More bang for your buck in Houston says one Houston realtor. The city’s home sales rocketed upward since the beginning of the year. The Center for real Estate Research at Texas A&M University shows Houston home sales taking off from a little over 4,000 units sold in January to almost 7,500 in June.
Houston Mortgage Rates Remain Low
“With unemployment and the cost of living low we’re seeing an influx of buyers from California, Florida and other areas with a much higher cost of living,” says realtor Janet Ladner. “Houston is ranked among the top metropolitan areas in Texas where you get the most house for your money.”
The strong influx of buyers has pushed home prices up despite the rising prime interest rate. Average home prices in Houston have jumped more than $25,000 during the first half of 2024.
“Most projections for mortgage interest rates this year anticipate the 30-year fixed rate to stay below 7 percent,” says research economist James Gaines. “The Federal Reserve is expected to discontinue its regular increases in short-term rates during the year as inflation fears stabilize, says research economist James Gaines. If these expectations hold, mortgage rates should continue to be attractive to the market.”
The prime interest rate has held steady at 5.25% for the past three months. And economists predict a good economy should keep home markets strong. Texas mortgage brokers reported that home purchase, refinance and home equity loan rates all remained steady at this time.
“Expectations for 2006 are for continuation of a fairly robust overall economy with moderate-to-good job growth and sustained business productivity, says Gaines. If interest rates drop further, we may see another favorable bounce for housing price. Consider a home equity loan or HELOC if you already own a home and need some quick cash.
3 Reasons to Buy a Home in Houston, Texas
Houston, Texas, is one of the fastest-growing metropolitan areas in the United States, and it’s no surprise that people are flocking to this diverse and vibrant city. Whether you’re a first-time homebuyer or looking to relocate, Houston offers a wide range of opportunities that make homeownership appealing. Here are three compelling reasons to consider buying a home in Houston.
1. Affordable Housing Market
Compared to other major cities in the U.S., Houston offers a relatively affordable housing market. While home prices have risen nationwide, Houston’s real estate market remains accessible for many buyers, particularly those moving from more expensive cities like New York, Los Angeles, or San Francisco. According to recent data, the median home price in Houston is significantly lower than in many other large cities, making it an attractive option for first-time buyers and those looking to get more value for their money.
Additionally, Texas has no state income tax, which further enhances the affordability of homeownership in Houston. The combination of affordable housing and the absence of state income tax creates an ideal environment for people looking to maximize their buying power and enjoy a higher quality of life.
2. Job Growth and Economic Opportunities
Houston is home to a booming economy, offering a wide variety of job opportunities in industries like energy, healthcare, technology, and aerospace. The city is often referred to as the “Energy Capital of the World” due to its strong presence in the oil and gas sector, but its economy has diversified significantly over the years. Houston’s medical and healthcare industry, anchored by the Texas Medical Center—the largest medical complex in the world—continues to expand, providing thousands of high-paying jobs.
This economic growth makes Houston an appealing destination for professionals seeking career advancement. With steady job growth and a healthy economy, buying a home in Houston provides not only a place to live but also a foundation for long-term financial stability.
3. Diverse and Dynamic Lifestyle
Houston is known for its cultural diversity and rich lifestyle offerings. The city boasts world-class museums, theaters, and an exciting food scene, making it an attractive place to live for those who enjoy arts, culture, and dining. Whether you’re exploring the Houston Museum District, catching a show at the renowned Theater District, or sampling the city’s famed barbecue and Tex-Mex cuisine, there’s always something to do in Houston.
Moreover, Houston is a family-friendly city with excellent schools, parks, and recreational areas. The combination of cultural vibrancy and suburban tranquility makes Houston an ideal location for people of all ages and backgrounds.
Houston offers a unique combination of affordability, economic opportunity, and a vibrant lifestyle that appeals to a wide range of homebuyers. Whether you’re looking to invest in your future, start a new career, or enjoy a diverse and dynamic community, Houston is a city worth considering when buying a home.