Statewide- the median household income is just under 83K with Latino households making the biggest gains. The report showed incomes grew in Houston and San Antonio but fell in Mc Allen and in the Fort Worth/ Dallas regions. While household incomes have largely grown since 2021, Texas lags the national median household income of $84,780.
Economist Hank Lewis says Americans are feeling the strain with essentials- triggering generational shifts. “Some examples are young people who are renesting with their family. We’re seeing more multi-generational households in different ethnic groups that didn’t have them in the past for example.” He said.
The economist points to a lack of housing opportunities. “Trying to release more housing- that’s kind of an adjustment we all have to make for each other as a result of this. Some financial service institutions are holding onto their real estate and not putting them on the market to keep their prices high. Building more affordable housing would be a great thing, but a lot of people are like- not in my backyard.” He said.
Lewis attributes this to older generations over time building their career, as well as a rise in shorter certified career training programs that allows the more veteran workers higher incomes allowing them to provide for the younger generations who are right out of college, but unable to afford buying a home or paying rent.
Lewis says some renters may have to reconsider their expectations such as living with a roommate or choosing a less expensive location. “There are still things you have to give up to get something and the good locations are more expensive.” He said.
Participants cited higher costs for groceries, home and health insurance. Home ownership seems like it gets further out of reach. Although the real estate market in Texas is balanced, the gap between the cost of living and income seems to be growing as Americans look to the midterms hoping to get the economy in a better position.