The typical U.S. starter home now costs $250,000, which is just barely affordable for a family earning the median household income, a new Redfin study found. Homebuyers must now earn $79,252 annually to afford the typical starter home, while the average U.S. household earns roughly $84,000.
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Among the 50 most populous U.S. cities, a family earning the local median income can’t afford a starter home in about half, the study found.
Here’s a look at the major Texas cities where starter homes are and are not affordable for the average family .
Austin
- Can the average family afford a starter home here? No
- Median sale price of starter home: $327,000
- Median household income: $103,945
- Income needed to afford a starter home: $117,781
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