Location is an important consideration for every real estate investment, and if you’re considering buying property in Houston, you’re looking in the right spot.
Here are 5 reasons buying property in Houston, Texas is a smart move, whether you’re an investor, a landlord, or you’re buying a home to live in:
- Houston is a growing market
No real estate purchase is risk-proof, but investing in property in a growing market carries less risk than investing in a declining market. Of course, no market remains one way forever; flux is inevitable. However, the housing market in Houston has become one of the most consistent regions in the US.
In 2014, Houston saw a surge in the local economy, thanks to exponential job growth. Thousands of people were relocating to Houston each month. The unemployment rate has risen slightly but still remains below the national average.
What makes people want to live in Houston? It’s not just the affordability or the jobs. Houston is a family-friendly city, and there are plenty of great schools in the area.
- Houston real estate appreciates fast
Houston real estate appreciates at a rate slightly above the national average. With a median sale price of $195,000 and 37.4 average offers, the market continues to grow.
According to FortuneBuilders.com, Houston homes purchased in 2015 appreciated by an average of $11,062 in just one year. Homes purchased eleven years ago appreciated by an average of $79,484 as of 2016. As of November 2016, the average price for a Houston home was $281,671.
As of 2017, Houston home prices are still rising. If you’re going to get in on this market, the time is now. Although experts predict the rate of appreciation will slow, it’s not likely to stop.
- Living in Houston is affordable
In 2016, the average homeowner in Houston paid 7.7% of their income for mortgage payments while the national average was 14.5%. Owning property in an area that appreciates and is affordable is a good deal. You want to be able to rent your property easily or sell it quickly if you’re flipping. If you’re going to live in your home, you want to live in an area like Houston where your mortgage payment won’t be too high.
The good news is that foreclosures in the Houston area are lower than the national average, and that’s a reflection of the stability of the market.
The home buying process isn’t quick, but once you get through the negotiations, paperwork, fees, and legalities, you’ll be able to enjoy your home knowing it’s in a great area.
- Home loan limits are rising
As of 2017, the Federal Housing Finance Agency raised loan limits. For a single-family home purchase in Harris County, Texas, the limit has been raised to $424,100, and FHA loan limits have increased to $331,200.
An increase of loan limits is a good sign, as the limits are based on home values. Even with higher loan limits, you may need to take out a jumbo loan. This is still an option for those who qualify.
- Houston is a family-friendly area
There are so many fun things to do in Houston, and several websites are dedicated to helping you find them. KidsOutAndAbout.com posts free events, classes, camps, and plenty of DIY ideas for every season. They even rank the top places to go each year.
In 2017, the Splashaway Family Waterpark and Campground was ranked the number one family fun spot in Houston. There’s a head-first waterslide and 50 family-friendly cabins with 130 RV hookups, so you can rough it or camp in luxury.
The Houston Zoo was voted the second best place to take your kids in Houston. Other activities that made the top 20 list include:
- The Children’s Museum of Houston. This museum offers 14 hands-on exhibits and gives kids the chance to program robots and be inventors. They can be news anchors, and climb a three-story tower.
- Sugar Land Skeeters Baseball. It’s not major league, but it’s major fun.
- Brazos Bend State Park. A 5,000-acre state park where you and your family can bike, hike, fish, birdwatch, camp, and gaze at the stars out in nature. They also offer guided hikes where you can learn about the natural history of the park.
- Houston Party Playland. This indoor playground is built for all age groups – it’s not just for the little ones.
- Crocodile Encounter. This is one of Houston’s secret gems. You can get close – but not too close – to some of the most ancient creatures on the planet.
- Froberg’s Fruit and Vegetable Farm. A year-round market for fresh produce, Froberg’s Country Store is better than a candy store for those who love nutritious food.
- The Katy Visual and Performing Arts Center. Kids love the performing arts, and this is the place to expand their creative minds.
- The Kemah Boardwalk. Open daily, this boardwalk is 20 miles from downtown Houston and has waterfront restaurants as well as rides, festivals, and plenty of shopping.
Houston areas are making the ranks for family-friendly
Nerdwallet ranked the Houston neighborhood New Territory one of the top ten places to live in Texas. The report says more than 50% of households in New Territory are married with young kids.
New Territory is an affluent 3,200-acre planned community located thirty miles from Houston. The population is currently 15,494 with a median home value of $254,600. As of December 12, 2017, it will become part of Sugar Land.
Moving your family to Houston?
If you’re looking to move your family to the Houston area, contact Green Residential to find out how we can help you find the perfect home. We’ve got decades of experience helping families settle into their dream homes.
Our goal is to be informative and helpful, as we have extensive knowledge of the Houston area. Our flat fee services will give you peace of mind with no surprises. We’ll make the home buying process easy for you.
Contact us today to get a head start finding the best home at the best price.