Homebuying in Texas: 3 Options for Down Payment Assistance
According to the 2024 Texas Relocation Report, Texas has become home for more than 668,000 people, with a net population gain of nearly 175,000 residents since 2022. This family-friendly state has something for everyone. Whether you’re an outdoor enthusiast wanting to horseback ride through Dallas ranches, looking to relax on the beaches of Galveston or South Padre Island, passionate about the arts in Austin, or a food lover eager to explore Houston’s culinary scene, Texas offers something for every taste.
The cost of living and home prices in Texas are also cheaper when compared to states like California and New York. Tax incentives make the Lone Star State appealing, and as one of the eight states in the US without personal state income tax, Texas is a great place to own a home and turn the American Dream into reality.
One of the biggest challenges for first-time homebuyers is saving for a down payment. An influx of new businesses and residents has driven up demand in Texas, resulting in limited inventory and soaring home prices. This supply-and-demand imbalance suggests prices will continue to rise, requiring buyers to increase their purchasing power.
With mortgage rates at an all-time high, home prices nationwide have compromised buyers’ purchasing power. However, various programs in Texas offer down payment assistance. Knowing where to look can help you determine if you qualify. We researched and interviewed real estate experts across the state to find three down payment assistance options that offer great benefits. Here’s how you can take advantage of them!
