HOUSTON, TX- Are you one of those interested in renting or buying? Good luck with that! No wonder why they call Houston the Space City. Prices are astronomically high inside and around the Loop. Millennials and middle-income families might be better off considering the suburbs, or perhaps another country.
"Houston's seen an explosion in growth of our real estate market since 2010 with the high density of people and old complexes being torn down with new luxury developments," explained Terence Barnes, a realtor with Remax.
Deluxe here, deluxe there. And what about affordable housing? Of course if you're selling your home or happen to be the proud owner of units for rent, life is smiling at you at the moment. Though not everyone agrees.
"I'm actually in the market to buy something right now", said Houston resident Joe Carrillo. "However, a couple of friends of mine that real estate insiders, told me to wait another year."
What's gonna happen with the real estate prices in the near future? Unless you have a crystal ball, it's hard to tell.
"Despite adding double the people, we still have low inventory which is why prices are strong and why it is a seller's market," Barnes concluded.
They say Houston is an affordable city. At this pace, U-Haul is the only thing we'll be able to afford. And perhaps some help to move the furniture, too.