musicman Posted September 12, 2007 Share Posted September 12, 2007 Houston's homeownership rate was the lowest among Texas' five most populous cities last year and lagged far behind the national rate, the U.S. Census Bureau reported today.Houston's 2006 rate, 46.5 percent, increased only slightly from 44 percent in 2000 despite the widespread availability of home loans during those years. Nationally, the bureau said, the homeownership rate last year was 67.3 percent, up from 66.2 percent in 2000.Building permit data show that most of Harris County's multifamily development occurs in Houston while most of its single-family housing is built outside the city, where land is cheaper and larger tracts are available for subdivisions and planned communities.Another factor, Eschbach said, is that housing costs in Houston are somewhat high relative to its median income, even though the city's home prices are lower than those in many other large U.S. cities.The median monthly housing cost for Houston homeowners with mortgages, the Census Bureau said, was $1,351 last year, lower than Dallas ($1,407) and Austin ($1,535) but higher than San Antonio ($1,120) and Fort Worth ($1,333).The median household income in Houston was $39,682, the fourth-lowest among Texas' five most populous cities. Austin's median income, $47,212, was the highest; Dallas, at $38,276, had the lowest median income.full article Quote Link to comment Share on other sites More sharing options...
Mr. Chenevert Posted September 12, 2007 Share Posted September 12, 2007 New York City, Boston, San Fran all have an even lower ownership rate than us. Generally in cities, you have a much higher rental rate than the national average. Quote Link to comment Share on other sites More sharing options...
RedScare Posted September 12, 2007 Share Posted September 12, 2007 Another factor, Eschbach said, is that housing costs in Houston are somewhat high relative to its median income, even though the city's home prices are lower than those in many other large U.S. cities.The median monthly housing cost for Houston homeowners with mortgages, the Census Bureau said, was $1,351 last year, lower than Dallas ($1,407) and Austin ($1,535) but higher than San Antonio ($1,120) and Fort Worth ($1,333).The median household income in Houston was $39,682, the fourth-lowest among Texas' five most populous cities. Austin's median income, $47,212, was the highest; Dallas, at $38,276, had the lowest median income.Apparently, these people do not think about their statements before making them. They say Houston has higher mortgage costs relative to household income, then turn right around and point out that Dallas has HIGHER mortgage costs and LOWER household income. Yet, Dallas has a higher home ownership rate.Nothing like shooting your own theory with your own data.Realistically, I think Houston's high immigrant population, which does not have the credit needed to secure mortgages, contributes to the lower home ownership rate. Houstonians also took out ARMs and interest only mortgages at far lower rates than other cities. This may suggest that Houstonians are not as financially stupid as residents of some other cities....at least we can hope so. Quote Link to comment Share on other sites More sharing options...
ToryGattis Posted September 12, 2007 Share Posted September 12, 2007 Lack of zoning means that developers build multi-family apartments pretty much wherever there is demand. That allows in more rental households, thus diluting the home-ownership rate. Most other cities, whether through zoning, permitting, or other means, generally try to limit apartment development, which often need higher city services (police, fire, schools, sewer, water, road use, etc.) relative to property taxes than single-family homes. Neighborhoods tend to fight them too. Quote Link to comment Share on other sites More sharing options...
jfre81 Posted September 12, 2007 Share Posted September 12, 2007 Rent cheap and save money to buy something in the future. Nothing's wrong with it, at least no less wrong than taking out a mortgage you can't afford. Then after that, you've killed your credit and you get to rent for the foreseeable future. Quote Link to comment Share on other sites More sharing options...
TAK Posted September 17, 2007 Share Posted September 17, 2007 we have a lot of illegal immigrants. it's hard for an illegal immigrant to get a bank account, credit, and a house. some pull it off, but many (most) rent from, or reside with, someone else.nothing wrong with that. it is what it is. Quote Link to comment Share on other sites More sharing options...
mrfootball Posted September 25, 2007 Share Posted September 25, 2007 Too many damned apartments. Quote Link to comment Share on other sites More sharing options...
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