TEXAS — Buying a home for the first time can be a daunting task, but there are several areas with friendlier markets — including a few in Texas.
In a ranking of the top 60 U.S. metros for first-time homebuyers from the American Enterprise Institute, San Antonio and Houston landed in the top 20. The ranking was created based on affordability by comparing the ratio of home prices to homebuyer income.
Coming in at No. 12 is San Antonio, making it the top Texas city on the list. The Alamo City has a median home price of $298,000 and an average gross annual income of $92,000 — both for first-time buyers
Houston follows closely at No. 16 with a median home price of $335,000 and average income of $102,000.
Other Texas cities on the list are Dallas at No. 35 and Austin at No. 36. These ranked lower and had median home prices of $395,000 (Dallas) and $436,000 (Austin).
First-time buyers had higher median square footage in San Antonio (2,176), Houston (2,137) and Dallas (2,192). Austin had the lowest at 1,961 square feet and the highest median home price for first-time buyers among Texas’ largest metros.
San Antonio’s high ranking on AEI’s list comes at no shock following an October report from Redfin placing it at No. 6 in a list of the strongest U.S. home buyers markets.