CORPUS CHRISTI, Texas — The state comptroller recently gave an update in a recent report detailing how Texas needs to build more homes in order to bring down its housing costs.
A side effect being an intense and often very expensive situation for anyone looking to one day to own a home.
The report highlighted how home prices rose by 40 percent between 2019 and 2023. Also, in order to meet the housing demand, Texas will basically need to build thousands of new homes statewide.
"We are seeing some tremendous growth with industry and many jobs and businesses that are going to be coming and moving to Texas," local realtor and elected Nueces County Appraisal Board member James Magill said, referring to the economic boom spurring the need for more homes across our area.
Magill said the housing market has become more competitive, especially if existing homebuyers have locked in a good interest rate.
"In a residential market if you locked in your interest rate for so many years, it's likely best for you to stay in that home unless you have some needs that require you to make a different decision and move somewhere else," he said.
Corpus Christi City Manager Peter Zanoni said that there is funding available to help bolster affordable living options.
"We do receive money from the federal government and our housing and urban development grants," he said.
Zanoni said the City has done recent projects to help balance out the demand for more affordable housing options.
"Just recently we opened up down the street The Palms at Blucher," he said. "The City also received funding for another project at the former Lamar school site."
While Corpus Christi does have a lower cost of living then other major cities in our area, Zanoni said that does play into the balancing game.
"When our local home builders build a home it's one that people can afford and doesn't have a lot of fees attached to it that are associated with the city's regulatory process," he said.