Houston home prices are becoming unaffordable for many, new study says
In the last 23 months, the average single-family home price in the Houston area has gone up from $309,975 to $410,923, or, a 32.5 percent increase. In that same period, the average cost of a rental home has increased from $1675 to $2075, a 23.8 percent jump.
For some, that means the cost of buying a home or renting an apartment is becoming less affordable. For others, it means the threat of eviction. On either end of the spectrum, it signals that affordable housing is not so affordable anymore.
Tim Surratt is a realtor with 30 years of experience. His buyers can afford to purchase homes, but they are either spending more money or buying fewer houses in the market with huge demand and little inventory.
"[It's happening in] every single price point," Surrat says. "Affordability is getting tougher and tougher to find something under $300,000. You'll have to go further and further out. There is still affordable housing. You might have to go a little farther out or have a smaller house than you thought you might have."