In Lubbock, it cost homeowners 27.22 percent of their annual income to own a home, a 2.57 percent change in share of income for homeownership compared to April, according to the RealtyHop’s Housing Affordability Index [File photo] Hide caption
Lubbock recently ranked in the top 100 cities where owning a home is the most affordable.
RealtyHop’s Housing Affordability Index for May placed Lubbock 71st out of the 100 most populous U.S. cities. The Hub City inched up two places in the past month. The lower on the list, the more affordable the housing market.
In Lubbock, it cost homeowners 27.22 percent of their annual income to own a home, a 2.57 percent change in share of income for homeownership compared to April. Estimated average monthly mortgage and taxes payments in the city is $1,073. Median household income is $47,326, per U.S. Census Bureau data.
Other Texas cities that ranked in the more affordable half of the index are Garland, El Paso, Plano, Fort Worth and Corpus Christi.
The most affordable housing market is Detroit, Michigan, according to the report. Los Angeles was the least affordable.
Austin was noted for entering the top 25 least affordable homeownership markets for the first time this May. The city saw a 2.67 percent increase in costs associated with homeownership, with the average household requiring 39.39 percent of their income to afford housing each month.