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

a luxury escape

80 acre Houston-area estate with two ponds listed for $11.5 million

S Lazy S Ranch house exterior at 8502 Stansberry Road

Photo by Sky Crafted Imaging for Martha Turner Sotheby’s International Realty

S Lazy S Ranch in Wallis is for sale for $11.5 million.

Imagine acres of green vistas, tree-lined paths and the privacy that comes with a personal oasis. That’s S Lazy S Ranch, set on 80 acres at 8502 Stansberry Road in Wallis. It’s for sale for $11.5 million, listed by Rachel Hrncir with Martha Turner Sotheby’s International Realty.

Gated and fenced, this is a remarkable property meant for living, working, and entertaining, with exceptional indoor and outdoor spaces.

Designed in tandem by the seller and Houston architect Robert McKinney, a decorated amateur golfer who’s considered one of the top golf clubhouse designers in the United States, the home unfolds over more than 5,000 square feet and features a distinctive floor plan that maximizes its pond views and is flooded with natural light. From the rugged facade of San Saba stone to a host of contemporary conveniences, this is a space that offers elegant rustic living.

Photo by Sky Crafted Imaging for Martha Turner Sotheby’s International Realty

S Lazy S Ranch in Wallis is for sale for $11.5 million.

The interior’s spacious gathering areas provide opportunities for family relaxation and entertaining a crowd. The chef's kitchen has Viking appliances and is anchored by a large island with seating for five. An open plan provides seamless access to the dining room and living room, with vaulted wood ceilings and a huge stone fireplace.

A luxurious primary suite is a true retreat, with double glass doors opening to a covered patio, two walk-in closets, and a spa-like bath that boasts a jetted soaking tub set against huge windows offering beautiful views. The secondary bedrooms are designed as private suites, and a flexible bonus space can be a game room or other additional gathering spot.

Outdoors, find covered patios, an infinity-edge spa, outdoor kitchen, fire feature, two stocked ponds, and abundant wildlife.The barn includes four horse stalls, workshop, guest apartment, and equipment storage.

With a location south of I-10 and less than an hour from Houston, S Lazy S Ranch is a space that feels deep in the heart of Texas, yet is so close to modern living.