Houston Among Five Affordable U.S. Cities

A recent Realtor.com report indicates that homes listed with phrases like 'priced to sell' are generally 8.5% cheaper than similar properties, signaling potential bargains. In Houston, housing costs account for approximately 25% of average income, making it one of the few major U.S. cities still considered somewhat affordable for homeownership, according to Attom's report. The national average for housing costs is 33.5%, while Houston's average has shown signs of improvement due to falling interest rates. Additionally, the U.S. Department of Housing and Urban Development defines affordable housing as costing no more than 30% of gross monthly income, further complicating the affordability landscape. Meanwhile, in Australia, housing prices have dipped and listing numbers have increased, reflecting a seasonal trend, as reported by CoreLogic. Overall, the housing market remains challenging, with only five major U.S. cities deemed affordable, including Houston, Detroit, Philadelphia, Pittsburgh, and Cleveland.