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Houston continues to have a strong housing market and is one of the top job climates in the U.S. Houston was the first major city in America to regain every lost job from the recession and jobs have increased 230% since pre-recession numbers!
Oil may be the dominant business sector, but Space City, as Houston has been nicknamed, is a hotbed for engineering jobs and has learned from history. With an extremely diversified economy and a huge demand for housing, Houston remains one of the top markets in the nation for real estate investing.
Houston is known as the Energy Capital of the World as the city is home to more than 3,000 energy-related companies. Many of the top gas and exploration production companies in the world have operations in Houston. It's also one of the top manufacturing centers for rubber products, insecticides, fertilizers and petrochemicals, which are all by-products of the oil and gas industries.
With such a diverse mix of companies and employment sectors, Houston is the fastest-growing metroplex in the nation. Houston employs twice as many engineers as the average American city and boasts several sectors including agriculture, shipping, storage and distribution that continue to grow the Houston economy. Job growth and wage growth are huge positive factors for real estate investors searching for a quality investment market.
Houston is one of the largest cities in the U.S. and has the 4th largest economy of any city in the U.S., at $449 billion annually. What's more enticing for real estate investors is the fact that the paycheck a worker receives in Houston was recently ranked #1 by Forbes magazine for worth and value. That means that the cost of living and the cost of goods—including housing—are the most affordable in the U.S.
Houston's real estate boom shows no sign of stopping. Even though home prices are on the rise, Houston remains among one of the most affordable cities for home buyers. In more compact cities (such as many in California, for example) where land is limited, prices go through the roof thanks to supply and demand. In Houston, there’s an abundance of land available for new home builds—and residents, as well as real estate investors, are taking advantage of it.
With housing prices recovering quickly from the housing slump, builders can't keep up with demand. Houston showed year-over-year appreciation of 12%. There continues to be high demand for quality housing and although prices remain relatively low compared to other parts of the country, there's still a high demand for quality rentals. Rents have increased as well but remain relatively low when compared to other major metropolitan areas. We're very excited about Houston and the prospect of helping investors discover and take a strong investment hold in Texas’ two top real estate investing markets.
When your travels bring you to the Houston area please come by and visit our Houston office.