Housing affordability in Houston improved in the third quarter of 2024, with 38% of households able to afford a median-priced home, up from 35% in 2023. The median home price rose slightly to $348,200, but monthly mortgage payments decreased from $2,620 to $2,460 due to lower interest rates, which fell from 7.04% to 6.02%. Consequently, the annual salary needed to afford a median home dropped to $98,400 from $104,800. Despite this improvement, homeownership remains out of reach for many households in the area.