TEXAS JOURNAL --- Why Do So Few Texans Own Homes? --- Among the Answers: Low Incomes, Age And Fears of a Bust
In Texas, home sweet home is probably a rental.</br></br>Although the state boasts some of the nation's cheapest houses, just 6.1 out of 10 Texans own their homes -- ranking Texas 43rd in the country. And in some parts of the state, such as Austin and Houston, the ratio is closer to five out of 10.</br></br>Put part of the blame on money. Or rather, a lack of it. While Texas housing prices may be low by national standards, Texas incomes are even lower, putting homes out of financial reach for many.</br></br>But that's not the only reason. Housing experts also say that Texans' ethnic mix, lingering memories about past housing busts, and the relative youth and mobility of the state all contribute to the low home-ownership rate.</br></br>Whatever the reason, though, nearly everyone agrees on the result: It hurts Texas.