Houston was once known as an affordable city, and while it still is nationally, locals — particularly Black and brown residents — don't hold the purchasing power.
Transplants have an average maximum budget of $608,902, compared to locals shopping with $518,398, the analysis found.
Houston's average price for a single-family home broke the $400,000 mark for the first time in March. And in June, the median price of homes jumped 13.2% from June 2021 to $355,000 — the highest median of all time."Even though the housing market has slowed, the share of homebuyers moving to different parts of the country has not," said Redfin deputy chief economist Taylor Marr in the analysis.
"That's partly because home prices and mortgage rates have increased so much that homebuyers with the flexibility to relocate are seeking out affordable areas," Marr added.For those who want to buy a house in a large city, Houston maintains its status as an attractive market. But that doesn't always work in favor of locals — especially those in neighborhoods that are gentrifying.
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