PRICED OUT OF THE NEIGHBORHOOD 
“These days, South Park is undergoing yet another change: an influx of Hispanic residents, from 16 percent in 2000 to nearly 20 percent in 2009. That number is expected to jump to 22 percent in five years, while the number of black residents is on the decline: 82 percent in 2000 compared to an estimated 77 percent five years from now. Census data shows no white people living in the area at all. . . . The median home price is $50,400 — an increase of 15 percent since 2000. This sounds promising until another statistic is revealed: The median income is a mere $33,196 per year, which is nearly 15 percent less than ten years ago. The most expensive listing for a [South Park] single family home on HAR.com right now — a completely remodeled three-bedroom house on Bataan with granite countertops in the kitchen — is less than $78,000, its asking price recently reduced in a bid to attract buyers. The modest house, built in 1955, has been on the market for months.” That price reduction doesn’t seem to have had much effect: The home at 5538 Bataan Rd. was just taken off the market. [Houston Press] Photo: HAR
Sign up for the Newsletter
If it was middle class yuppies moving into South Park and rebuilding homes, it would be a big story. Since it latinos and likely a nice portion being illegal, no one cares….
Some areas are just ‘dead zones’ when it comes to home sales so they get crazy low. If lenders were lending, do you know what the payment would be on a $50k house? Like $215/month.
.
And the average income is $33k/year? So that means people make well over 1/2 the median home price a year. Seems like a pretty crazy cheap place to buy. If you’re making almost $3k/month and have a $215 house payment, you’re doing well.
Oh crap, I just clicked on the link. I know that place. I’ve been there a few times to get lunch. If anyone is looking to buy some investment properties, that area is great. The properties are super cheap (obviously) and there is a strong rental market.
.
This isn’t a plug to sell mine (I won’t even give their addresses) but I have two in the area that do well. If I were still in the market for single family rental investments, I’d likely pick up a few more. One of them rents for $900 and the payment is literally $255.85. I’ve tried to talk the guy into buying it but many of the people out there simply can’t get financing.
.
And before someone accuses me of pushing something, I have nothing to gain personally from the post. I’m just making a comment to help encourage people to buy real estate (on their own) as an investment.
I think a street called “Bataan” tells you all you need to know – wow.
I’m with you Cody.
“Since it latinos and likely a nice portion being illegal, no one cares….”
Nice.
Click on the link, Katharine Shilcutt’s Houston Press article is really super
“The median income is a mere $33,196 per year”
Is this for South Park or Houston in general? Where did this amount come from?
Thanks.
Hey, thanks JRo!
And thanks, Gus, for the link. I’m glad that you were able to find a photo of the place on Bataan. Still can’t understand why the listing was taken down…
I had relatives, both dead now, who bought on Anzio in about ’59-’61 and it was a beautiful neighborhood. She died in early 70’s and he finally sold in ’79.
That whole area was wonderful then. The thick plush carpet grass, beautiful hedges, colorful flowers, all showing careful upkeep. Their house was 3 bedroom 1 bath but the bathroom was huge, with 1 car garage, den and large back yard with pecan trees. Kitchen was small but then it was just the two of them with a grown son at home.
She shopped at Lewis & Coker in Palm Center and also at the Montgomery Wards across South Park Blvd from there. I spent a lot of time at their house in the early 60’s and I remember that it was your typical Beaver Cleaver kind of street, