{{titleBar.title}}

{{titleBar.tagline}}

 

 

Affordable housing stock hard to find in VictoriaAffordable housing stock hard to find in Victoriahttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=108672015-10-21T05:00:00Z

​VICTORIA - Homebuyers searching for homes less than $150,000 may struggle to find what they are looking for, according to real estate agents and home builders.

"Lack of housing stock in Victoria could make the hunt difficult for those looking to buy an affordable home in the area," said Dianne Jernigan, president of the Victoria Area Association of Realtors.

The average home price in Victoria has not dropped below $189,000 and has reached as high as $222,500 this year, according to numbers from the Real Estate Center at Texas A&M University.

The median home price has not fallen below $170,000 in the same amount of time.

Jernigan said one factor is people looking to buy homes are not secure in their jobs, especially in the Crossroads, where many work with or in the oilfields. Consequently, people in affordable homes are not moving out.

Another factor in the lack of affordable housing is the number of new homes being built in this price range.

Brian Ferguson, owner of Kimberlite Homes, said they are trying to build homes in a more affordable range in smaller developments. 

He said they are building six townhomes in the Tanglewood area that would start at $150,000 and nine homes on Nantucket St. that will start at $170,000.

Overall, however, Victoria is in the middle of the pack in the state when it comes to affordability.

The Texas Housing Affordability Index measures a median-income family's ability to purchase a median-priced home.

Victoria was 26 out of 45 areas listed by the Real Estate Center at Texas A&M University, beating Corpus Christi, Midland and Laredo.
Victoria Advocate
Victoria
Housing
https://www.victoriaadvocate.com/news/2015/oct/17/affordable-housing-stock-stifled-by-development-jo/Read more at the {Source}

 Search NewsTalk Texas