Bayou City bargain
Only one big city in America is more affordable than Houston, says new report
Out of curiosity, if for no other reason, we like to know whether the area where we live — or where we want to live — is one of the fastest-growing. Population growth signals that a region is a desirable place to live, including the availability of both jobs and affordable housing.
It’s the housing affordability factor, of course, that helps drive many people’s decisions about buying a house in a metro area or even relocating there. And when it comes to the mashup of population growth and housing affordability, Houston shines.
Among the 10 metro areas that gained the most residents from mid-2016 to mid-2017, Houston ranks second for housing affordability, behind Atlanta, according to a new report from personal finance website NerdWallet.
The report, based on data from the U.S. Census Bureau, National Association of Realtors, and NerdWallet, shows the Houston area with a median home price of $244,400 and median household income of $61,708. From 2016 to 2017, the Houston area added 94,417 residents.
“Houston’s affordability comes courtesy of having this list’s third-lowest house prices and sixth-highest household income,” NerdWallet says.
Houston isn’t the only Texas metro area on the list — it’s joined by Dallas-Fort Worth and Austin.
DFW ranks third for housing affordability among the 10 fastest-growing metros. According to NerdWallet, the region offers a median home price of $268,200 with median household income of $63,812. DFW’s population swelled by 146,238 from 2016 to 2017.
“The Metroplex had the fourth-highest income on the list and the fourth-lowest house prices, making it third most affordable. It was the fastest-growing metro,” NerdWallet says.
Two notches behind DFW, at No. 5, is Austin. According to NerdWallet, the median home price is $330,200 and median household income is $71,000. From 2016 to 2017, the Austin area gained 55,269 residents.
“The Texas capital had the fourth-highest house prices among the fastest-growing metro areas and third-highest household income,” NerdWallet says.