Report: Houston Joins Ranks of Unaffordable Cities
A new report from Rice University finds that Houston is creeping up the ranks of least affordable cities. Houston comes in at No. 26 among major metros for affordable housing and transportation costs.
Rice’s Shell Center of Sustainability examined several issues including quality of life and housing affordability for its report. It notes that on average, residents of Houston spend 46% of their median household income on housing and transportation. Some area residents spend as much as 60% of their earnings on the two segments.
Federal recommendations call for no more than 45% of income to be earmarked for housing and transportation while national experts recommend spending no more than 30% for housing. According to the Rice report, about one-third of Houston residents exceeded the 30% threshold in 2010, an increase of nearly 50% since 1990. [HBJ]