Buying a home in Texas is manageable for many families, though it takes real commitment. The typical home costs $283,800, which is about 3.6× of the typical household income of $78,476 a year. A family saving their entire income would need around 3.6 years to cover the purchase price — before mortgage interest, taxes, or upkeep.
Renters face serious pressure. The typical rent in Texas is $1,403 a month, and 49% of renters spend more than 30% of their income on housing — the point at which most financial advisers say rent becomes unaffordable. That figure is 8% higher than the national average of 45%.
16.1% of Texas homeowners with a mortgage spend more than 30% of their income on housing — above the national average of 16.1%.