As of 2024, the median starter home price in Texas is $274,260. Buyers must earn around $65,688 annually to afford this home with a 10% down payment at a 7% mortgage rate. Although home prices have soared by 31% in five years, Texas is still more affordable than states like Arizona. Cities such as Houston and Dallas present better opportunities for first-time buyers, while Austin, Frisco, and Plano exhibit high price barriers, necessitating significant incomes. Down payment assistance programs in places like San Antonio help ease this burden.
To afford this comfortably-with a 10% down payment and a 7% mortgage rate-buyers need to earn approximately $65,688 annually.
Texas cities vary widely in affordability, with Houston offering optimum conditions for starter homes amid rising prices.
Despite a 31% increase in home prices over five years, Texas remains more attainable than many other states.
Many programs provide down payment assistance in cities like San Antonio, easing affordability for buyers.
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