BY HALEY VELASCO
What we know
Looking ahead
In an attempt to help housing costs, Cole said Pearland officials are looking to prioritize denser development with smaller, more affordable home designs in upcoming city workshops and planning meetings. “If I portion [infrastructure cost] over six lots, then my cost per lot is going to be cheaper,” Cole said. “Therefore, I can sell those lots to a builder. They’re just going to put smaller homes, smaller lots and bring pricing down to the individual homebuyer.” Manvel Mayor Dan Davis said city officials hope to improve affordability through Manvel’s first-ever 20-year strategic plan, which was adopted in January. The plan, which was based on community input, will prioritize preserving rural areas in Manvel and concentrate on development on highways 6 and 288. “We want to make sure that we’re strategic about it, that the growth comes in the right locations, so that way 30 years from now, it’s at a place where we can successfully maintain it,” he said. Through these plans, Davis said he hopes improvements on roads, utilities and drainage will reduce development costs and in turn lower home prices. “My family and I bought our … first home in Manvel in 2017 because it was an attainable home for us,” Davis said. “We don’t want to price people out of the market of being able to realize in Manvel the same dream that my family and I were able to realize.”
attracting developers to the area, as they lead to higher prices to build, which can also lead to higher home values. Kurt Watkins, spokesperson for Hillwood Communities, which is developing Pomona and Valencia, said developing in more built-out areas comes with more regulations and requirements, which can lead to higher prices. “Growing cities will typically lag price apprecia- tion compared to built-out cities,” Watkins said.
For Alvin, Friendswood, Manvel and Pearland, average home values are at an all-time high, Zillow data shows. Of that group, Friendswood has seen the largest increase—up 43%—in the last five years. Cole said he believes lot costs—which represent 20% of a home’s value—and development have driven up home prices. In addition, Adam Hill, president of Friendswood-based construction company Sterling Builders, said cities with high impact fees, such as Pearland, may have a harder time
2020
2021
2022
2023
2024 2025
Average home values in January
$500K $400K $300K $200K $0 $100K
Alvin
Friendswood
Manvel
Pearland
SOURCE: ZILLOW/COMMUNITY IMPACT
What else?
According to a 2024 report from the National Association of Realtors, the median age of home- buyers is at an all-time high, while the percentage of homes bought by first-time buyers is at an all- time low—around 24%—and has declined by nearly 10 percentage points since 2014. “First-time buyers today are in a tough spot,” Franklin said. “The last time we had a 7% interest rate, they were in junior high. They’re just not accustomed to these high [prices and rates].”
Median age of homebuyers in the U.S.
First-time buyers
All buyers
56
53
60
49
47
47
46
45
40
36 35 38
33
33
33
32
20
0
2022 2021 2018 2019 2020
2023
2024
SOURCE: NATIONAL ASSOCIATION OF REALTORS/COMMUNITY IMPACT
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