5 YR RENTAL TREND + FORECAST - 2, 3, 4 BD SFR
AVG RENTAL PRICE SFR 2 BD AVG PRICE, ACTUAL SFR 2 BD AVG PRICE, ESTIMATE SFR 3 BD AVG PRICE, ACTUAL SFR 3 BD AVG PRICE, ESTIMATE SFR 4 BD AVG PRICE, ACTUAL SFR 4 BD AVG PRICE, ESTIMATE
all major industries that keep the economy running. Houston’s Texas Medical Center is the largest medical center in the world and covers over 21 million square feet. The area is also home to NASA Johnson Space Center and many aerospace contracting firms’ headquarters. The variety of professional industries in the Greater Houston MSA provides a median household income of $65,400 according to the 2018 ACS data, ranking the metro 35th in the country. This is higher than the statewide median household income of $60,629, and just over the national median income of $63,688. Metro area incomes have enjoyed a 4 percent increase from 2017 ($62,922) and showed a 9.6 percent increase over 2015 household income of $59,649. According to the BLS unemployment report, the unemployment rate for the Greater Houston MSA comes in at 3.6 percent as of December 2019. That is just above the national average of 3.5 percent, and down considerably from three years ago of 5.3 percent. *All information stated in the Job Growth section is from the BLS Job Report.
Houston MSA hosts nearly 7 million residents. The metro added nearly 105,000 residents between 2017 and 2018, a 1.5 percent rise. Houston ranked third in the nation in overall population growth, third in net natural increase, and fourth in international migration in 2018. Between 2010 and 2018, Houston’s 17.1 percent population growth of over 1 million incoming residents ranks as the 29th fastest growing metro area by percentage growth. According to the latest census data, in 2019 Houston & Dallas-Fort Worth were the top two markets for single-family new construction in the country as builders attempt to keep up supply for the incoming demand. RENTAND HOME PRICE METRICS In January 2020 the median home value in the Greater Houston MSA was $235,000, up 3.7 percent year-over- year. Home price appreciation has been steady over the last five years, overall averaging of 4.8 percent growth or 24 percent appreciation in the five-year period. Thanks to consistent and moderated growth of 4.2 percent during the early 2000s, Houston home values held up very well during the housing recession and
POPULATION According to the 2018 Census ACS data, the Greater
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