Posts by Roberto Cline:
Housing affordability has been a major cause of concern for many homebuyers around the country. And although the era of unusually affordable housing has ended, Redfin indicates one Southern market is thriving.
According to the company’s latest analysis, El Paso, Texas, is the nation’s most affordable housing market of the year.
In this metro, 89% of homes for sale are affordable on the national median income, which currently sits around $61,400. This means that about nine out of every 10 homes is available to the housing market’s average homebuyer.
Redfin Agent Maggie Garcia said a lot of people are moving to El Paso because of the affordable quality of life.
“The cost of living has been reasonable for many years and as a result, the rest of the U.S. has noticed our border town more and more,” Garcia said. “El Paso is also home to a busy military base, Fort Bliss, which fuels our local economy by creating many jobs onsite.”
According to Redfin, income growth in El Paso has boosted affordability tremendously.
In fact, the average income in El Paso has grown by 16% from 2014 to 2017. However, income growth has increased by only 9% for the rest of Texas and 12% for the nation overall.
Redfin Chief Economist Daryl Fairweather said growth in incomes almost always translates to growth in home prices.
And she’s right, as El Paso’s median home sale price increased by 7.9% year over year, coming in at $167,950 in May. Notably, this marks the fifth consecutive month of annual price increases.
“As people see their incomes rise, the first change they often make is buying a home or upgrading to a bigger, better one,” Fairweather said. “El Paso’s affordability, combined with its outlook for continued home price growth, makes it a really attractive place for first-time homebuyers looking to increase their wealth through home equity.”
In May, the number of homes for sale in El Paso fell by 8.3% from the same time period last year, indicating homebuyer demand is growing faster than supply. Additionally, the typical home went under contract in 48 days, falling almost twice as fast as May’s 2018 rate of 87 days, according to Redfin.
SALT LAKE CITY (July 6, 2019) – The El Paso Chihuahuas downed the Salt Lake Bees 8-6 on Saturday night in front of 10,432 fans at Smith’s Ballpark. After pitching a scoreless first inning, Salt Lake starter Parker Bridwell (4-4) got into a jam in the second frame and gave up a grand slam to […]
CNN Video EL PASO, Texas (AP) – The Trump administration is facing growing complaints from migrants about severe overcrowding, meager food and other hardships at border holding centers, with some people at an encampment in El Paso being forced to sleep on the bare ground during dust storms. The Border Network for Human Rights issued […]
The crowd cheers as U.S. President Donald Trump speaks during a ‘Make America Great Again’ campaign rally at Williamsport Regional Airport, May 20, 2019 in Montoursville, Pennsylvania. (Drew Angerer/Getty) Days after President Donald Trump announced that he would kick off his 2020 presidential bid with an Orlando rally June 18, news surfaced that El Paso, […]
Staff Photographer Video Player is loading. Play Video Play Loaded: 0% Remaining Time -0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaque Font Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall Caps Reset restore all settings to the default valuesDone Close Modal Dialog End of dialog […]
Undocumented migrants wait to be processed by the U.S. Border Patrol after crossing the Rio Grande into the United States on May 15 in McAllen, Texas. (Ricky Carioti/Washington Post) SAN DIEGO — The U.S. Border Patrol said Friday that it would fly hundreds of migrant families from south Texas to San Diego for processing and […]
Supreme Court halts Texas execution over Buddhist spiritual advisor The Supreme Court has taken a new and stronger stand against religious discrimination with liberals and most conservatives agreeing to halt a Texas execution. By a 7-2 vote, the court granted an emergency stay for Patrick Murphy and ruled prison authorities may not proceed “unless the […]
The tails of four American Airlines passenger planes are seen at Miami International Airport in Miami on July 17, 2015. Hail damage forced a Phoenix-bound American Airlines flight to divert to El Paso, Texas, Sunday night, CBS News transportation correspondent Kris Van Cleave reports. No injuries were reported, but the Airbus A319’s nose and windshield […]
HOUSTON (AP) — The Houston Astrodome, which became known as the Eighth Wonder of the World as the world’s first domed stadium, has received the highest honor Texas can give a historic structure. A marker designating the Astrodome as a Recorded Texas Historic Landmark was unveiled at ceremonies Tuesday outside the Houston icon. The stadium […]
Rudy Gutierrez/The El Paso Times/AP UTEP president Diana Natalicio talks with Wallace Hall, Jr., a UT system regent as they viewed the ongoing construction on the center of the UTEP campus Thursday, Nov. 6, 2014 in El Paso. When Diana Natalicio graduated from a blue-collar St. Louis high school in 1957, life expectations were clear […]