A new study has determined that Houstonians are more likely to be homeowners than people in other major American cities, but it also found that some of the top cities in terms of homeownership rates were actually more expensive.
The new report from real estate firm CoreLogic found that the median sale price for homes in Houston was $205,600.
The median sale for homes that sold for more than $1 million was $284,000.
The most expensive median sale was in San Antonio, where the median sales price was $315,000, followed by Atlanta, which was at $325,000 and Phoenix, at $310,000.[source]In terms of the cost of buying a home, Houstonians were much more likely than other major cities to buy with a mortgage.
The study found that only 19.7 percent of households that bought a home from a mortgage had a mortgage compared to 33.9 percent in the other major metropolitan areas.
The report also found higher rates of home ownership for Hispanics than non-Hispanics.
Hispanics made up a higher percentage of households in the city, but their median income was only $20,000 lower than non -Hispanians.
In terms of affordability, Houston had the second highest median price for a home of $185,000 for a single-family home, followed closely by the San Francisco Bay Area at $202,000; Los Angeles at $218,000 or $216,000 respectively.
The study found more affordable housing in Houston than the other five largest metro areas, but the median home price was more than double that of other cities.
For example, the median price of a home sold in Houston in 2016 was $220,000 in the San Antonio market, compared to $147,000 to $154,000 across the Bay Area.
In the Los Angeles market, the home was valued at $245,000 compared to a median value of $120,000 nationally.
In the Bay area, home prices are expected to fall to a new low by 2020, according to the median value for homes sold in the area, which is expected to decline by at least 50 percent by the end of 2020.