EL PASO, Texas (KTSM) — The housing market has been booming this year, but the price of real estate varies throughout the country. According to research, El Paso is the #7 most affordable large city to buy a home.
Some cities are more or less expensive than others to buy a home. In a study conducted by AdvisorSmith on the “Most and Least Affordable Cities for Homebuyers”, 592 metropolitan areas in the U.S. were examined to find the top 10 small, midsize, and large cities with the most and least affordable housing markets for American homebuyers.
Research shows the price-to-income multiple in El Paso is 3.2, while the average price-to-income ratio was 5.0 nationwide.
The weighted average home price in El Paso is $155,987 and the median household income is $48,542.
Among large cities in Texas, El Paso was more affordable than Fort Worth (#10), Houston (#12), and San Antonio (#13).
For a full look at the study, click HERE.