Houston homes becoming more affordable
April 29th, 2011 6:10am
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With mortgage rates remaining low, and rents rising across the country, a report from Trulia finds that homeownership in Houston, and in many other cities across the country, has become more affordable.The website compared the cost of buying an average two-bedroom home and the cost of renting it, saying the market favors buying if the cost of a home is less than 15 years of rent. At the start of this quarter, the site found buying was more affordable in almost 80 percent of the 50 largest cities in the country.
"As we head into the summer buying season, those looking to buy a home should be encouraged by improvements in the market and feel optimistic about their chances of finding an affordable home, much more so than in previous years,” says Ken Shuman, head of communications at Trulia.
In Houston, market changes made Houston properties even more affordable than they had previously been. The website says Houston homes cost about the same as 11 years of rent payments, down from 13 just three months earlier.
Courtesy of 2M Realty News
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