While wages appear to be on the rise in Texas, they aren't keeping up with the rising cost of housing, researchers say.
Clare Losey, an assistant research economist at Texas A&M and one of the researchers behind the report, says she hopes the research encourages people to look closely at the impact mortgage rates are having on different groups in our community.
"The effect that even a one percentage point increase in the mortgage interest rate can have on folks, particularly our first-time homebuyers, who tend to be of lower-income, lower wealth, you know, tend to experience greater difficulty in purchasing a home, it's just going to be increasingly more challenging for them to enter the homeownership market. Particularly in large metros like DFW, unfortunately.
"Really hoping that people are paying attention to the effects of rising mortgage interest rates on the market for homeownership, and also hopefully trying to find ways creative ways to combat the effects of those increases on our most vulnerable potential homebuyers."
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