Houston home affordability climbs to 39%

In greater Houston, 39% of households could afford a median-priced home at $349,000, up from 37% last year, due to a 0.6% price decline and mortgage rates dropping to 6.79%. The average monthly mortgage payment fell to $2,460, requiring an annual income of $98,400. Houston is more affordable than the U.S. average, where only 34% can afford the median home. Rental affordability also improved, with 46% able to afford average rent of $2,100.