- The median price of a single-family home or condo in Houston appears affordable for someone earning nearly $80,000.
- Three sectors contributed nearly 50,000 jobs to the market in the past year.
- Multifamily supply is expected to outpace demand in the metro moving forward.
Recent wealth-rated data coupled with third-quarter home figures suggest Houston is one of the nation’s most affordable metros for single-family housing.
According to Bloomberg analysis of U.S. Bureau of Economics data, Houston is the ninth richest metro in the nation, with a gross metropolitan product (GMP) per capita of $70,097.
Helping drive Houston’s per capita GMP spanning the past 12 months have been the leisure/hospitality, education/health services and retail trade sectors. These three industries added a combined 47,600 during the period, according to recent data from Transwestern.
While overall payroll job growth is expected to be approximately 0.2 percent, or 5,000 jobs, for Houston in 2015, job growth is predicted to decline by 10,000 jobs in 2016.
As of the third quarter, the metro’s median home price was $215,000, to a report from the Texas Association of Realtors. Additionally, of the 23,109 homes that sold in Houston during the quarter more than 45 percent sold for less than $199,999.
When looking only at condos, the city of Houston’s median price of $108,900 represents the lowest condo price among the nation’s 18 largest markets. According to a report from Zillow, of the ten largest markets nationally Houston has the second lowest median price for condos.
A report from Trulia claims that buying a home in Houston makes more sense now then in September 2012. At that time it was 44 percent cheaper for a millennial to buy a home versus rent. The percentage now stands at 46 percent.