This Week in Houston Real Estate: $1.15 billion plan for Harvey aid, millennials move to Texas and more

by Kyle Scheuring

Houston officials revealed their $1.15 billion action plan for federal housing aid in the wake of Hurricane Harvey. With most of the money going toward repairing or rebuilding single-family homes, this plan is the first step in a much larger $5 billion package allocated to the state. The plan also has $315 million set aside for repairing or constructing multifamily apartments. According to the Chronicle, the $1.15 billion will not alleviate much of the problem. Houston will still be left with a $2.3 billion unmet housing need, and even that number may be a low estimate.

  • Coventry Homes and Plantation Homes are prepaying two years of electricity bills for those who buy homes from June 8 through July 31. This “Beat the Heat” sales event takes place in any of these builders’ Houston communities.
  • Shad Bogany of Better Homes and Gardens Real Estate will host a summit on affordable housing on June 20. The summit will discuss how to create effective affordable housing and why affordable housing should be an important focus for Houston.
  • Millennials have a large impact on markets and prices, and recently they’ve been moving around a lot. In 2016, Texas had a net influx of almost 34,000 millennials, ranking No. 2 in the country according to SmartAsset. Almost 3,700 of these millennials moved to Houston, placing it at No. 19 in the country for millennial migration.
  • The Houston Business Journal listed the top 10 most expensive homes sold in May, with the highest reaching $4.3 million. This five-bedroom Spanish-inspired home in the top spot was only listed for 12 days. Of the top 10, five homes are in River Oaks, a neighborhood with a median home price of $1.95 million.

Read More Related to This Post

Join the conversation

Oops! We could not locate your form.