Soaring home prices put a dent in Houston's reputation for affordability (sales, real estate market)

[Jack Lance]

Casey and Caitlyn Schaefer hit town a year ago and started looking for a house to buy. But the young couple quickly learned that, in Houston's white-hot real estate market, it wasn't going to be easy or cheap. They didn't even pretend to look inside Loop 610.
"If you find something inside the Loop with a '1' in front of the price, it's going to be followed by 'million,' " Casey Schaefer said. "I mean, it's crazy. And there was only so much we could afford right out of school."

Soaring home prices put a dent in Houston's reputation for affordability - Houston Chronicle

The good news for me is in this paragraph

Home sales and prices from 2013 show strong growth everywhere: Overall, home prices rose 9.4 percent, the Houston Association of Realtors reports in an analysis of sales, prices and inventory for the Houston Chronicle. Inside Loop 610, prices rose 12 percent, and they were up almost 20 percent from the Loop to Beltway 8 and 9 percent outside the Beltway.

The gentrification of beautiful Northwest Houston is imminent

[DejaBlue]

Thank God.

All these "We're sick of the cold and moving to Houston! We want exemplary, best schools, shopping, entertaining, walking, etc. Budget is $200k. We want something 4 bedrooms. Commute less than 40 minutes. Job is approximately 77001" are seeing reality.

Or if they haven't they're about to. Bing maps is crap when it comes to our traffic. What was 30 minutes is now an extra 30.

Just in the past month or so traffic has picked up crazy bad. I can't wait for summer traffic. But at this rate I'm a little worried.

[Dopo]

How long will Houston remain the "Affordable housing city"?

[Oildog]

Maybe we can go back to when young couples had to share an apartment for a few years while they saved a down payment for a starter home. Now we just graduate, get easy credit and a Mcmansion in the burbs.

[usc619]

Originally Posted by DejaBlue

Thank God.

All these "We're sick of the cold and moving to Houston! We want exemplary, best schools, shopping, entertaining, walking, etc. Budget is $200k. We want something 4 bedrooms. Commute less than 40 minutes. Job is approximately 77001" are seeing reality.

Or if they haven't they're about to. Bing maps is crap when it comes to our traffic. What was 30 minutes is now an extra 30.

Just in the past month or so traffic has picked up crazy bad. I can't wait for summer traffic. But at this rate I'm a little worried.

This^^^^

[TVC15]

Too bad the word about Houston has gotten out.

[huma281]

What's contributing to the rapid rise in pricing? Labor, inflation, materials, exxon?

[Oildog]

Originally Posted by huma281

What's contributing to the rapid rise in pricing? Labor, inflation, materials, exxon?

Jobs (professional) in the energy or health sectors & cost of living. Met several relocated from the left coast who say they miss Cali weather but having a nice house, yard and schools for under 300k with a half hour commute is well worth it.

[DSL_PWR]

Originally Posted by Oildog

Maybe we can go back to when young couples had to share an apartment for a few years while they saved a down payment for a starter home. Now we just graduate, get easy credit and a Mcmansion in the burbs.

Well said...

[texas7]

Can we just "close the borders" at the city limits to halt this overcrowding and excess demand for housing? It's ruining everything -- too much traffic, increased commutes, increased crime, unaffordable housing and too much whining about what the newcomers don't like.