When to buy a home in Houston: Where to buy in the city that gave us the tech revolution
Posted On July 28, 2021
What is it about Houston that makes the city one of the country’s hottest real estate markets?
A quick trip to the real estate board of a big city reveals many things about its growth story.
Here are a few things you might not know about the Houston market.
It is one of Texas’ fastest-growing cities.
According to the Harris County Property and Casualty Board, there were 1,716 residential transactions in the first six months of 2018.
The city has added nearly a million square feet of new residential space since 2011, according to the Houston Chronicle.
This has made Houston a hotbed of new construction and development.
That means, with each new building comes new residents, which means new rents.
For many, that can be a big problem.
In a recent study, the Harris Community Foundation found that a home valued at $200,000 could cost more than $250,000 in rent for a new resident.
Houston is one city that has been experiencing this trend.
Houston’s rents have increased faster than the overall market, and the median price of a home has increased from $160,000 to $250 for a one-bedroom, the Chronicle reported.
The median rent for single-family homes in the City of Houston rose from $170,000 last year to $210,000 by 2019.
This is part of a nationwide trend of rising rents, especially in the more expensive areas.
The Chronicle reported that median rents for two-bedroom homes in Austin, Texas, are $235,000 and $245,000.
But Houston is not alone in this trend, according the Houston Board of Realtors.
In addition to the rising cost of living, there is also a shortage of homes for sale.
This year, the median sale price in the Greater Houston Area was $191,000, according Realtor.com.
The average sale price for a home that sold for $100,000 or less in 2016 was $202,000 according to Realtore.com, and for $250 or more it was $206,000 per sale, the website reported.
The state is the most expensive in the country to buy.
The most expensive place to buy is Houston.
The Harris County Board of REALTORS reported that the median listing price for single homes in Houston was $209,500, and a home listed for $125,000 sold for more than double that price in 2016.
The board reported that Houston was the most-expensive city in the U.S. to buy homes.
The same goes for apartments.
The National Association of Realty Investment Advisors (NARIA) reported that in 2016, Houston was ranked No. 2 in the nation for apartments priced at $100 to $200 per square foot.
The price of one-bedrooms in the Houston area was also more than twice the national average, NARIA reported.
Houston has become the hub of tech.
According the Real Estate Board of Greater Houston (REBOH), Houston is home to more than 2.3 million square miles of real estate.
Of those 2.1 million square acres, about half are owned by small businesses.
A recent report from the RealtOR.com showed that the number of people working in the local tech industry grew by 50 percent from 2016 to 2020.
The report also found that the tech industry has grown by more than 50 percent in the past 10 years.
Houston rents are among the highest in the United States.
The number of renters in the Harris metropolitan area increased by almost 60 percent between 2011 and 2016.
This was despite the city experiencing a housing shortage and rising prices.
The RealtORS report showed that in 2020, the average rent for two units in Houston rose to $205,000 from $190,000 a decade earlier.
The rent for one- and two-bedroom homes in that same time period increased by about 30 percent.
Houstonians are passionate about their city.
According a recent report, a quarter of Houstonians want to be a part of the Houston ecosystem.
The Real Estate Council of Greater New Orleans (RECO) reports that more than half of Houston residents would be willing to pay $200 to $300 more per month to live closer to a major industry such as retail, tech or agriculture.
The RECO report found that only three percent of Houston’s population would be interested in renting out their home for less than $300 per month.
Houston residents are not just interested in their city, but also in their business.
The Houston Chronicle reported last year that a quarter (24 percent) of Houston employees have returned to the city to open a new or existing business.
This trend is expected to continue in 2018.
Houston leads the nation in jobs growth.
According NARISA, the unemployment rate in the metro area