Texas real estate mag says demographics, desires are changing

Transit access will be key

Wendy Natt, Aug 10, 09.

“The average American household now spends 34 percent of their annual budget on housing and 18 percent on transportation - the combined total of 52 percent of their budgets wrapped up in these two largest expenses,” notes an article in Texas Real Estate Business. “For low-income working families, the impact is more serious - with transportation representing almost a third of their costs,” the article continues. “The extremes can be eye-opening - the average Houston-area household spends over $11,000 per year on transportation.”

Demographics in Texas cities are changing, as they are in the rest of the country, and along with this change comes the need for a greater variety of housing options, according to the magazine. The article says that there are several population groups seeking new housing choices that do not fit the far-flung suburban mold, and their numbers are rapidly growing: Young singles, empty nesters, immigrants, and retirees are seeking out more diverse, community-based, sustainable places to live.

Creating places located within or close-in to thriving city centers and the amenities of walkable urban life has become an important area of focus for real estate brokers, transit agencies, developers, and city planners to concentrate their efforts. A new joint program introduced by HUD, the DOT, and the EPA will integrate federal housing, transportation, and infrastructure investments in order to spur development of diverse (economically, ethnically, etc.), transit-oriented housing and communities.

While the article notes that development in distant city fringes will continue, federal initiatives like the HUD-DOT-EPA program, changing demographics, and the unavoidable effects of growth and increased traffic congestion on the region will be driving forces behind a necessary increase in development of transit-accessible, multifamily housing within urban centers and close-in suburbs.