Texas Incomes Can’t Keep Up With Rising Home Prices
It seems to be a pretty common theme around the country; as home values continue to grow, incomes continue to remain stagnant. It’s not difficult to see how this could become a problem. Texas is an area that is especially feeling the pinch, as housing demand remains high, but incomes are not managing to keep up with the cost of homes.
In June 2015, the median household income fell .4 percent year-over-year to $97,100 but the percentage of new homes purchased increased by 2 percent to 30 percent overall, according to HousingWire.
Homes sold in Texas are, on average, about 160 feet larger than other homes around the country. Additionally, Texas homes were built more recently. Between July 2014 and June 2015, the median year homes purchased in Texas were built was 2003, compared to 1991 for the rest of the country.