Meet Our Customer Service Team
Whether you know it as the home of the Astros, oil tycoons, or the Johnson Space Center, Houston is a city pushing the limits of possibility. Ranking 4th in U.S. city population with 2.3 million residents in the city proper and 6 million residing in the greater metropolitan area, Houston is alive not only with people, but with opportunity.
With one of the best job markets in the country for a decade and counting, Houston’s ever-diversifying economy has proven itself able to withstand downturns and natural disasters alike. For real estate investors, this tenacity combined with the large Houston rental market is reason enough pay attention.
Read on below to find out why investing in Houston real estate is worth your while.
Behind New York City, Houston hosts the largest concentration of Fortune 1000 companies. While this in itself is impressive, what is more compelling is that Houston is one of the biggest job creators in the nation. With 3.2 million jobs and a net increase of 600,000 jobs over the last decade, experts in Houston only expect the jobs to keep coming in Houston with projections of some 71,000 new jobs over the next year.
More than pure job creation alone, Houston is home to a highly diversified local market with a strong small business sector. In fact, Houston has nearly 93 startups per 1000 businesses and ranks among one of the friendliest cities for small businesses.
While traditionally Houston has relied on the oil and gas industries to make up the bulk of its economy, we’ve seen a surge in economic diversification including international trade, manufacturing, education, healthcare, and a vibrant food and arts scene. This diversification has been enormously beneficial in strengthening the economy beyond what anyone could have imagined, turning Houston into a powerhouse market where others floundered to find their footing over the last decade.
Just in international trade alone, Houston handled $233.3 billion in foreign trade in 2018 in the Houston/Galveston Customs District, a 21.5 percent increase of the previous year.
The job and industry diversification we’ve seen in Houston largely stems from consistent population growth. The facts are clear: people want to live and work in Houston.
In the wake of economic recovery post-Great Recession, Houston saw a surge of 34,000 new residents in a single year. While population growth has slowed to a rate of 1.67 percent per year, this is still above the Texas average of 1.47 percent and leaps and bounds above the national average of 0.71 percent.
Houston has faced its fair share of trials. The oil industry has had bumps in the road that many thought would cause calamity for the market. With economists predicting that its pace of growth could not last, Hurricane Harvey struck. While this was undoubtedly a devastating blow on both a personal and an economic level, Houston demonstrated enormous resilience in the face of adversity.
With a strong, diverse economic backbone it didn’t take long for the city to bounce back. For the real estate investor, seeing a market that can bear the burden of both natural and economic disaster and stand strong on the other side is encouraging in a long-term investment.
Houston is a market that has commanded the interest of domestic and global investors alike. With its diverse and robust economy, Houston has proven itself to have the tenacity to withstand economic twists and turns not only in theory but in practice.
While the Houston real estate market can be highly competitive and tricky for investors, with a partnership with Memphis Invest, turnkey real estate investors can rest easy in the security of our expertise in property acquisition, rehabilitation, and management. With us, you can build a passive investment portfolio that includes some of the best investment markets for buy-and-hold investing, bar none.