In Houston's sizzling real estate market, the odds of snagging affordable properties in hot neighborhoods are lukewarm. As the market continues to see an uptick in home sales, a new study from Redfin shows that the Bayou City lacks neighborhoods with a balanced mix of home prices.
Redfin looked at the economic integration of 20 cities by comparing home prices to the purchasing power of a local, median-income family. According to the report, most Americans live in an economically segregated neighborhood that lacks balance between affordable and high-end homes.
Only 12 percent of Houston neighborhoods offer a balanced mix of home prices, making it the 11th most economically integrated city of the 20 surveyed. Boston, Seattle, and Washington top the list. Fifty-one percent of Boston has a balanced mix of home prices. In comparison, only 4 percent of Columbus, Ohio, the least economically integrated city on the list, offers a balanced mix of prices.
The Houston neighborhoods with the best mixture of high-end and affordable homes are the areas of Parkwood, Westmoreland/Montrose, Moonshine Hill (Humble), Sunset Terrace (West University) and Fourth Ward (near downtown).
Redfin says 72 percent of Houston offers homes that middle-income Houston families can afford. The most affordable neighborhoods are Brookhaven, Sagemont, Lindale Park, Near Northside and Andover. The neighborhoods with the most high-end properties? Crestwood/Memorial Park, Camp Logan, Gaywood, Southampton and Richmond Plaza/Bellaire.
In other Texas cities cited in the report, 16 percent of Austin offers a balanced mix of home prices; in San Antonio, it's 8 percent.