TEXAS, October 30 - AFFORDABILITY GAP WIDENS

Some Homeowners Hope and Save in Place of Insurance

During the past five years, Texas homeowners have experienced a rise in insurance premiums that outpaced the rest of the U.S. A few insurers have chosen to limit business in the state. Higher costs and fewer options leave some Texans in a perilous situation — going without. It’s one aspect further complicating the state’s reputation for lower housing costs.

“One thing that concerns me as we look to the next 15 to 20 years is the affordability of housing. As we grow, we need to ensure we have a balance for everyone in the community.” —Texas Comptroller Glenn Hegar

HOUSING REPORT RECAP

Home Inventory Shortage Puts the Squeeze on Texans

In early 2024, U.S. housing affordability — the ability of someone with a median family income to afford median-priced housing — hit its lowest level since 1985. In our recent report, the Housing Affordability Challenge, researchers with the Comptroller's office examined factors contributing to those rapidly rising costs and how the crisis is affecting Texans.

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