The Surprising 6 Figure Income Needed to Own a Brick and Mortar Home in Texas

Buying a home in today's economic climate is near impossible. Interest rates are too high and mortgage payments are through the roof (I always intend my puns) as the price of just a modest home keeps going up. What happened? I'm no financial expert so it would only be speculation. But for someone who has rented my entire life, the dream of owning a home is looking to be more of just that, a dream. This newest study just solidifies that belief.

Renting or Buying

I'm 46 years old. I have never owned a home. I have always rented an apartment or a home. Recently, me and my fiancé looked into buying a home. While it was no problem getting approved, the amount we were given to buy with wouldn't cover a decent home for us. We looked at some manufactured home sellers. It's doable but those prices are even getting high.

There was a time when buying a home was an affordable option for anyone working a full time job. Today, it seems downright unreachable. It's very frustrating for someone like me who wants to own that plot of land with the white picket fence. I'm not rich by any stretch of the imagination but I do make decent money so there should be no reason that I can't buy a home.

More Disappointment

Seeing this latest study makes me even more disappointed in the housing market. bankrate.com was able to determine the income needed to buy a home in all 50 states. In 2020, home buyers in Washington, D.C., California, Hawaii, Massachusetts, New York, New Jersey and Washington needed a six figure income to buy a home. In 2024, that number has jumped to 22 states, including Texas.

In Texas, you would need a yearly income of $100,629 to afford a median-priced home. A median-price in this study is $332,600 in Texas. That would make the mortgage payment roughly $2,348 a month.

Ugh.

Why does it have to be so difficult to own a home today? Is there a solution to bringing home prices down? It shouldn't take years to save up just to afford the down payment on a home. A three bedroom, two bath home at 2,000 square feet shouldn't cost over $300,000. I know I'm not the only one to have these questions.

Me and my fiancé will find something to buy in the future. It just shouldn't be this disheartening to realize that dream.

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