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Home Prices Discouraging Houston's Middle-Income HomebuyersHome Prices Discouraging Houston's Middle-Income Homebuyershttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=102172015-04-21T15:03:00Z2015-04-21T00:00:00Z

HOUSTON (Houston Chronicle) – Speaking of rising home prices, the housing market continues to tighten for first-time homebuyers in the Houston area, where prices were up nearly 11 percent last year, according to Houston Association of Realtors data.

Some of the most dramatic increases were in outlying areas or neighborhoods where housing has historically been low. In Pearland, for example, prices were up 13 percent over the previous year and 20 percent from 2010. In Porter/New Caney, the year-over-year median price rose 29 percent last year.

In two historically working-class neighborhoods, the East End Revitalized near downtown and University Place, year-over-year prices rose 45 percent and 48 percent, respectively.

Real Estate Center Research Economist Dr. Jim Gaines said the number of potential first-time buyers who could afford an entry-level home — currently, one between $150,000 and $200,000 — has dwindled.

"Where do the workforce — the policemen, firemen, clerks, teachers, the average person — live? How can they afford it?" he said.

Houston-The Woodlands-Sugar Land
Housing
http://www.houstonchronicle.com/homes/article/first-time-homebuyers-confront-an-unforgiving-6203724.phpRead more at {Source}

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