Out of the 15 largest municipalities in the country, Houston has been ranked No. 11 in terms of how much a homeowner must earn in order to keep up with their monthly mortgage payments, according to a study by personal finance website SmartAsset.
The website, which notes that housing costs take up about one third of average spending for households, configured data by assessing the median home value and mortgage payment to show the minimum level of income necessary. SmartAsset recommends homeowners not exceed a 36% debt-to-income ratio.
Five Texas cities made the top 15 list — Houston came in at No. 11. Homeowners there must earn at least $33,600 if they have no debt. Those with $1,000 in monthly debt payments would need to earn $66,933.
Austin came in at No. 5 with a recommended income of $64,600, Dallas at No. 7 with $38,933 and Fort Worth in ninth with $37,100 annually. At the bottom of the list for Texas is San Antonio at No. 12 with a recommended salary of $29,967 with no debt.
