[New] <50%

> fewer than half of first-time homebuyers in the HoustonThe Woodlands-Sugar Land market can afford the median-priced home according to communityimpact.com

A study from Texas A&M's Texas Real Estate Research Center published on Nov. 4 compared data from 2011 through the third quarter of 2022. The study, completed by Reece Neathery, Harold Hunt and Losey, found several key factors in determining housing affordability have risen dramatically over the past decade, including the 30year fixed mortgage rate.

According to the study, first-time homebuyers must factor in a monthly mortgage payment that is nearly three times as high as it was a decade ago. In 2011, the average mortgage interest rate of 5.62% equated to a monthly payment of $865. First-time homebuyers in 2022 pay an average of $2,379 per month for that same interest rate. Moreover, the actual mortgage rate has increased considerably over the past year.