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How Much More Money You Will Need for a Down Payment in Houston 2018?


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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

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