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Texas isn’t the only place where home prices are on the rise. Nationally, the median home price will rise $6,275 next year, according to a new study from Zillow. In turn, prospective homebuyers will need to save a good chunk of change more to reach their goal of a 20% down payment. Zillow says that nationally, homebuyers will need to save an additional $105 a month – $1,260 over the next year – to account for how much a 20% down payment will cost in 2018. In Houston, the figure is not as great, as residents will need to save $84 more a month – an additional $1,008 for the year. The figure is higher in a couple hot Texas markets.
In the Austin-Round Rock metro area, the median home value is projected to be $283,871 by September 2018, a 3.3% increase from the September 2017 value of $274,400. That means Austin area buyers need to sock away $153 more a month to afford a 20% down payment of $56,774. But that’s not the highest increase in Texas. You will find that in Dallas-Ft Worth, where the median home value will reach $224,675 in September 2018, an increase of 4.6%. Homebuyers will have to save an additional $165 a month to keep up with rising prices.
Things are more manageable elsewhere in the Lone Star State. San Antonians only need to save an extra $74 a month for the down payment of $31,403 on a $170,515 home. That price is up 2.7% year over year. Houston is in the same range, with a home value increase of 2.8%, to $187,259. Residents need a down payment of $37,452, or $84 more a month, as previously mentioned.
The highest per-month increase is found in San Jose, California, where future homebuyers need to save $599 more a month towards a whopping $217,687 down payment.
Courtesy of CultureMap and Zillow