Gentrification And Housing Prices In Houston
What does ”gentrification" mean?
If you live in Houston’s Third Ward, Fourth Ward, Fifth Ward, Studewood or Sunnyside, you’re seeing changes happening rapidly in your neighborhood. “ZIP code 77003 is by some accounts the third-fastest gentrifying postal zone in the country,” according to NextCity.com. You’ve probably heard the word “gentrification” bandied about concerning your neighborhood. What does “gentrification” mean?
The origin of the word is fairly recent and came from sociologist Ruth Glass in the 1960s in a book called London: Aspects of Change. It was used to describe the phenomenon of middle- or upper-class people moving into less-affluent neighborhoods and the changes that occur to those locations and their inhabitants. Housing prices in Houston’s gentrified neighborhoods are skyrocketing overnight, it seems.
The effects of gentrification in Houston
The effects of gentrification in affected Houston neighborhoods are wide-reaching. When gentrification occurs, poorer families and small businesses are displaced, and the usually close-knit, working-class neighborhood loses its culture. Many people, especially renters, must move away because their rent becomes unaffordable.
The median income in the Third Ward is $27,860, and nearly 20% of residents do not have a high school degree, according to the Rice University Kinder Institute for Urban Research. Yet, in July 2023, “Greater Third Ward home prices were up 7.0% compared to last year, selling for a median price of $433K,” according to Redfin. People who own houses in the Third Ward or other gentrifying neighborhoods are faced with unaffordable property taxes.
Making lemonade from lemons for homeowners in gentrified Houston
If you own a house in an area affected by gentrification, housing prices will increase with the neighborhood changes and new businesses that move in. The good news is that you can sell your house at a much higher price than previously. With houses in high demand in gentrified locations in Houston, home values and housing prices have gone way up.
Selling your house the traditional way may be difficult because if your house needs repairs or updates, a potential buyer’s loan may not be approved. But there is a way to sell your house “as is” without having to make any updates and repairs or even paint or clean it. We Buy Ugly Houses® specializes in buying houses in “as is” condition. Our property specialists live nearby and are experts on property valuations and the local housing market, so they can give you a fair cash offer.
Who is We Buy Ugly Houses® in Houston?
If you live in Houston’s Third Ward, Fourth Ward, Fifth Ward, Studewood, or Sunnyside, beware of the many house-buyer scams out there. Be safe and sell to America’s #1 home buyer, We Buy Ugly Houses.
We’ve been in business since 1996, and we’ve bought over 150,000 properties. We’re honored to have earned a 95%* customer satisfaction rate and fantastic reviews from our sellers. We’re known in Houston as the cash house-buying company that provides fair cash offers, quick closings, and superb customer service.
How to sell to We Buy Ugly Houses®
Contact us to make a free, no-obligation, in-person appointment with one of our friendly Houston property specialists. We’ll take a tour of your house and answer your questions. We can often give you a fair cash offer the same day. If you accept our offer, we can frequently close in as little as 3 weeks!
We have no hidden fees, charge no real estate commission, and pay typical closing costs, so you save a bundle on your house sale! Contact us to learn more about selling your house in gentrified Houston to We Buy Ugly Houses.
