Texas homebuyer income rises, first-time buyers stifled

TEXAS – Incomes for those buying homes are increasing at a quick clip in Texas, but some local real estate markets in the Lone Star State are seeing first-time homebuyers stifled by rising home prices, according to a new annual report from the Texas Association of Realtors.

Median household income for Texas homebuyers increased by 5.9 percent to $97,500 between June 2013 and June 2014 — more than four times the national rate, which rose 1.4 percent to $84,500 during that time.

Those homebuyers in Texas are still more likely to buy a new home, as well.

About 28 percent of Texas homes purchased between June 2013 and June 2014 were new homes. While that’s a 1 percent drop for Texas, the 28 percent new-home share of the sale mix is almost double the new-home share seen nationally.

Rising prices in places such as Austin are making it harder for people to buy their first home.

First-time homebuyers in Texas dropped by 4 percent to 29 percent of all Texas homebuyers.

Meanwhile, the national first-time homebuyer share of the market rose by 5 percent to 33 percent of homebuyers nationwide.