Houston is America’s most affordable housing market for middle class families compared to the nation’s 50 largest metro areas. Nonetheless, fewer than 50% of first-time home buyers in the Houston area can afford the median-priced home despite even though home prices may have decreased for the first time in nearly a year.
Since the economic boom in the 50s and 60s, Houston has become known for its affordability. Historically, Greater Houston is the rare major metro in which the cost of living is low and overall opportunity is high, especially relative to its size as the 5th largest metro-area and 4th largest city in the nation.
Southeast Texas’ affordability is one of the main reasons Houston’s population grew at the fastest rate in the last decade. More recently, the hot real estate market, soaring gas and energy prices, and 40-year high inflation rates threaten that reputation. Back in 2011, median home prices were only $148,500. At the end of 202, medium house prices were $340,000. That’s quite a big increase.
Will prices continue to trend up despite the recent decrease?
Despite inflation in Houston increasing at a slightly faster rate than the national average, Houston still has the second-lowest cost of living. We are 36.2% lower than the average for other large metro-areas!
Houston’s housing affordability is being redefined… As the entire country becomes less affordable, so does Greater Houston. Our cost of living remains relatively low when compared to other major metros and the quality of life in Houston is phenomenal.
We recognize the importance of working with quality lenders that help you understand the home loan process. As a leading home builder, Long Lake has done the homework for you. More importantly, we’re one of the few builders that offer our customers a choice. The benefit of multiple preferred lenders means multiple loan programs and healthy competition for your business!
By using a local business, you can choose to meet face-to-face, or if you’re constantly on the go, send your paperwork electronically. Over the phone or face-to-face, you’re dealing with a reputable lender that will provide answers to your questions. Our goal is to help make your dream of owning a home a reality. All of our preferred lenders offer competitive rates and low closing costs. Be sure to ask our onsite sales associates for details on our Preferred Lenders and on seller contributions to closing costs.
