The latest RealtyHop Affordability Index shows a tough situation for homeowners in North Texas.
The index compares the share of median homeownership cost to median household income in a given city. The lower the percentage, the more affordable a city is for homeowners.
"When we talk about affordability, we anticipate homeowners to be spending less than 30% of their annual income on home ownership costs," said Shane Lee at RealtyHop.
But, when looking at the 100 most populous cities in the nation, Austin (41.64%), Houston (38.13%) and Dallas (37.78%) are all well over the 30% threshold.
Now, month-over-month, some cities in North Texas (Plano, Fort Worth, Dallas, Arlington, Garland, Irving) became a bit more affordable. But Lee doesn't expect that to continue.
"From what we've seen in these Texas cities...they have become more unaffordable," Lee said. "Because Texas, as a state, has seen tremendous growth in the past few years. Unless this trend continues for the next three to four months, this could be a one-time thing that we're looking at."
"Generally speaking, homes are not affordable for those who are in the (DFW) metro."
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