30 years or less

Mortgages are easier to pay off in Houston than any other metro area

Home, suburb, neighborhood, new home, mortgage

The median interest rate for homes in the Houston metro area stands at 6.75 percent.

Whether a homeowner's mortgage is for 15 or 30 years, paying off such a large debt can be an arduous process. But luckily for homeowners living in the Houston area, paying off a mortgage is much easier than nearly every other metro in the country, according to a new report by SmartAsset.

Houston-The Woodlands-Sugar Land earned No. 2 in SmartAsset's new study analyzing the top 40 large U.S. metros where it's easiest to pay off a mortgage. Rankings were determined based on the principal and interest payments for conventional 30-year fixed rate mortgages issued in 2023, relative to the median income of new homeowners.

The only U.S. metro to outperform Houston to claim the No. 1 easiest place to pay off a mortgage is Pittsburgh, Pennsylvania.

According to the study's findings, house payments only represent 17.1 percent of a homeowner's gross pay in Houston. The median property value of a home in the metro is $365,000, while principal and interest payments amount to $1,894 per month. SmartAsset also determined that the median income of new homeowners in Houston-The Woodlands-Sugar Land comes out to $133,000 a year.

Here's how the report broke down the rest of Houston's ranking:

Median loan-to-value: 80 percent
Median interest rate: 6.75 percent
Mortgage amount: $292,000
Number of conventional mortgages issued in 2023: 77,248

The report also reflects on the different life changes that can happen while paying off a house, such as starting a new job, starting a family, or even large economic events.

"After you qualify and buy the home, you could spend 30 years paying off your mortgage loan...So it’s important to have a strong emergency fund to cover unexpected expenses," the report's author wrote. "You may also decide to pay off your mortgage early, even when having the opportunity to invest those extra funds elsewhere."

Elsewhere in Texas, San Antonio-New Braunfels ranked as the No. 5 easiest metro for paying off a mortgage. Austin-Round Rock-Georgetown rounded out the top 10 with the lowest interest rates for new homeowners in 2023, at just 6.5 percent, the report found. Dallas-Fort Worth-Arlington ranked just outside the top 10 as No. 13.

The top 10 U.S. metros where mortgages are easiest to pay off are:

No. 1 – Pittsburgh, Pennsylvania
No. 2 – Houston-The Woodlands-Sugar Land, Texas
No. 3 – Detroit-Warren-Dearborn, Michigan
No. 4 – Cleveland-Elyria, Ohio
No. 5 – San Antonio-New Braunfels, Texas
No. 6 – St. Louis, Missouri-Illiniois
No. 7 – Milwaukee-Waukesha, Wisconsin
No. 8 – Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Maryland
No. 9 – Cincinnati, Ohio-Kentucky-Indiana
No. 10 – Austin-Round Rock-Georgetown, Texas

The report used data from the Home Mortgage Disclosure Act for 2023, where median loan sizes and median interest rates were used to determine the monthly principal and interest calculator with SmartAsset’s mortgage calculator. This monthly mortgage payment (which excluded PMI, property taxes, and home insurance) was then compared with the median incomes of new homeowners.

The full report and its methodology can be found on smartasset.com.

houston the woodlands sugar land real estate reports smartasset rankings

spacious sandalwood retreat

England-inspired lakeside Houston mansion hits market for $7.75 million

Photo by Aria Media for Martha Turner Sotheby's International Realty

This secluded, wooded estate is for sale for $7.75 million.

On the shores of Sandalwood’s largest lake is a stunning wooded estate. 50 Patti Lynn Lane, tucked between Briar Forest Drive and Memorial Drive, offers luxury living in tranquil seclusion. It’s on the market for $7.75 million and listed by Inga Laughlin Smith with Martha Turner Sotheby's International Realty.

A rare find, this 9,000-square-foot home offers five bedrooms, five full and four partial bathrooms, exquisite details, and striking craftsmanship. Designed by Rice Residential Design, with interiors by Scene One Interiors and built by Corbel Custom Homes, this home is a remarkable example of how modern living blends with the natural setting.

Echoing an English manor, this home unfolds in its wooded surroundings. Come through the French chateau front doors into a sweeping grand foyer with hardwood floors and a wrought-iron staircase. A study features custom millwork, soaring views, and a club-like feel. The bar’s detailing lends an air of sophistication to this easy gathering space. The climate-controlled wine room has storage for 1,500 bottles. A lovely grand gallery links the wine room and dining room.

The kitchen is at the crossroads of the home, anchored by an oversized island, perfect for casual conversation and quick meals. Professional-grade appliances make it a home cook’s dream, while custom cabinetry and elegant architectural details demonstrate its blend of form and function.

On the main level is the primary suite, with a spa bathroom and a dressing room that mirrors a luxury boutique. Upstairs, a secondary suite has a window seat, custom built-ins, and an en-suite bath. Additional bedrooms are spacious retreats, and the game room has plenty of space to relax and enjoy treetop views. Currently, a secondary bedroom serves as an in-home fitness studio.

The resort-style grounds feature an infinity pool and spa. The back patio has a stone fireplace, outdoor kitchen, dining area, and lounging spot, making it a retreat all of its own. Steps lead down to gorgeously manicured grounds with mature trees and meandering paths to the lake.

This home should prove irresistible to a wealthy family seeking an exceptional blend of modern living with the feel of a private oasis.

Photo by Aria Media for Martha Turner Sotheby's International Realty

This secluded, wooded estate is for sale for $7.75 million.

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