New report ranks Houston metro No. 5 in the nation for most affordable

A new report from Smart Asset, a financial guidance website, ranked the Houston-Woodlands-Sugar Land metro area No. 5 in the country for affordable housing for average income earners. Click through the photos above to see how Texas cities ranked among the nation's top 25 biggest metros for affordable housing. less A new report from Smart Asset, a financial guidance website, ranked the Houston-Woodlands-Sugar Land metro area No. 5 in the country for affordable housing for average income earners. Click through the photos ... more Photo: FILE Photo: FILE Image 1 of / 32 Caption Close New report ranks Houston metro No. 5 in the nation for most affordable 1 / 32 Back to Gallery

Potential new homeowners looking for the most bang for their buck should be sure to check out Houston's The Woodlands-Sugar Land metro area before making an offer somewhere else.

A new report from Smart Asset, a financial guidance website, ranked the Houston-Woodlands-Sugar Land metro area No. 5 in the country for affordable housing for average income earners.

The report analyzed data from 25 of the nation's largest metro areas that compared median household income, average non-mortgage debt and local median home values. Overall, the data showed that metro areas in the Midwest and South were the most affordable for median income homeowners looking to buy.

In the Houston Woodlands-Sugar Land metro area, the report found the median home to be worth about $193,000, or equal to three times the local median household income. Median households can afford a $206,000 home, after taking debt and property taxes into account, according to the report.

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The Woodlands-Sugar Land metro area is sure to see increase home development with the area's projected growth over the next few decades. According to a report from the Greater Houston Partnership and the Texas Demographic Center, the metro will add 4.1 million residents between 2010 and 2050 in a moderate growth scenario.

Two other metro areas in Texas, New Braunfels in San Antonio and Fort Worth/Arlington in Dallas, also made the list. Click through the photos above to see how Texas city metros ranked among the nation's top 25 biggest metros for affordable housing.

Rebecca Hennes covers community news. Read her on our breaking news site, Chron.com, and on our subscriber site, houstonchronicle.com. | rebecca.hennes@chron.com | Text CHRON to 77453 to receive breaking news alerts by text message

