Home News Texas real estate: Housing increasingly unaffordable in Houston, researchers say

Texas real estate: Housing increasingly unaffordable in Houston, researchers say

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Houston, Texas (KTRK)-In the last 23 months, the average price of single-family homes in the Houston area has risen from $ 309,975 to $ 410,923. This is an increase of 32.5%. Over the same period, the average cost of rental housing increased from $ 1675 to $ 2075, an increase of 23.8%.

For some, that means that the cost of buying a house or renting an apartment is more affordable. For others, it means an eviction threat. At either end of the spectrum, it shows that affordable homes are no longer so affordable.

Tim Surratt is a real estate agent with 30 years of experience. His buyers can afford to buy homes, but they are spending more money or reducing the number of homes they buy in high-demand, low-inventory markets.

“[It’shappeninginallpriceranges”Salatsaid”Affordablepricesaregettingharderandhardertofindforlessthan$300000YouhavetogofurtherTherearestillaffordablehomesGoalittlefartherthanyouthoughtOrmaybeyouneedtohaveasmallhouse”

This is part of what researchers at Rice University’s Kinder Urban Institute have found. Last year, they published three or more studies on affordable housing. Surrat sees Houston’s homes as the story of two cities.

Bill Fulton, Director of Urban Research, said: “Some people want to buy, others need to rent.”

Fulton said the COVID-19 pandemic certainly exacerbated the problem, but affordable housing was already a problem for some time.

“During Harvey, so many rental homes were knocked out, intensifying competition and people started paying more than they could afford,” Fulton said.

That is the experience of Joetta Stephenson. She lives in District 5 and is part of a group of Houston residents who call their coalition fair housing and neighborhood rights.

“If I had a problem already during Harvey, I was hit again and again and never released from the original hit,” says Stevenson.

Ruth Randle is also a member of FHRN. She lives for $ 800 a month. Randall, at the age of 68, got an additional job to pay her invoice, but she still does little.

“I got another job, and I still have to pay taxes on a little money (which I earned),” Randall said. “I owe the government from the money (I earned).”

It’s a losing proposal for so many, and it’s whether they can find a home. The Houston Housing Corporation has a variety of waiting lists ranging from 8,000 to 20,000, seeking help in finding and maintaining affordable homes. David Northern is the CEO.

“The stress is great,” Northern told ABC13. “We’re out of the pandemic, many families are making money, and rents are rising. Overall. Nowadays, many landlords are willing to pay rent to people in affordable homes in such situations. We are continuously working on it .. We must work with elected local officials. The community understands that people need affordable housing. You need to make sure that. “

Julia Orduna belongs to Texas Housers, a non-profit organization focused on low-income housing. She says there are 19 affordable properties for every 100 families in the lowest income group.

“Affordability has always been a problem, especially in Houston,” Orduña said. “It’s a domino effect because we don’t target and serve the people who need it most. It’s actually priced, but those who have units aren’t affordable. Those who have units are lowering the price because they can only buy things. To them. “

Conclusion: There are not enough affordable homes in southeastern Texas. Whether you’re talking about buying, renting, or providing a safe and clean space to live in, there’s no immediate solution. It’s been a long-standing problem exacerbated by disasters and pandemics, and we expect market conditions to change and politicians to act.

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