The Houston area has been receiving increased attention in the news lately. The decrease in oil prices has affected the local economy and the talking heads filling the airwaves with their bluster are quick to announce “the sky is falling!” While the local economy has indeed ticked downward, this doesn’t mean it is time to forget Houston altogether. In fact, this is actually a great time to invest in the Houston area, and here’s why.
While the price of oil is currently low, it won’t stay there forever. The number of oilrigs currently operating in the Gulf is at its lowest operating level, but this is only temporary. As the cost per barrel increases, and oil inventory decreases, the rigs will resume with operations and production will pick back up again.
Houston still shows plenty of promise and has been a magnet for new residents and large companies. Texas offers favorable tax laws and Houston is currently third in the nation for the amount of Fortune 500 companies within the metro. Furthermore, Houston has experienced a huge boom in population, adding 1.3 million resident from 2003 to 2014.
Looking at real estate within the region shows that homes have appreciated 34% since mid 2009 and the end of the recession. The demand for rental properties is still strong within the region, and the average rent is forecasted to rise $1,550 per month which is up 5.1% from the end of 2014.
There is still plenty of upside to be gained in the Houston market, and the outlook remains bright for the future. HomeUnion®’s research services team has taken an in depth look at the Houston metro economy and assembled a detailed research report. Download this report and learn why Houston still presents a strong opportunity for investment.