Texas home buyers are earning more, paying more for homes and growing more diverse, according to a new Texas Homebuyers and Sellers Report released Tuesday by the Texas Association of Realtors.
Kaki Lybbert, chairman of the Texas Association of Realtors, explained, “We have seen greater ethnic diversity among home buyers over the last few years, which is an encouraging trend. At the same time, median household income in the state went up. That’s good news for Texans, because our home prices have continued to rise in most areas as well.”
According to the report, the percentage of home buyers who identified as African-American was 8%, up from 5% the previous year; 7% identified as Asian, up from 4%; and those who identified as Hispanic remained consistent with prior years at 14%.
Median household income among Texas home buyers increased from $94,200 to $101,400. Nationally, the median income of home buyers was $88,800. The median home price paid among Texas home buyers was $259,500, significantly higher than the Real Estate Center at Texas A&M University’s estimation of $150,000 as a home price for entry-level and first-time home buyers.
In Texas, single female home buyers decreased 3 percentage points to 16% and single male buyers fell 1 percentage point to 8% of all Texas home buyers. The percentage of married Texas home buyers increased 2 points to 68%.
The median age for home buyers in Texas increased for the fourth straight year to 47 years old. However, the share of first-time home buyers increased from 30% to 32%, while the median age of first-time home buyers went from 32 years old to 33 years old.
Lybbert concluded, “As we mark the 50th anniversary since President Lyndon Johnson signed the Fair Housing Act into law, it’s good to see diversity increasing among home buyers in Texas. Our diversity is one of our state’s great strengths. Texas Realtors will be leading the way to make even more progress to ensure that home ownership is attainable for all Texans in all types of real estate transactions and at all price points.”
