Locator: 48597TEXAS.
From local community report:
Texas needs about 306,000 more homes to meet demand, research shows.
The details: Texas’ population growth has outpaced homebuilding since 2020, according to the state comptroller’s office, resulting in a widespread housing shortage. Home prices shot up during the height of the COVID-19 pandemic, as remote work policies allowed more people to move to Texas.
Zooming in: A Texan who wants to sell their current home and purchase a new one should make about $113,000 to qualify for a mortgage loan, compared to about $70,000 at the beginning of the pandemic, said Clare Knapp, a housing economist for the Austin Board of Realtors. A first-time buyer should have an income of about $78,000 to qualify for a loan, up from $45,000 in early 2020.
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