Subdude Posted May 12, 2014 Share Posted May 12, 2014 It will be interesting to see how this develops over time. Houston has got a lot of mileage out of a reputation for being affordable, but it's easy to foresee a day when that might not be the case. It could be a bit of a mental adjustment for some people. Soaring home prices put a dent in Houston's reputation for affordability Business and city leaders often tout the Houston region as one of the most affordable markets in the country. But first-time homebuyers like the Schaefers are finding that image increasingly outdated.....Real estate experts and economists say that, although Houston is still affordable compared to other large markets, double-digit price increases could chip away at that reputation. The pattern could alienate first-time homebuyers, leave the middle class with fewer options and drive low-income residents into rundown apartments......"Is it losing some of its competitively priced housing? A little bit, but it's not a major concern yet," Jim Gaines, research economist at the Texas A&M Real Estate Center, said of the area. "The middle class, or working class, can still find affordable housing. It's just not as abundant as it was."....The low housing stock is driving up values on all types of properties, according to Sheri Smith, an associate professor in the school of public affairs at Texas Southern University. Working Houstonians who can afford $125,000 to $150,000 houses are being priced out of the market or forced into rentals or housing in the suburban fringes. "Middle-income individuals are not finding affordable housing," Smith said. "Middle-income individuals are not finding affordable housing," Smith said.A recent Rice University study found Houstonians typically pay 30 percent of their income on housing, including mortgages and rents. Compare that to those in New York City who spend 25 percent of their income on housing, 25 percent for Chicago and 31 percent in Los Angeles, based on 2011 data.Once transportation costs are factored in, almost half of the typical Houstonian's income - 46 percent - is gone. http://www.houstonchronicle.com/business/real-estate/article/Soaring-home-prices-put-a-dent-in-Houston-s-5443379.php#/0 Link to comment Share on other sites More sharing options...
arche_757 Posted May 12, 2014 Share Posted May 12, 2014 ^This will lead to further sprawl, and in turn a growth in the density of the existing large suburban towns/centers already in place. Housing costs aren't really bothersome but the costs of transportation added in is. Shows that Houston is not the "end all, be all" many have touted it as. Perhaps this will eventually drive an interest in more transit options (whatever that may be)? Link to comment Share on other sites More sharing options...
LarryDierker Posted May 13, 2014 Share Posted May 13, 2014 30% of income on housing seems ridiculous to me. Link to comment Share on other sites More sharing options...
democide Posted May 13, 2014 Share Posted May 13, 2014 I guess if you don't make that much, and most people don't, at least 30% would go to housing. Link to comment Share on other sites More sharing options...
Subdude Posted May 13, 2014 Author Share Posted May 13, 2014 Historically 25% of income was considered a kind of benchmark for acceptable housing costs, although I think after the 1990s or so that began to creep up to closer to a third. What I found really shocking is that the percentage share in Houston was greater than that in New York or Chicago. I would be curious to see the stats for other city's transportation costs. Link to comment Share on other sites More sharing options...
brian0123 Posted May 13, 2014 Share Posted May 13, 2014 There are still tons of affordable places in the city east of 45 or in what have been considered "scarier" places around town. There are tons of neighborhoods with aging populations that could also be revitalized. Yes, the age of paying nothing to lock yourself away in a McMansion are gone. People may now have to venture into communities and actually participate in rebuilding them for the better. Link to comment Share on other sites More sharing options...
Montrose1100 Posted May 13, 2014 Share Posted May 13, 2014 There are still tons of affordable places in the city east of 45 or in what have been considered "scarier" places around town. There are tons of neighborhoods with aging populations that could also be revitalized. Yes, the age of paying nothing to lock yourself away in a McMansion are gone. People may now have to venture into communities and actually participate in rebuilding them for the better.I've started looking in the East End. I'm thinking about the 3rd Ward too. In 10 years those neighborhoods will be just like the West End. Link to comment Share on other sites More sharing options...
totheskies Posted June 4, 2014 Share Posted June 4, 2014 This is what I don't get... how do so many places just East of Downtown remain not only undiscovered, but undeveloped?? By now you would think that enough people would be demanding better retail options in neighborhoods like Woodleigh, Dissen Heights and other sections of Greater Eastwood. I lived in Dissen Heights for 3 years, and enjoyed it, but once you've lived in the convenience of Montrose, it's hard to relinquish that. Link to comment Share on other sites More sharing options...
bachanon Posted June 8, 2014 Share Posted June 8, 2014 i'm looking in the east end too; not seriously at this time, but everything between eastwood to navigation has my attention. Link to comment Share on other sites More sharing options...
