For many years, America has proudly worn the label of “cultural melting pot,” representing a place where many different peoples came together to live in harmony. Today, cultural melding still occurs, but it has a different face in many cities across the country. More communities than ever are embracing the vibrant differences that come with fostering diverse communities. Preservation of ethnic culture is highly valued, and that’s why we see more distinct groups of people everywhere we look. Nowhere in the United States is that truer today than in the great city of Houston.
In years past, major cities like New York were traditionally thought of as “the most diverse,” but the facts tell a different story today. Rice University reports that Houston is now the most ethnically diverse city in the Union, with more than half of the population made up of various minority groups. Adjacent Fort Bend County is also extraordinarily diverse. With established groups of people from places as far away as Asia and Africa, Houston’s transformation into a multicultural city is striking.
Diversity Leads to Opportunity
For real estate investors, this diversity provides not only a means for adding a rich, new depth to Texas’ culture and the experience of living here, but important changes in the way we do business. It’s not about simply having easy access to new tasty ethnic restaurants and fascinating forms of art. The cultural diversity featured in Houston brings literally a world of people with diverse business skills, attracted to the freedoms found in the United States in general, and Texas in particular. In real estate, we have found a lively and unique market. For instance, over the last ten years, the number of people renting in Texas skyrocketed as more and more individuals choose to move here. The city represents an excellent opportunity for investors across the board.
There is something for everyone to love in a city as like Houston, from the upper end to low income housing. Not only income level but the locations for investment are as varied as the city’s people. There are properties everywhere from the hustle and bustle of city life near the core of the metropolitan area to the peaceful seclusion of the suburbs. Plus, the city has something to offer for everyone. From rich food to many different kinds of architectural styles, the opportunities are many.
Houston’s growth combined with its fascinating cultural attractions make for a hot real estate markets, even with the recent energy downturn. An analysis of trends over the last ten years found that three neighborhoods experienced tremendous growth — up to 70% appreciation! Over that same period, 17 districts saw the average cost of a typical single-family home increased by nearly fifty percent. Not only is it an excellent place to invest due to its growing diversity, but Houston is also a top spot because that diversity is the engine driving its growth.
It’s clear to see that Houston’s real estate market is tied closely to the many different groups of people living there. With more people turning their thoughts towards moving to Houston each day, it’s an excellent time to take a closer look at the market. Whether targeting families looking to start new or young professionals, Houston has something for every kind of investor.