Texans Are Paying Less on Mortgage Debt Than the Rest of the Country
September 8, 2017 | by Guest Posts
This is a guest post by the Texas Association of REALTORS®. With more than 110,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. This post first appeared on the Texas Association of REALTORS® blog on June 30, 2017.
Texas homeowners have less mortgage debt than the rest of the U.S. thanks to home prices below the national average, according to the Real Estate Center at Texas A&M University.
Since 1978, the price of a home in Texas purchased with a mortgage has averaged $161,000. That’s only 82 percent of the national average of $196,300 over the same period. As a result, Texas households typically have lower mortgage debt than the rest of the U.S., set aside less of their income for housing expenses, and pay lower costs and fees for mortgages.
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