The current moving and relocation stats indicate that Houston will need more than 10 million new homes by the year 2050. The number is indeed huge, but so is the storm of people who have set their eyes on the region, and are relocating here in masses.
It has been estimated that in the next 30 to 40 years, the number of residents in Texas is going to be doubled. If there are 3 people per single household, then almost 10.5 million units will be needed to house so many individuals. While these predictions are true for the entire Texas region, the outlook is even better for Houston.
The research conducted in this regard shows that the number of people in Houston is going to increase by over 15 million. This implies a growth rate of nearly 140%, which is fairly high.
The real estate industry experts are not surprised by the results of this survey. Houston is a region fueled by a flourishing job market, low mortgage rates and good home prices. As such, people are being attracted to it in numbers greater than ever before. In fact, the real estate market has never been stronger. After all, many corporations are now setting up their offices in the area, and offering jobs to thousands of individuals. All of these definitely need a place to live, and so the demand is experiencing a surge that will rise higher for the next forty years.
If past figures are considered, it can be noted that more than 64% of people in Texas resided in Houston and other metro areas. However, by 2050, almost the 75% to 80% of Texas would have moved to the urban areas.
With the increase in residents and houses, the government will also have to pay attention to water, electricity and transportation issues. Doing so will help citizens maintain that same quality of life that Houston is known for. As such, the large number of people can only be accommodated with ease if other sectors also undergo strong growth by the year 2050.
For real estate agents, property managers and homebuilders, this is indeed a great sign. As the real estate market will bloom, more opportunities will emerge and businesses will get even better. Just wait until 2050 to witness the way in which Houston reacts to this hype.
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