This Is The Least Expensive City To Buy A Home In Texas

Houston TX

16 August, 2021

3:41 PM

Description

By Samuel Stebbins, 24/7 Wall St. Houston 2021-08-15 A surge in demand for homes in the United States, in addition to limited housing inventory, has created a sellers market unlike anything seen in recent memory. Homes are now selling faster than ever before — and also for more money than ever before. While rapidly rising housing prices may discourage many would-be buyers, there are parts of the country where home values are relatively low and where homes are affordable to a wider range of budgets. Using data on median home value from the U.S. Census Bureau, 24/7 Wall St. identified the least expensive city to buy a home in every state. We included cities, towns, villages, and unincorporated communities with populations of at least 25,000 in our analysis. In Texas, the city of Port Arthur has the lowest median home value. The typical area home is worth $65,800, compared to the statewide median of $172,500. Home values in a given area are often a reflection of what residents can afford. Just as home values are lower in Port Arthur than they are across Texas, so too are incomes. The typical area household earns $36,557 a year, while the median household income statewide stands at $61,874. All data used in this story are five-year estimates from the U.S. Census Bureau's 2019 American Community Survey. Can't see the article's infographic? Click here to view the original story.This story was originally published by 24/7 Wall St., a news organization that produces real-time business commentary and data-driven reporting for state and local markets across the country.