<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=2zfukL_0vkUMCcq00" alt="https://img.particlenews.com/image.php?url=2zfukL_0vkUMCcq00" width="2000" height="1500" ><figcaption>The median interest rate for homes in the Houston metro area stands at 6.75 percent.</figcaption></figure>Whether a homeowner's mortgage is for 15 or 30 years, paying off such a large debt can be an arduous process. But luckily for homeowners living in the Houston area, paying off a mortgage is much easier than nearly every other metro in the country, according to a new report by SmartAsset.Houston-The Woodlands-Sugar Land earned No. 2 in SmartAsset's new study analyzing the top 40 large U.S. metros where it's easiest to pay off a mortgage. Rankings were determined based on the principal and interest payments for conventional 30-year fixed rate mortgages issued in 2023, relative to the median income of new homeowners.The only U.S. metro to outperform Houston to claim the No. 1 easiest place to pay off a mortgage is Pittsburgh, Pennsylvania.According to the study's findings, house payments only represent 17.1 percent of a homeowner's gross pay in Houston. The median property value of a home in the metro is $365,000, while principal and interest payments amount to $1,894 per month. SmartAsset also determined that the median income of new homeowners in Houston-The Woodlands-Sugar Land comes out to $133,000 a year.Here's how the report broke down the rest of Houston's ranking:<ul><li>Median loan-to-value: 80 percent</li><li>Median interest rate: 6.75 percent</li><li>Mortgage amount: $292,000</li><li>Number of conventional mortgages issued in 2023: 77,248</li></ul>The report also reflects on the different life changes that can happen while paying off a house, such as starting a new job, starting a family, or even large economic events."After you qualify and buy the home, you could spend 30 years paying off your mortgage loan...So it’s important to have a strong emergency fund to cover unexpected expenses," the report's author wrote. "You may also decide to pay off your mortgage early, even when having the opportunity to invest those extra funds elsewhere."Elsewhere in Texas, San Antonio-New Braunfels ranked as the No. 5 easiest metro for paying off a mortgage. Austin-Round Rock-Georgetown rounded out the top 10 with the lowest interest rates for new homeowners in 2023, at just 6.5 percent, the report found. Dallas-Fort Worth-Arlington ranked just outside the top 10 as No. 13.The top 10 U.S. metros where mortgages are easiest to pay off are:<ul><li>No. 1 – Pittsburgh, Pennsylvania</li><li>No. 2 – Houston-The Woodlands-Sugar Land, Texas</li><li>No. 3 – Detroit-Warren-Dearborn, Michigan</li><li>No. 4 – Cleveland-Elyria, Ohio</li><li>No. 5 – San Antonio-New Braunfels, Texas</li><li>No. 6 – St. Louis, Missouri-Illiniois</li><li>No. 7 – Milwaukee-Waukesha, Wisconsin</li><li>No. 8 – Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Maryland</li><li>No. 9 – Cincinnati, Ohio-Kentucky-Indiana</li><li>No. 10 – Austin-Round Rock-Georgetown, Texas</li></ul>The report used data from the Home Mortgage Disclosure Act for 2023, where median loan sizes and median interest rates were used to determine the monthly principal and interest calculator with SmartAsset’s mortgage calculator. This monthly mortgage payment (which excluded PMI, property taxes, and home insurance) was then compared with the median incomes of new homeowners. The full report and its methodology can be found on smartasset.com. <h2>CultureMap Emails Are Awesome</h2>Get Houston intel delivered daily.We will not share or sell your email address.a piece of history<h2>River Oaks mansion by famed architect hits market for $18.9 million</h2>Sep 23, 2024 | 4:08 pm<figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=3OsGdQ_0vkUMCcq00" alt="https://img.particlenews.com/image.php?url=3OsGdQ_0vkUMCcq00" width="980" height="653" ><figcaption>2110 River Oaks Boulevard, designed by Houston architect John F. Staub, is for sale for $18.9 million. Photo by TK Images/Courtesy of Compass</figcaption></figure>The River Oaks Country Club, Lamar High School, Bayou Bend, and Rice University's Fondren Library share something in common with the home at 2110 River Oaks Boulevard. They were all designed by Houston architect John F. Staub. Unlike the country club, the high school, the house museum, and the library, 2110 River Oaks Boulevard is for sale, listed by Laura Sweeney of Compass Realty. Home buyers can own a piece of Houston's history for $18.9 million. Staub, who was educated at MIT and moved to Houston in the early 1920s, designed the home in 1938. It sits on more than 1.6 acres, and includes the main house, a four-car garage with an upstairs, two-bedroom guest apartment, and an entertainment pavilion. Most recently owned by Larry Brookshire, the house has been lovingly restored and thoughtfully reimagined by the team of architect Martha Bute in collaboration with interior designer Bruce Budd.The result is a home that offers modern amenities and conveniences, while preserving the look and feel of this historic home. The remodel includes museum-quality finishes, impeccable scale, and sublime views of the estate's park-like setting. Highlights include an elevator, a slate roof, and a chilled water AC system. 2110 River Oaks Boulevard is a home that offers the gracious living that comes with one of Houston's premier addresses. Ample gathering spaces offer room to entertain, while the primary suite is an oasis for owners. This is a home that, as it approaches its 90th year, embraces its past even as it offers all of the luxury amenities of the present. Featured Event<figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=18bNL4_0vkUMCcq00" alt="https://img.particlenews.com/image.php?url=18bNL4_0vkUMCcq00" width="2000" height="1500" ></figure></div></body>

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Mortgages are easier to pay off in Houston than any other metro area

Whether a homeowner's mortgage is for 15 or 30 years, paying off such a large debt can be an arduous process. But luckily for homeowners living in the Houston area, paying off a mortgage is much easier than nearly every other metro in the country, according to a new report by SmartAsset.