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Houston Introduction
The City of Houston is the seventh largest city in the United States, and the second largest city in the State of Texas. It is located in eastern Texas near the Texas Gulf coast, and approximately two hours from the Louisiana border. 2005 US Census Bureau estimates place the population of Houston at approximately 1.9 million people, almost exactly the same as the population was in 2000.
Notable Houston Neighborhoods
Some of the more notable neighborhoods in Houston include:
Of note a short commute away from Houston are Clear Lake, the family-oriented community of Katy, the master planned community of Kingwood, the fast growing community of Pearland, the community of Sugar Land which as been recognized by Money magazine as one of the "Hot Towns to Live In" and by CNN/Money as one of "America's Best Places to Live," and the master planned community The Woodlands.
Houston Real Estate
The US Census estimates that there were approximately 838,000 housing units in Houston as of 2005, of which approximately 733,000 were occupied. Of that number, approximately 350,000, or 47.8%, were owner occupied. Almost 13% (12.5%) of Houston homes were vacant in 2005, which is above the national average.
Well over half of Houston homes were built prior to 1980 (67.3%), but a very small number (5.5%) were built prior to 1939. Of the remainder, 15.1% were built in the 1980s, 8.9% were built in the 1990s, and 8.7% have been built from 2000 on. The "typical" Houston house is 4 or 5 rooms and 2 to 3 bedrooms. A little over a third of Houston houses have more rooms, but only 13% have 4 or more bedrooms.
The majority of Houston housing is heated by electricity (57.3%). The bulk of the rest of Houston housing (41.4%) uses utility gas for heating.
2005 US Census estimates placed the median value of a Houston home at $112,800, well below the national average of $167,500, and slightly below Dallas. 2005 housing values were substantially higher than 2000's when the median price of a Houston home was $79,300. According to the National Association of Realtors (NAR), the median price of a Houston home was $152,800 as of the third quarter of 2006. For the same time period, the NAR reported that the median price for a Houston condominium was $119,600. Both values are below the national average, but slightly higher than Dallas for the same period.
61.2% of Houston's owner occupied homes have a mortgage. 13.2% of these homes have a second mortgage, home equity line, or both. The median monthly housing cost for Houston homes in 2005 was $1,264, but 18.7% had a monthly housing cost in excess of $2,000.
Houston Property Taxes
The median property tax bill in Houston in 2005 was $2,679. The Harris County Appraisal District (HCAD) is responsible for appraising Harris County property, where Houston is located. The governing body (city council, county commissioners, school board) of each taxing entity both sets the tax rates and collects taxes or selects an agency to collect taxes for them.
Houston Schools
There are sixteen school districts that serve the City of Houston, of which the largest is the Houston Independent School District (HISD), which is the seventh-largest school district in the United States and the largest in Texas. The Houston Independent School District has over 300 schools and over 200,000 students. There are also over 300 private schools in Houston.
There are over 55 colleges and universities located in and around Houston, including: Rice, the University of Houston, the South Texas College of Law, the University of St. Thomas, Houston Baptist University, and Texas Southern University.
Houston Economy
The foundation of the Houston economy is energy, particularly oil, as well as the manufacture of oil field equipment. Other important industries in Houston include aeronautics, biomedical research, and shipping. In 2006, Houston was ranked third as one of the "Best Places for Business and Careers" by Forbes magazine.
There are 23 Fortune 500 companies headquartered in Houston, which is second only to New York City for the most in the United States. Some of the largest private sector employers in Houston include CenterPoint Energy Inc., Continental Airlines Inc., Exxon Mobil Corp., Foley's, JPMorgan Chase, and Shell Oil Co.
The 2005 Census estimate for the median family income in Houston was $40,172, below the national average of $55,832.
Houston/Texas Mortgage and Real Estate Organizations
| Category | Value |
|---|---|
| Homes With No Mortgage | 37% |
| With A Mortgage | 63% |
| First Mortgage Only | 56% |
| Second Mortgage or Home Equity Loan | 6% |
| Second Mortgage Only | 3% |
| Home Equity Loan Only | 3% |
| Category | Value |
|---|---|
| Owner Costs as % of Income | 17.2% |
| Median Real Estate Taxes (2000) | $1,361 |
| Category | Value |
|---|---|
| Total Occupied | 718,231 |
| 1-Person Households | 30% |
| 2-Person Households | 28% |
| 3-Person Households | 16% |
| 4-Person Households | 13% |
| 5-Person Households | 7% |
| 6-Person Households | 4% |
| 7+-Person Households | 3% |
| Category | Value |
|---|---|
| Median Year Built | 1972 |
| Median Year Built (Owner Occupied) | 1967 |
| Median Year Built (Renter Occupied) | 1975 |
| Category | Value |
|---|---|
| Using Utility Co. Gas Heat | 68% |
| Using Bottled/Tank Gas Heat | 1% |
| Using Electric Heat | 30% |
| Using Oil Heat | 0% |
| Using Coal | 0% |
| Using Wood Heating | 0% |
| Using Solar Heat | 0% |
| Other Heating | 0% |
| No Heating | 0% |
| Category | Value |
|---|---|
| No Bedrooms | 2% |
| 1 Bedroom | 6% |
| 2 Bedrooms | 21% |
| 3 Bedrooms | 48% |
| 4 Bedrooms | 20% |
| 5+ Bedrooms | 3% |
Rate quotes from multiple lenders for the Houston area:
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