. Homes are spending much less time on the market, at 39 days in January 2022 compared to 48 days in 2021.
A new report breaks down Houston’s housing market and explains the average salary needed to purchase a home in neighborhoods and suburban areas across the region.has driven home prices up to historic levels that may continue to rise for several reasons, including low inventory, rising interest rates and soaring inflation.
. Homes are spending much less time on the market, at 39 days in January 2022 compared to 48 days in 2021.breaks down Houston’s housing market and explains the average salary needed to purchase a home in neighborhoods and suburban areas across the region. “It’s 26 percent cheaper to live in Houston compared to the 20 biggest cities in the U.S.,” Martin said.Martin and her team analyzed median single-family home prices across more than 50 Houston neighborhoods to determine salary requirements to own a home in each respective area. The data listed below is current as of Jan. 31, 2022.
Another assumption her team followed was that homeowners could spend a maximum of 28 percent of their salary on their monthly costs to be able to comfortably afford a home.The report cited several suburbs with top-rated school districts as areas that have seen tremendous growth, including Katy, The Woodlands, Fulshear and Pearland.
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