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Texas home prices rising faster than income!

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The affordability of Texas homes dropped for the fifth straight year in 2016, according to Texas Housing Affordability Index (THAI) computed by the Real Estate Center at Texas A&M University.

While median prices in Texas have risen significantly during that time span, gains in the median family income have been moderate. The THAI is the ratio of median family income to the income required to qualify for a mortgage. A higher THAI number indicates a more affordable area than a lower THAI number.

The THAI across Texas in 2016 was 1.66 compared to 1.51 for the entire U.S. The most affordable Texas market was  Palestine at 2.85 followed by Wichita Falls (2.78) and Paris (2.51).

Austin-Round Rock was the least affordable area at 1.54, with Dallas-Irving-Plano (1.58)  and Kerrville (1.61) also at the less affordable end of the list. Among the five largest Texas markets, Forth Worth-Arlington was the most affordable with an index of 1.99

Though homes have been becoming less affordable in the recent years THAI indicates that housing in the state is still more affordable than it was from 2006 to 2008.

The most expensive for sale in the Metroplex  has 18,691 sf, has 3.2 acres and is listed at $48,900,000. The lowest priced home in the Metroplex is in Terrell, has about 854 sf and is listed at $7,000.

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