Houston, Texas Real Estate Investment Information
As the real estate market in Florida is finally slowing down, housing demand and appreciation is increasing in Texas, especially in the booming metropolises of Dallas and Houston. The second largest city in Texas and the fourth largest in the nation, Houston also boasts a major refinery center that emancipates the locals from national oil price increases.
According to the American City Business Journal, Houston was the United States’ fastest growing city of the 20th century. The 2000 Census indicated that Houston had experienced the 6th largest ten-year population growth of a U.S. city, and experts predict that it will increase by at least 3 million more people by 2025.
The recent population influx can be attributed to Houston’s rich Southwestern cultural life, a highly profitable economy, and a large job market. In 2005, all sectors of the Houston job market reported growth, raising the city’s employment by 74,700 jobs, a 3.2% increase since the previous year. The energy industry directly contributes to this gain, supplying 14,000 jobs for a 4.7% gain, which is the highest in the industry since the mid-‘80s.
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In addition to this tremendous job growth, personal income and disposable personal income both increased by .8% in the past year. In the past year, single-family homes prices increased by 7% and are expected to rise by another 10% this year. The city offers the most affordable housing of the nation’s 10 most populated urban areas. In fact, of the 26 U.S. cities with more than 1.5 million residents, Houston rates are 39% below the average. And among major U.S. cities in general, Houston has the second lowest cost of living.
Houston is a busy city, with over 38 million people flying in and out of its two major airports each year. This constant influx of people is partly due to the eighteen Fortune 500 companies that are based in the city, not to mention a bevy of tourist attractions like the largest annual rodeo in the world that tends to attract upwards of 1.8 million people.
A culturally vivacious city, Houston boasts a theater district only second to Manhattan’s Broadway in density of seats in a certain area. The city is also the breeding ground for such celebrities as Gary Busey, Anna Nicole Smith, ZZ Top, and Howard Hughes. With professional teams in every sport (Football: The Texans, Hockey: The Aeros, Baseball: The Astros, Basketball: The Rockets), and several museums ranging in focus from art to cars, the city hosts a wide variety of activities that every resident can enjoy.
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