Homeownership in Irving is becoming increasingly challenging for the average family, with recent data showing a notable increase in affordability burden. According to RealtyHop's June Housing Affordability Index, Irving homeownership costs saw a 2.73% increase since last month.
The report places Irving as the 45th most expensive city for homeownership among the 100 most populous cities in the United States. A significant finding across the nation is that 81 out of 100 cities require over 30% of an average family's annual income to cover homeownership expenses.
For Irving residents looking to buy a home, the numbers break down as follows:
- Median Household Income: $83,642
- Median List Price: $415,000 (a 2.47% increase since last month)
- Monthly Estimated Mortgage + Taxes: $2,739.67
- Share of Income for Homeownership: 39.31% (a 2.73% increase since last month)
RealtyHop's methodology for the index utilizes proprietary listing data and ACS Census data. It considers projected median household income, median for-sale home listing prices, local property taxes, and mortgage expenses. The mortgage calculations assume a 30-year fixed mortgage at a 6.86% interest rate (based on recent weekly averages) and a 20% down payment.
