Houston, TX is a large city located along the gulf coast. The city enjoys certain economic and cultural advantages. This includes highly urbanized amenities as the city continues to modernize such as access to hospitals and relatively better public transportation.
With that said, Houston just might be the right place to settle in. Great cost of living, easy access to career opportunities, and a stable real estate market awaits everyone in the Energy Capital of the World.
Houston in a Nutshell
Houston is a home to various top energy companies. It has a population of around 2 and a half million people, according to the recent census. It is an urban powerhouse that is great for people who are starting their career.
While public transportation is better than rural areas in the state, it still isn’t topnotch. At average, a car will be beneficial to get around the city.
According to data from 2018, Houston has a high average annual income of $32,521 per individual. This puts Houston at the upper middle income margin. Most people in Houston are either in the construction, healthcare, or retail industries.
As typical with most U.S. cities, Houston has its best schools in the suburbs. There are also great schools downtown as well. With an average of 17 students per classroom, parents can be sure that a child will get an ample attention.
The Cost of Living
Houston is 2% cheaper to live in when compared to other cities in the United States. The cost of groceries and transportation are lower here. Meanwhile, housing and utility expenditures are higher than usual.
The Real Estate Situation in Houston, TX
Houston, TX presents one of the most dynamic yet stable real estate markets in the country. The median sale price of homes in the city is around $290,000. Houses usually cost $169 per square feet.
Most homes in Houston are single-family homes with one to three bedrooms. It is ideal to start a family here. Homes are also old here, with most built from the 1970s to the 1990s.
Meanwhile, around 2,500 homes are sold per month due to high demand. It can sometimes peak at 3,600 during the summer months. Right now, there are around 14,000 homes for sale in Houston, TX. Supply and demand is apparently stable right now, without lapses on both sides of the economic process.
As of late, it only takes around 23 days for a property to sell in Houston, TX. Some homes will get multiple offers. The fastest a property can be sold is clocked at 6 days.
Houston has one of the highest appreciation rates in America, with a 3.99% appreciation rate. Home prices in Houston have already risen 127% since 2000. The prices of houses on Houston are on a steady, gradual incline.
With these data at hand, buyers are urged to take initiative as soon as possible to prevent higher prices. Sellers meanwhile are urged to maintain the supply to balance out the demand.
Houston, TX is currently a balanced real estate market. While it certainly looks like it’s leaning towards the seller side, the market is extremely dynamic. During the summer months, Houston is a seller’s market. However, when the winter months set in, it becomes a buyer’s market due to low demand.
Houston, TX is definitely one of the greater real estate markets in the country. It has advantages for both buyers and sellers alike. The perfect mix of people, opportunities, and relatively low housing cost make it one of the most ideal places down south.
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