Housing Affordability Statistics for Harris County, Texas
Homeownership in Houston is in Sight
Just a few years ago, Harris County and the Houston area used to be one of the most affordable areas for homeownership, but that is no longer the case. A study from ATTOM on home affordability in Harris County, Texas, indicates that the demand for homes has increased due to low interest rates and work-at-home lifestyles. That demand is pushing up home prices while average wages are not keeping pace.
ATTOM’s affordability index data provides quarterly updates on home affordability trends for counties nationwide. The data shows where home price appreciation is outpacing wage growth, including the annual income typically needed to buy a home.
Latest Housing Affordability Highlights for Harris County, Texas
Harris County, Texas, is the third most populous county in the United States with over 4.7 million inhabitants. The county encompasses the city of Houston, the fourth largest city in the United States, and Harris County is included in the nine-county Houston—The Woodlands—Sugar Land metropolitan statistical area.
Here are the latest data highlights from ATTOM’s Housing Affordability Index for Harris County, Texas:
Prices
Annualized Wages are outpacing home price gains. Making the average wage earner able to afford a home in 2024.
Wages
The annual income needed to buy a home in 2024 is just over $73,000.
Affordability
Homeownership in Harris County is affordable but if home prices increase the whole landscape could change.
Map data ©2021 Google
Housing Affordability Index Summary for Harris County, Texas
Major ownership costs on median-priced homes consume just over 24 percent of average local wages in Harris County. Based on a 28 percent guideline for major ownership costs, this indicates that home are affordable for the average local wage earner.
Median sales prices for homes in Harris County were around $125,000 in 2005. The median home price has increased steadily with some fluctuation and has reached around $300,000 in 2024.
Annualized wages in 2005 were around $49,000, rising steadily to around $84,000 today. The housing affordability index for Harris County peaked at 148 in 2012 and is currently around 78. An index of less than 100 is considered less affordable than the historical average.
ATTOM’s housing affordability index for Harris County, Texas, analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics.