Houston Bank Owned Properties

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Houston real estate is on the rise. In general, home prices, sales and the average square foot have all risen in price in the past year. There are many good reasons for this; Houston is a city with many things going for it. Houston is number four in the city size rankings in the whole country. It is the Harris County seat and the economic center of its general area. The Houston—Sugar Land—Baytown metropolitan area is ranked as the fifth biggest in the United States. It has a population of approximately 6,100,000.

Houston first became a city in 1836, founded by the Allen brothers. It is named after the man who was president of Texas at the moment of its foundation, General Sam Houston. Houston, thanks to its active port and railroad was an important center for commerce in the nineteenth century. In 1901 oil was discovered, which brought a huge rise in its population. Houston became in the 1950's a world center of medical and technological research, with the foundation of the world's largest healthcare complex (the Texas Medical Center) and the Johnson Space Center; The Johnson Space Center, founded by NASA, houses Mission Control Center.

Houston has an economy based in an enormous base of oil, energy in general, manufacturing and the airspace industry. It is also an important transportation hub. It is on the leading edge of health care and research and only New York has more corporate headquarters for some of the most important businesses in the world. Houston Port is the most important in the United States in international cargo and second in total cargo.

Houston has a diverse community. Every year it is filled with an increasing number of international residents. The Houston Museum District has one of the most important arts scenes in the country and the Theater District is an important center for all of the performing arts.

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Introduction to Houston, TX

With a population of 2.1 million people, Houston is the largest city in Texas and the fourth largest city in the country. Houston is located in the gulf coastal plains biome and is one of the only sections of Texas that is not officially part of Tornado Alley. Nicknamed “Space City”, because of the presence of NASA’s Johnson Space Center, Houston is a popular tourist destination. It also has a varied religious and ethnic culture, as well as a large international community. Houston became an official U.S. city and the capital of Texas in 1837. By the later part of the 19th century, Houston had become one of the major economic centers in Texas. The economy focused primarily on cotton production and transportation, but Houston’s railroad network also allowed it to become an active trade port. By 1890, Houston was considered the railroad center of Texas and by 1901, oil was discovered in the city, causing its economy to add additional focus to the petroleum industry. By 1930, its status as an epicenter of commerce had caused Houston’s population to swell, making it the most populated city in the state. Houston’s economic prosperity continued during WWI and WWII where the city focused its efforts on manufacturing and construction. In the later part of the 20th century, Houston focused its economic efforts on biotechnology and aerospace instead.

Living in the City

Houston is split up into nine districts: Downtown, East Downtown, East End, Greenspoint, Memorial City, Midtown, Northside, Southeast Houston, Spring Branch, Westchase, and Upper Kirby. In the past couple of decades, more residential areas have been built within the city but the city has had to adhere to strict zoning regulations. As with all cities, each neighborhood has its own distinctive feel and all are located around different venues and amenities. In terms of Houston’s culture, it’s been noted as having the second best theatre district in the country. The Houston theatre district includes the Houston Grand Opera, the Houston Ballet, the Houston Symphony Orchestra, and the Alley Theatre. Museums in the city include the Houston Museum of Natural Science, the Holocaust Museum Houston, the Children’s Museum of Houston, the Houston Zoo, and the John P McGovern Museum of Health and Medical Science. Of course, Houston is also known for NASA’s Lyndon B. Johnson Space Center which houses NASA’s Mission Control. The city is also home to a variety of professional sports teams, such as the Houston Astros, the Houston Rockets, and the Houston Texans. Some of the well known colleges in Houston include the University of Houston, the University of Houston – Clear Lake, the University of Houston – Downtown, Texas Southern University, Rice University, San Jacinto College, the Houston Community College system, and the Lone Star College system. The Metropolitan Transit Authority of Harris County (METRO) offers buses, a light rail system, and lift vans for residents of Houston. Amtrak services are available at the city’s train station as well.

Job Opportunities

Houston has a rich economic history, but its current history is based around the energy industry, biomedical research, and aerospace. Around 27% of the populations work in the energy and biotechnology industries. There are over 3,000 energy related corporations within Houston and there are 23 Fortune 500 headquarters as well. There are over 1,000 computer related companies such as AT&T and the Texas Public Utilities Commission. Houston also contains over 10,700 manufacturing companies which is why it’s been continually ranked as one of the best cities for manufacturing corporations. Of the 10,700 companies, around 250 of them employ more than 20,000 people. The University of Houston is also a large employer for the city, offering 24,000 jobs. The unemployment rate in Houston is currently 8%. Houston has experienced a 1.66% job growth rate over the past year and there’s an estimated 35.32% job potential increase over the next ten years. Houston has also been ranked as one of the best places in the United States to start your own business. Additionally, Forbes magazine has consistently given Houston high marks as a city that would benefit new job seekers, workers looking to switch careers, or recent college graduates.

Real Estate Market

Houston has an abundance of districts and neighborhoods and recently the city has begun trying to add more residential areas. Zoning regulations for real estate in Houston have been received with mixed results from residents. However, Houston has been noted as having a large portion of affordable housing, making it one of the best real estate markets in the country. The average price per square foot is $54 which is the same price from 2010. The average sales price for homes is $77,417 which is a decrease of 4.6% and $3,715. The average listing price for homes is $277,644 which is an increase of 0.2% and $450. The median home cost in Houston is $130,500 with a home appreciation rate of -1.53%. The popular neighborhoods in the city are Greater Heights, Great Uptown, Memorial, Alief, and Briarfrost. The average listing price for homes in these areas can range between $77,381 and $648,697. Around 42.22% of Houston’s population owns their own house with about 24.89% of homes valued at between $100,000 and $149,999. Close to 11.40% percent of the house on the market are vacant while 46.37% of the population rents a house, condo, or apartment. Apartment rents in Houston can vary drastically depending on the location, but the average price for a studio apartment is $750, a one bedroom apartment is $800 to $1,000, a two bedroom is $1,000 to $1,200, and a three bedroom is $1,200 to $1,500.

Weather

Houston has a humid subtropical climate making it hot and humid during the summer and cool during the winter. Houston receives 80 days of precipitation per year which contains an average of 51 inches of rain. There are usually 204 sunny days each year in Houston. The July temperature high is usually over 90 degrees Fahrenheit with an average of 100 days above 90 degrees each year. During the summer, the humidity can cause the temperature to rise at least another twenty degrees. On the other hand, the January temperature high is 62 degrees Fahrenheit with an average temperature low of 39 degrees. Houston is prone to severe weather such as flooding and hurricanes. Houston’s location on the Gulf of Mexico raises the likelihood that Houston will be hit with a tropical storm each June through November. The city urges that real estate in the flood or hurricane zones should be properly insured and that it should be properly elevated to try and avoid flood damage. Additionally, it is recommended to have a house with a sturdy foundation and good insulation. Backup generators are also considered a necessity, as well as a drainage system in and around your house for excess water from the storms.

Cost of Living

The cost of living in Houston is relatively inexpensive. The low cost of real estate within the city is a major factor in the cost of living. The average salary for a household is $37,000 and the average salary for a family is $40,000. Men have an average salary of $32,000 whereas women have an average salary of $27,000. The per capita income is $20,000 and 14.99% of the population earn less than $15,000 per year. Around 11,73% earn between $15,000 and $25,000, 12.47% earn between $25,000 and $35,000, and 16.34% earn between $35,000 and $75,000. As of the 2010 census, 19% of the population was at or below the poverty line. Out of the 19%, 26% of them were under the age of 18 and 14% were older than 65. The state of Texas has an overall low credit score of 670. There is no income tax, but the sales tax is 8.25% and the property tax is 2%, both of which are over the national average.