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

Where to Live Now

Houston high-rise's 2-story penthouse hits the market at $11 million

Photo by Harry Stonhill

Penthouse 2502 at The Belfiore spans the top two stories of the high rise.

For those looking to move on up to a deluxe penthouse in the sky — the new $11 million listing at 1275 S. Post Oak Lane, Unit 2502 hits the right note.

At nearly 9,000 square feet, Penthouse 2502 at The Belfiore spans the top two floors of the 26-story high rise.

"The team that created Penthouse 2502 offers Houston something exceptionally rare: a brand-new, never-occupied, two-story residence with custom-caliber design atop an established luxury tower," said Justin Dugat of Douglas Elliman, co-listing agent with Misty Meredith, in a statement.

The penthouse underwent a full build-out in the past seven months under the guidance of Jeffrey Fawaz and Mike Elaridi of Fratelli Companies with Ghandi Saad and Salim Obeid of RSG Development Group.

“From the beginning, we saw the opportunity to create something truly elevated; not just in design, but in experience,” Fawaz said. “Every detail was approached with intention, and the result is a space that reflects both luxury and functionality in a seamless way.”

$\u200bPenthouse 2502 at The Belfiore$

Photo by Harry Stonhill

Penthouse 2502 at The Belfiore spans the top two stories of the high rise.

What was once a blank concrete shell is now an 8,689-square-foot home with five bedrooms, including two primaries and a dedicated 680-square-foot dressing room, along with three full and three half bathrooms.

The home’s two floors are connected via both an interior lift and a floating staircase that serves as a sculptural centerpiece. Multiple entertaining spaces include a media room, office, wet bar, massage room, and a wine cellar.

The views are a luxury of their own, with floor-to-ceiling windows and two corner terraces offering panoramas of the east, west, and south.

The list of elevated features is extensive, including an automated designer lighting system by Lutron and appliances from La Cornue and Gaggenau. Venetian plaster, Italian marble countertops, European cabinetry, and custom white oak herringbone flooring throughout highlight the attention to craftsmanship.

The Belfiore’s amenities add to the penthouse’s appeal, with a 24-hour concierge and valet, swimming pool, athletic club, private dog park, and — perhaps most enticing in Houston — industrial generators. The perks come with a hefty monthly maintenance fee of $11,157.

The 45-residence building, completed in 2016, was originally developed by Giorgio Borlenghi of The Interfin Companies alongside McNair Interests, the investment entity of late Texans owner Bob McNair.

“Houston’s luxury high-rise condo market is gaining momentum, driven by demand for a lock-and-leave, full-service lifestyle,” Dugat said. “As more wealth flows into the city, buyers are prioritizing efficiency, design, and the ability to spend more time living and less time managing a traditional home.”

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