The past two years have been a heady time for real estate, and as we emerge from the pandemic’s fog of uncertainty, the 2022 State of Housing report details an increasingly stressed situation in Harris County and Houston. Median prices now exceed $300,000 and are approaching $350,000, slipping out of reach for residents earning the median household income. Meanwhile, much of the already limited affordable rental housing stock is becoming increasingly vulnerable.
Climate change is propelling more extreme weather events, including more precipitation and flooding, which means the need for more strategies such as buyouts has never been more urgent. As a concept, buyouts are fairly straightforward: the government buys up properties to remove them out of harm’s way, reducing the risk of loss of life, the need for future flood repairs, insurance payouts and other costs.
INSIGHTS:
HOUSING | DISASTER RESILIENCE AND RECOVERY
Racial inequities have long plagued the U.S. housing market. Yet only recently has the federal government moved to address one aspect of the real estate industry that continues to exacerbate the racial wealth gap in housing: appraisals.
A recent Kinder Institute report discussed strategies for preserving affordable housing, particularly Harris County’s vast supply of so-called “naturally affordable” units. But knowing which properties should be preserved is a challenge, and the resources committed to preservation tend to be very limited.
City officials, home builders and affordable housing developers gathered in northeast Houston this week to celebrate a new model for mixed-income housing.
