In an interesting report that the U.S. Census Bureau put out for 2014, Texas is growing - big time! Here are some of the interesting stats (for the full report, go here http://www.census.gov/newsroom/press-releases/2015/cb15-89.html ):
Also released were July 1, 2014, estimates of the number of housing units for the nation, states and counties. These estimates show that Texas gained more housing units than any other state between 2013 and 2014 (adding 141,625).
So what's all this growth mean for the Houston real estate market? Well, all these people will need somewhere to live, so it's a great time to sell or be a landlord. The only issue that could arise would be if the economy could no longer gainfully employ all these people. Right now, the unemployment rate in Houston hovers around 4.2, with the nation overall at 5.6, which is very good. Many companies are relocating to Texas from less business-friendly states, like California, so hopefully this will help create jobs. Definitely something to keep an eye on.
For buyers, the gain in housing units is a good thing, increasing supply and hopefully making the market more competitive.
If you would like help in interpreting how the current conditions in Houston may affect you, feel free to contact me anytime.
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