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Houston-area home prices jumped during the COVID-19 epidemic – Houston Public Media

Housing prices have skyrocketed since the onset of the COVID-19 epidemic, with a 16% increase in Harris County from 2020-2021.

This is well above the typical 6% annual growth average of the past decade, researchers tHe said the Rice University Kinder Institute for Urban Research.

“This is one of the first opportunities we have to look at data after COVID,” said Luis Guajardo of the Kinder Institute. “It’s aimed at helping us all stay on the same frequency as we talk about housing locally.”

Guajardo made these comments in a webinar on Wednesday to present the Institute’s 2022 State of Housing. Report.

Report Various research has focused on including a significant increase in median selling housing prices. The average selling price of a home is now $ 285,000 in Harris County and $ 315,000 in Houston.

Researchers have found that the spike is linked The lack of housing and the increased prices of home resellers, which are “relative” to researchers, are a big part of the affordable housing market.

According to the report, demand for single-family homes has increased prices and reduced inventory. This has prevented home ownership from reaching middle-tenant homes.

The average price of a home in Harris County is $ 285,000, nearly double the price that an average tenant can afford to buy at $ 149,000.

Houston tenants face financial challenges and are struggling to pay rent, unable to make more than 10% of rent payments at some point between April 2020 and September 2021.

The report found that black and Hispanic mortgage applicants face higher interest rates and higher denials on low-value properties.

Despite this, researchers have found that Hispanic home buyers will soon become the largest racial / ethnic group in the county.

Black homeownership, on the other hand, has declined across the region.

“As it stands, the black homeownership rate is less than half of the white population and the county’s overall homeownership rate, which is about 55%,” Guajardo said. “These statistics relate to urban inequality and racial inequalities and wealth generation for a number of reasons.”

The report concludes by predicting that the next natural or medical disaster will “disproportionately affect low-income communities,” about 474,000 Included in the census of rental units at high risk of disaster.

The report pointed to Houston’s “Housing First” as “overall, things seem to be getting worse. But there were signs of hope.” Model It has helped to make thousands homeless people home.

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