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Houston, which covers 637.4 sq. miles in total, is the ninth most expansive US city. It is the biggest city in America by area, whose government has not been consolidated with any county, parish, or territory. Although most of the city is located in Harris County, small areas extend into Montgomery and Fort Bend counties. These counties border other major communities like Sugar Land and The Woodlands in Greater Houston.
Houston was established by land investors in August 1836 at the confluence of Buffalo Bayou and White Oak Bayou (a point now called Allen's Landing). It was incorporated as a municipality on June 5, 1837. Houston is named after Sam Houston, former president of Texas. Houston briefly served as Texas' capital until the late 1830s.
Despite record-breaking home prices in Houston, investors continue to snap up properties nearly as fast as they are listed. The Houston Association of Realtors reports that single-family home sales are up by over 4% annually.
Although a hot market for real estate like Houston can be frustrating to homeowners, it can be ideal for single-family property investors. Because Houston's strong job market attracts more people when the housing market is tight.
Many people find moving to Houston a simple decision. Houston's low cost of living, job growth, affordability, amenities, and other features make it a great place to call home over the long term.
Houston job market
In May 2022, 31,000 jobs were created in Houston. This is more than the pre-pandemic 20-year average. Houston's job growth has been above the pre-pandemic median for 9 months.
The Greater Houston Partnership reports that nonfarm payroll employment has surpassed 3.2 million, which is the highest it has been. Houston's employment levels exceed those of pre-pandemic levels for 11 sectors. These include professional and scientific services as well as arts and entertainment.
Key employment stats:
- According to the Federal Reserve Bank of St. Louis, the GDP of Houston-The Woodlands Sugar Land, TX MSA exceeds $455 billion and has increased by more than 18% in the past 10 years.
- Houston has grown to more than 3.2million people since the pandemic started in 2020. Houston has created approximately 400,000 new jobs since then.
- Houston's median household income grew by 5.8% over the previous year, while Houston's median property value grew by 7.03% in the past twelve months.
- Houston is ranked #4 in the U.S. for Fortune 500 Headquarters with a pro-growth government, low cost and regulations, and no corporate or personal income tax at the state level.
- Houston is home to dozens of colleges and universities, including Texas A&M University, College Station, and University of Houston.
Over the last ten years, Houston's 3-county region has added 1,000,000 residents, accounting for 25% of Texas's population growth. The population of Harris County, where Houston is the county seat, grew 15.6% between 2010 and 2020. Meanwhile, adjacent Montgomery and Fort Bend counties saw their populations grow by 36.1% and 40.6%, respectively.
Key population statistics:
- Houston is home to more than 2.3 million residents and over 7.1 million in the metropolitan region.
- Houston's population grew by almost 10% in the past decade.
- The fourth most populous U.S. city and Texas's largest city.
- The population is expected to grow by more than 1.2 Million through 2029.
- Houston's per capita income is $35,000, and Houston's median household income is $69,000.