Although it consistently makes lists for its affordable living situation, Houston has still seen tremendous growth in housing costs over the years. In fact, Houston made Forbes’ recent list of cities where the cost of living rose the fastest. Looking at annual costs for basic needs, such as rent, groceries, utilities, transportation and health in 2017 and 2018, Forbes ranked 20 cities. Houston came in at no. 20 with a $13,182 increase, $56,223 to $69,405. Colorado Springs saw the highest increase with the cost of living rising 36 percent over the past year – from $49,415 to $67,011.
Forbes notes that housing costs are the main reason for surging home prices, which changes for different reasons. For its Texas cities on the list, it notes that there were 867,000 new residents to the state between 2010 and 2016. This has led to higher demand in areas like Houston, leading to rising home prices.
In other real estate news:
- A historic 100-year-old home will go up for auction on Nov. 8 with no minimum starting price. The Eppes House at 5322 Institute Lane in the Museum District is a historic landmark that is named after its original owner, Ned Aiwin Eppes. The 6,556 square foot house was built in either 1920 or 1926 and was originally priced at $4.8 million. Although the bids can start at any price, buyers must register ahead of time and make a good faith deposit of $100,000. See photos of the home on the Houston Business Journal.
- The residential real estate tech company Opendoor has officially launched in Houston, its third Texas market, and will soon close its first sale. Using Opendoor, sellers can request an offer and Opendoor will then value the home and make an offer within 48 hours. If the seller accepts, a closing date is set and then Opendoor prepares the home to sell, deducting the cost of needed repairs. It also charges a 6.5 percent to 10 percent fee depending on how long Opendoor thinks it will take to sell the home.
- More than 650 apartments could be coming soon to the Katy area. Two developers have recently purchased land: Austin-based Oden Hughes purchased 12 acres of land at the southwest corner of Grand Parkway and I-10 and Atlanta-based Davis Development closed on 14 acres to the north at the Grand Parkway near Clay, according to the Houston Chronicle.
- A new 6,000-acre portion of Bridgeland called Prairieland Village could be coming soon to the master-planned community, the Houston Business Journal reports. This would be the third of four villages within Bridgeland, which totals around 11,400 acres. Lakeland Village opened more than 12 years ago with 3,000 homes and Parkland Village opened in March with an expected 3,200 homes upon completion.