Hurricane Harvey destroyed communities and devastated lives in Houston, TX. Almost two years later, rebuilding and recovery is far from over. Many residents are still considering how and where they will continue their lives as Houston residents. When it comes to Hurricane Harvey and Houston real estate, the flooding created some short and long term effects you’ll need to consider if you’re considering purchasing a home soon. In this week’s blog from Texas Home Buyers, we’ll talk about the impact of the hurricane. When you’re ready to learn more, one of our agents is standing by to help.
Rental Prices Spike
In many neighborhoods in Houston, rental property prices skyrocketed as homeowners scrambled to find temporary housing after their homes sustained damage or were located in a dangerous area. This has promoted some investors to purchase properties that sustained flooding and refurbish them into rental properties. It’s important to note that in Texas, landlords aren’t required to let their tenants know they are renting in an area that previously flooded.
Post-Harvey, many investment firms have focused on rehabbing the areas flooded by Harvey. County officials have brought in stricter regulation for homes being rebuilt or refurbished in flood-prone areas. This means improved infrastructure in many areas, with flood barriers, rehabilitated drainage systems, and more. In addition, any new houses in floodplain areas must be built on piers that sit above the 500-year flood level.
Flood-Prone Areas More Affordable
Even with many improvements to infrastructure and housing requirements in Houston, areas that have been hit by flooding in the past, most recently by Harvey, are going to have cheaper housing than areas that haven’t been hit. That also means areas that haven’t received major flooding historically continue to increase in value, even if those areas weren’t especially affluent in the past. From 2017 to 2018, for example, in the Heights neighborhood, average median home prices rose 8.2% compared with the same period a year before. If you’re interested in purchasing a home away from areas that have flooded previously, you should prepare to spend more.
When you’re ready to talk more about what it means to look for a home in Houston, contact Texas Home Buyers. We know about Hurricane Harvey and Houston real estate, and we can help you find affordable solutions to stay in Houston.