I think that housing prices will remain steady in Houston, the main reason being that we’re a migratory city. We have people moving here at a rate that outpaces any other area of the country, because we still have jobs. We certainly don’t have as many jobs as we used to, and I don’t want to discount the suffering that the recession has caused plenty of people in our city, but we’re one of the only cities in America that has successfully created jobs in the down economy.
For us, the Houston residents, we should think about how our city’s made it and be proud and thankful. We have foreclosures, but our foreclosure rate is nothing compared to the rate in states where people were allowed to pull equity out of their home like an ATM card. Our homes didn’t show the out-of-control appreciation that homes in other states did. We had steady appreciation, which is always better.
We don't have personal income tax. We have other, higher taxes to make up for it—but I’m pretty sure a lot of us appreciate this anyway. Like the adage goes, it’s not what you say but how you say it that matters! And high property taxes may have a lot to do with our real estate being able to weather the recession’s storm.
Houston will continue to grow. Forbes ranked us the #1 “Place to Get Ahead” city in 2009. People will continue to come here for business opportunities. The housing market isn’t exactly rosy right now, but I believe that it’ll take about four years for us to see a housing shortage and a substantial increase in prices. Sit tight, and soon we’ll all be sitting even prettier. As this shirt says, it's okay to love Houston!