It is tough to buy homes right now, even if interest rates are falling and another report proves it.
A new report from a property data firm finds there are only 5 major cities where buying a house is considered affordable. That means you only have to spend 25% of your monthly income on a mortgage or rent.
One of those cities is in Texas. Houston. Others include Detroit, Philadelphia, Pittsburgh, and Cleveland.
In Austin, the average person has to drop 38.5% of their monthly income. But, that's down from 45% in the second quarter.
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