Real Estate Rumblings
Across the country, real estate markets are becoming more competitive, and here in Texas, homes are getting pricier by the day. The good news is that the Lone Star State has some of the healthiest housing markets in the nation: WalletHub recently ranked the health of housing markets in 25 big U.S. metropolitan areas, and Austin, Houston, and San Antonio all come in near the top.
Wallethub analyzed metro areas based on 10 key metrics, from the interest rate on a first mortgage to the percentage of households that have received state or local assistance on their first housing loan. Based on the analysis, San Antonio has the third healthiest housing market, Austin the sixth, and Houston the 10th.
Among the metros studied, Austin has the second lowest down payment percentage (14.51 percent); only San Antonio fares better (13.71 percent). Both cities also rank in the top five for lowest percentage of underwater mortgages.
When it comes to households that have the least access to a home equity lines of credit, though, Texas takes the top three spots, with San Antonio, Austin, and Houston all coming in well below the national average of 5.16 percent. (This is a bad thing.) Interest rates on a first mortgage are also higher than most, with Austinites paying 4.81 percent, Houstonians paying 5.19 percent, and San Antonians paying 5.24 percent. The national average is 4.71 percent.
Dallas-Fort Worth isn't included in the study, but we can say it's great place for first-time homebuyers.