Montrose1100 Posted June 8, 2014 Share Posted June 8, 2014 i'm looking in the east end too; not seriously at this time, but everything between eastwood to navigation has my attention.Leaving the Wood Hood? Link to comment Share on other sites More sharing options...
bachanon Posted June 8, 2014 Share Posted June 8, 2014 Leaving the Wood Hood? yes. i need to be around like-minded people. houston is so much more dynamic and diverse. with my home increasing in value in the woods, i may be able to afford a fixer-upper or investment property on the east side. Link to comment Share on other sites More sharing options...
Specwriter Posted June 8, 2014 Share Posted June 8, 2014 "Early adopters" in the east side will have to put up with a few "inconveniences" at first. I had about 30 minutes to kill the other day so I drove around the area bounded by 288 on the west, I-45 on the north, Scott on the east, and Elgin on the south. The contrast between the new, three-storey townhouses and the abondoned shacks was startling. most streets still have open ditches, are in poor repair, and are very narrow. Elgin has been redone though and can certainly handle what may come with future development. To my mind the major inconvenience is the lack of grocery stores in the area. A nice, well stocked, well run superette or two would be a very good thing. All that said, a search of HAR shows there are some tear-downs and vacant lots that can still be had for a reasonable price though I doubt that will last much longer. Link to comment Share on other sites More sharing options...
livincinco Posted June 8, 2014 Share Posted June 8, 2014 yes. i need to be around like-minded people. houston is so much more dynamic and diverse. with my home increasing in value in the woods, i may be able to afford a fixer-upper or investment property on the east side.Interesting comment. You want to move into the city because of its diversity and so that you can be around like minded people? Don't you find those two objectives to be somewhat contradictory? Link to comment Share on other sites More sharing options...
txn4art Posted June 8, 2014 Share Posted June 8, 2014 This is what I don't get... how do so many places just East of Downtown remain not only undiscovered, but undeveloped?? By now you would think that enough people would be demanding better retail options in neighborhoods like Woodleigh, Dissen Heights and other sections of Greater Eastwood. I lived in Dissen Heights for 3 years, and enjoyed it, but once you've lived in the convenience of Montrose, it's hard to relinquish that. "Demanding" better quality retail and actually getting it are two different things. Ongoing promotional efforts by the East End Management District and other entities haven't convinced major grocery stores and commercial property developers that area residents spend many millions annually on food, clothing, home goods -- but they're shopping in other parts of town. Of course, there's a new Walmart at I-45 and Wayside, but it's still a Walmart. I live in the Eastwood area and most of my neighbors shop for groceries at HEB and Kroger in Montrose or Randall's and Fiesta in Midtown. Link to comment Share on other sites More sharing options...
Specwriter Posted June 9, 2014 Share Posted June 9, 2014 When the Fiesta at Wheeler and San Jacinto first opened I wouldn't have guessed it would have remained so popular. One thing I noticed about Fiesta stores early on is that they seem to alter their inventory particular to the area. The Fiesta on the North Freeway at Airline is different than the one on Wheeler or that on Mykawa. Oddly (or not), the two Fiesta stores I remember failing were those at the Gulf Freeway and NASA Road 1 (loved the hydroponic display) and one on 1960 at (I believe) Kuykendahl. BTW, If I lived in Eastwood I would consider the H.E.B. at Gulfgate for my grocery shopping. Link to comment Share on other sites More sharing options...
johnyb Posted June 16, 2014 Share Posted June 16, 2014 I live in Idylwood and I just go to walmart for 85% of my grocery and retail needs. The rest I can get as needed after work when I'm leaving downtown. Super convenient. Link to comment Share on other sites More sharing options...
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