Income Required To Buy A Luxury Home In Houston

    Income Required To Buy A Luxury Home In Houston

    May 15, 2018

    Thinking about buying a home in one of Houston’s luxury neighborhoods this year? If so, you’ve probably heard about some of the beautiful neighborhoods outside the city, and may have even begun looking for homes for sale as well.

     

    As you’re conducting your preliminary research, keep in mind that the cost of homeownership will inevitably vary from one town to another. Understanding the varying costs of homeownership from the beginning of the buying process is an important step towards making a carefully calculated decision on which property is right for you.

     

    One of the most important meetings I conduct with my clients, if not the most important, is the initial meeting. There’s usually quite a bit of anxiety in the room, mostly stemming from financial and budgetary questions. This is especially true for first-time homebuyers, and the uncertainty usually stems from lack of knowledge on what the buyer can afford.

     

    While I’m not an expert on mortgages, I do have access to many lenders that can help determine the answer to this question. I communicate to my clients that the 2nd most important partner in the home buying process is their lender. (Of course, the important person in the home buying transaction is their friendly neighborhood Realtor, me!)

     

    The lender will assist in providing exactly what the buyer can afford based upon their short and long range goals. I never encourage someone to become “house poor” and factor how long they wish to stay in the house.

     

    While each homebuyer’s situation will vary depending on their unique resources and needs, Houston Business Journal’s recent article about the average salary needed to buy a home in Houston can serve as an excellent starting-off point for those who are in the early stages of the homebuying process.

     

    Estimated Salaries Needed To Buy Homes In Houston’s Luxury Neighborhoods:
    Memorial Village:

     

    • Median listing price: $1,575,000
    • Average salary required: $416,483

     

    Memorial Park

     

    • Median listing price: $1,525,000
    • Average salary required: $403,262

    (Read the full article on TanglewoodLuxuryHomes.com!)