MIDLAND, Texas — Midland's housing prices are currently 6% higher than what they were last year.
"In our market right now about 50% of our houses are selling for $250,000 and $400,000 and I know that’s a big range but it’s a majority of what our houses are selling for today," said Carroll Nall, MLS Executive Director, Permian Basin Board of Realtors.
These hefty prices are the reason why millennials (ages 26-41) and Gen Z (18-25) aren't able to buy a home, even though they're wanting to buy one.
"These are big decisions that young people are making, this is the biggest purchase you make in your life, purchasing a house," said Nall.
However, due to inflation, not enough income and other factors, it's making it hard for them to afford a home.
"It’s harder to pull the trigger and it’s not just young adults today, it’s anybody trying to look for a house these days," said Nall. "You start factoring those things in, gas is higher. We have a lot of factors weighing in."
According to Nall, interest rates are also higher than they were two to three years ago, which also plays a role in high house prices.
"They’re higher than what they’ve been, they’re higher than what a lot of people have been accustomed to over the years and it does affect your payments, anywhere from 200-500 dollars a month depending on how much you put down on a house to how much you pay in the long run," said Nall.
Nall recommends getting a realtor, making sure you're qualified and staying prepared.
"Biggest issue is getting people qualified for a house because you know if you’re going through this. You’re trying to get yourself prequalified or you already have done that so," said Nall. "Anytime is a good time to be looking and getting yourself prepared for what you may be doing or what you want to do or where you wanna be."