If you’re thinking about buying a home in Amarillo, Texas, there’s some good and bad news. The good news is that it isn’t as expensive as other places, and the bad news is that it’s still wildly expensive when compared to the average income.
Amarillo, Texas, Ranks Among 10 Lowest Home Price-to-Income Ratios
A recent look at average home prices and incomes by Construction Coverage resulted in some bittersweet takeaways. If there’s anything to celebrate, it’s that Amarillo ranked 10th when it comes to having the lowest home price-to-income ratio.
That ratio comes from looking at the median home price in a city and then looking at the median yearly income. When compared to cities of a similar size, Amarillo comes out not looking too bad.
The median home price is $196,062, while the median household income is $58,897. Where things get wild is when you look at how much the price has gone up in recent years, while the income hasn’t followed suit.
Home Prices Have Skyrocketed While Household Income Fails To Keep Pace
In Amarillo, the median price of a home has gone up by 42% since 2020, according to the study. What’s crazy is that it puts us in the company of the most affordable mid-sized cities in the U.S…