Texas has been known for its relatively affordable housing market compared to other major states. That reality is quickly shifting. Home prices continue to climb and interest rates remain higher than they were just a few short years ago, leaving more buyers locked out of homeownership. The dream of owning a home continues to slip further and further away from even middle-class Texans.

As a licensed real estate agent here in Texas, I see firsthand the challenges buyers are facing. Many who were once confident in their ability to purchase a home are not being forced to reconsider or wait on the sidelines. The rising home prices and interest rates hovering between 6-7% have taken a significant chunk out of what a buyer can afford. Homes that are now out of reach that were in budget two or three years ago.

The issue goes beyond high prices. We continue to face limited options as inventory remains tight. Texas’ major markets like Houston, Dallas, San Antonio, and Austin stand out most- particularly with buyers coming from the East or West Coast according to Newsweek.

Affordability has become a growing concern with middle-class families being impacted harder than before. Recent data has Texas’ median home price now over $330,000 with its wages not increasing at the same rate. According to The Texas Tribune, The gap between what people earn and what homes cost widens daily with no real solution in sight from the leaders of our state. Many buyers are continuing to rent as a temporary solution to entering the market in hopes that they can save enough for a downpayment before the market gets even more competitive.

The fundamental issue of housing supply needs to be addressed. Some relief is expected if rates come down in the near future, but Texans needs more affordable housing options. Until then, buyers need to stay informed, explore all financing options, and be ready to make a move if the right opportunity presents itself.