>>However, luxury is being favored: Metrostudy reports that new home starts priced below $199,000 are down 66 percent since the first three months of 2010. Homes in the $200,000-$299,000 price range are up 114 percent since the same time period, and homes in the $400,000-499,000 range are up 261 percent.
It’s not considered “luxury”. Blame the city government (which is bed and has been in bed with developers for decades now).
Mayor Leepy Brown didn’t like that there were houses worth less than $250,000 in Houston. Said they weren’t bringing in enough on the tax rolls.
And Brown was followed by Mayor White and Parker and now Turner.
Starter homes are a thing of the past.
Mayor Leepy Brown didn’t like that there were houses worth less than $250,000 in Houston. Said they weren’t bringing in enough on the tax rolls.
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Aren’t property taxes in Texas high?
Part of it is also that the costs of construction materials are way up, compared to most of the last decade, so it’s going to cost more to build the same. Then also underlying inflation.
And we’re back to juicing the housing market, diverting capital there, at the expense of ‘less important’ uses, like building and upgrading factories. Go figure.
Wonder how many families with kids are moving to Houston, and how many kids per family with them. If Houston isn’t careful it’ll go the way of San Fransicko.