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    Nature Townhomes

    New townhouse community centered around a 300-year-old oak tree: Houston's nature development?

    Barbara Kuntz
    Barbara Kuntz
    May 7, 2014 | 1:25 pm

    Construction of a proposed seven-house, eight-townhome residential community with lots starting in the $800,000s near the Westmoreland Historic District is set to begin late this summer, according to the builder. The ambitious plans include a public park centered around an estimated 300-year-old oak tree that stands at the site.

    Recently renamed Masterson Oaks at Westmoreland in tribute of the former estate that once occupied the property and in honor of the enormous tree, the 36,139-square-foot property is located on the northwest corner of Alabama and Southwest Freeway or Spur 527. Frontage includes 244 feet on Spur 527, the largest border for the site. More frontage of 180 feet will be on Marshall Street and 104 feet on West Alabama Street.

    The Masterson house was demolished around 1959 to make way for the spur.

    "The tree is one of the 10 oldest in Houston. It takes up about one-third of the lot. Our park will be open to everyone in the community and area."

    "People assumed when we bought the near-acre that we were some big developer moving in," says Dr. Arpan Gupta, president of Carnegie Homes & Construction and owner of the property. "We actually really want to do something special, something unique here and in keeping with the historic district.

    "The tree is one of the 10 oldest in Houston. It takes up about one-third of the lot. Our park will be open to everyone in the community and area."

    The company is now seeking approval for a reduced setback requirement from 20 to five feet from the Westmoreland Preservation Alliance, even though the area in question faces West Alabama and is not part of the historic district. The city's setback requirement is five feet. The extra room would allow for a "community entrance" to Masterson Oaks, Gupta says.

    Carnegie is keeping the 20 feet deeded setback requirement on Marshall Street, which is part of Westmoreland Historic District.

    While the largest frontage at the site is along the spur, Gupta says the sound wall along that stretches along that side will serve as a green barrier for Masterson Oaks.

    "The entire wall, which is probably 20 feet high, is covered in greenery and evergreen trees stand in front of that," Gupta says. "We have plans to make this area a place for meditation, a Zen-like setting for residents to enjoy. It is fortuitous that the property has this asset."

    Gupta acknowledges that the green light for construction is based on 75 percent of Westmoreland Historic District residents granting their approval. He says he is certain the community is behind Masterson Oaks.

    "Mayor Annise Parker, who lives in that area, has given us her OK. And we're been asked to be involved with the historic district's Memorial Day celebration," Gupta says. "We wanted to go that extra step and secure our neighbors' approval."

    According to the builders' website, the development will offer 2,650- to 3,650-square-foot residential "oversized" lots. While the website still refers to the property as The Oak at Westermoreland, the name change is a recent update.

    The Westmoreland Historic District, located in the Neartown area between Midtown and Montrose, began in 1902 as home to many prominent Houston families. The historic district's boundaries were established in 1997. Many of the original houses are still standing.

    Rendering of Carnegie's Masterson Oaks at Westmoreland. The development is planned for an .83-acre lot between Marshall and Alabama streets and tucked up against Spur 527.

    Carnegie Homes The Oaks at Westmoreland now Masterson Oaks at Westmoreland rendering May 2014
    Carnegie Facebook
    Rendering of Carnegie's Masterson Oaks at Westmoreland. The development is planned for an .83-acre lot between Marshall and Alabama streets and tucked up against Spur 527.
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    in demand

    Houston leads the U.S. with the biggest surge in millionaire renters

    Amber Heckler
    Oct 16, 2026 | 2:30 pm
    Houston skyline downtown at night
    IdeasLaboratory.com
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    The number of millionaire renters and homeowners in the U.S. has surged over the last five years, and Houston has soared ahead of the rest of the country with the largest growth rate among these affluent renter households.

    Houston leads the nation with the No. 1 increase in millionaire renters from 2020 to 2024, a new RentCafe study found. The number of these wealthy households increased from 18 to 232 over the last five years, representing an impressive 1,189 percent growth rate.

    "The pandemic accelerated the shift as remote work pushed the wealthy to relocate to lower-tax metros like Houston, where millionaire renters grew 13-fold, versus 3.9-fold for owners," the report said. "Granted, 232 households is still a tiny fraction of the Houston metro’s roughly 2.7 million households, but the growth rate far outpaces any other major metro."

    Nationwide, the number of millionaire renter households grew 229 percent from 2020 to 2024, far outpacing the 193 percent growth rate among millionaire homeowners.

    Dallas was the only other Texas metro to crack the top 10. The number of millionaire renter households in North Texas has more than quintupled, from just 30 in 2020 to 165 in 2024. That represents a renter growth rate of 450 percent, which — surprisingly — is only the 8th highest nationwide.

    But when it comes to the largest populations of millionaire renters, New York City and San Francisco still lead the way. New York claimed the No. 1 spot with nearly 7,300 millionaire renters living in the city in 2024. Houston ranked 12th on that list.

    Elsewhere in Texas, Austin and Dallas ranked as the 16th and 17th, respectively, for the largest population of millionaire renters. There were 206 millionaire renters living in Austin in 2024, and 165 in Dallas.

    This is who the typical millionaire renter is
    The report also revealed a surprising statistic about the typical millionaire renter in the U.S. — a lot of them are millennials working in "white-collar, high-earning fields."

    "Nearly half (49 percent) of millionaire renters are Millennials, and the number of affluent Millennial renter households surged 392 percent during the five-year period," the report said. "Gen X follows with 33 percent of millionaire Gen X households renting after increasing by 147 percent."

    The report continued, "Although Gen Z still represents a small share of millionaire renters (just 2 percent of the total), no generation has expanded faster: Gen Z millionaire renter households leaped from fewer than a dozen to more than 400 — a tiny cohort today, but one that was virtually nonexistent five years ago."

    The top three most common professions for millionaire renters are chief executives, software developers, and managers, the report additionally found. In Houston, the surge of wealthy newcomers are mostly executives, professional athletes, and entertainers.

    "These roles tend to generate steady, substantial income without necessarily tying workers to one location, making renting a practical fit, rather than a financial necessity," the report said.

    Hotspots for millionaire homeowners
    In RentCafe's separate list comparing the top 10 most popular U.S. metros for millionaire homeowners, Houston ranked 12th nationally with 4,374 millioniare homeowners living in the metro as of 2024. These wealthy Houstonians are most likely working as chief executives, physicians, managers, and lawyers and judges.

    Houston has already proven to be a hotspot for millennial homebuyers, and the latest RentCafe data says millennials make up 19 percent of all millionaire homeowners in the U.S. Gen Xers and Baby Boomers still maintain the largest shares of millionaire homeowners nationwide, at 45 and 33 percent, respectively.

    Dallas (No. 10) and Austin (No. 20) also appeared among the hottest metros for millionaire homeowners.

    Only one Texas city appeared among RentCafe's list of the 20 fastest-growing metros for millionaire homeowners: College Station ranked 13th nationwide with a growth rate of 1,329 percent. From 2020-2024, the number of millionaire homeowners residing in College Station grew from 14 to 200.

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