With the price of oil hitting a new all-time high and the nation’s population booming, there are more people living in the Houston area than ever before.
But with that demand for housing, what is it really worth?
For most people, the answer is obvious: money.
With oil at $50 per barrel, the average Houston home sells for $2.6 million, according to real estate data site Zillow.
It’s also a significant amount of money compared to the average U.S. family of four of $1,838 per year.
But, as oil prices have fallen, prices in Houston are slowly but surely creeping back up, according To Be Livable, a non-profit group that advocates for more affordable housing.
According to Zillowing, Houston has been home to 1.4 million people since the recession, which started in 2007.
Now, the city has a population of nearly 6.2 million.
“Houston is the new San Francisco,” said Zillows chief economist Eric S. Jones.
“It’s the second-largest city in the country.”
Houston’s median home value is $2,826, while the average household income is $51,847, according the Houston Chronicle.
Houston’s housing market is expected to recover by 2020.
The Houston area has long been known for its cheap real estate.
The area was once known for being a hub for oil companies and oil rigs.
But that has changed, and many of the oil fields and rigs have closed.
In 2013, the oil and gas industry filed for bankruptcy protection.
That followed the 2010 earthquake and flood that devastated the city.
And as the city recovers, the region’s economic future is even more uncertain.
“As prices come back up a little bit, Houston will probably go back to where it was, where it’s been for many years,” said Jones.
Houston has one of the nation, if not the largest, oil boom centers in the U.K. According a study by the Houston-based think tank, the Economic Policy Institute, more than 60 percent of Houston’s oil production is located within 10 miles of its borders.
That makes it one of just a handful of major U.A.E. cities that is home to more oil production than its population.
According the report, “Houston’s oil boom was fueled by an oversupply of drilling rigs, the rapid development of the world’s largest petrochemical complex and the subsequent explosion in oil prices that led to a surge in demand for Houston-produced oil.”
In other words, Houston is a city where people are willing to pay more for a better quality of life.
That’s why the number of oil rigs and oil fields has skyrocketed.
Now that prices are back up and oil production has slowed down, Houston residents will likely see the value of their homes increase, but not for the reasons many would expect.
Jones said there are many factors that could make Houston even more expensive to buy.
“There are things like real estate taxes, which are going up, and taxes on construction and on homes,” he said.
“The supply of housing in Houston has actually been shrinking for a long time.”
Jones also said that many of Houstons current residents are working hard to make ends meet and are willing pay more money for a home that has the amenities they want.
“They are not going to leave Houston, they are not leaving Houston because they are in debt,” Jones said.
Some of the factors driving up the prices in the region include the economic boom in the oil industry.
And a booming housing market has also been fueling the demand for homes in the area.
In 2016, Houston had the highest number of new homes in its history.
The city has also seen more construction, especially in the high-demand areas of the city, according The Houston Chronicle, which also reported that the number that were being built in the city rose nearly 25 percent in just two years.
As oil prices continue to rise, so too will demand for affordable housing, and some of Houstonians are now seeing homes that aren’t even in the best of shape.
“I’m in my early 30s, I have three kids, I’m trying to put my house up,” said Maria Tena, who said she has been living in Houston for about six years.
“This is where I want to live.
I don’t want to be stuck in Houston.”
Tena said that, although she is not living in an apartment, she does not want to rent out her home to other people because she doesn’t want her children to have to drive up and down to get her things.
“My kids need to be out there.
They don’t have time to be at home,” Tena told the Chronicle.
“That’s what I need.
They are not ready to live in a house like this.”
As oil and real estate prices rise in Houston, some