How Much Money Do You Have to Make to Own a House in Texas?

The numbers are skyrocketing and when you find out how much money you will have to make annually to own a decent home in Texas you will be blown away. While the numbers are out there are a couple of factors that have figured into the rise in income for us to buy a house Nationwide interest rates are higher than they were before covid hit.

In a state known for its larger-than-life attitude, Texas stands out for its spacious homes. First, let's set the parameters, the average-sized house is described as three bedrooms two and a half bathrooms, and a two-car garage with a fenced-in backyard.

On average, Texas homes boast around 2,031 square feet, priced at a median point of approximately $275,000. Over the past century, there's been a noticeable surge in home sizes across Texas, with San Antonio witnessing a remarkable 95 percent increase since 1910.

According to a recent study by Bankrate.com, prospective homebuyers in 22 states and Washington, DC, must have a household income of at least six figures to afford a home at the median price comfortably. Four years ago the same home you only needed just over $77,000, but in today's economy, you will need to make a six-figure income as noted below.

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Annual income needed to afford a median-priced home In Texas

• State - Texas 
• Annual income needed to afford a median-priced home, Jan 2024 - $110,629
• Annual income needed to afford a median-priced home, Jan 2020 -  $77,369
• 4-year percentage change, in annual income - 30.1%
• Monthly mortgage payment, Jan 2024 - $2,348
• Median home sale price, Jan 2024 - $332,600
  Source: The Bankrate.com entire graph is listed below.

The Texas numbers jump higher if you want any good-sized acreage with your new home. You'll notice in the Bankrate.com findings that Mississippi, Ohio, and Arkansas had the lowest income requirement of just over $60,000.00. Want to buy a house?

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