Fort Worth ranks among most affordable cities for average household
A new real estate report shows how much housing an average household can afford in the country’s 50 largest cities, and Fort Worth tops the list.
Cowtown ranks 13th out of 50 in SmartAssets 2020 edition of “Where the Average Household Can Afford the Most and the Least Home.”
The finance website used the median household income in each city and the average non-mortgage debt in each state to estimate how much home the average household can afford. This number was then compared to the area’s median house value to determine affordability.
With a local median household income of $ 65,356 and an average Texas no mortgage loan of $ 27,193, SmartAsset reports that the average household can afford a home priced at $ 257,000.
The median home value in the region is $ 209,400, according to the 2019 annual American community survey by the Census Bureau, which means the median-priced home is easily accessible. The study shows this as an affordability rate of 122.73 percent.
Several other cities in Texas join Fort Worth on the affordable side of the spectrum. El Paso ranks 9th in the United States with an affordability rate of 133.23 percent, and San Antonio is 14th with an affordability rate of 121.57 percent. Arlington ranks 20th at 112.25 percent, and Houston, No. 28, has an affordability rate of just over 100 percent.
Dallas (No. 30) and Austin (No. 36) are the least affordable cities in Texas that were included in the study. The median home price is unattainable for the average household in both cities. Dallas joins with an affordability rate of 92.91 percent; in Austin it is 83.8 percent.
The least affordable place in the United States is New York City, where the average household can only afford 42.45 percent of the median home value.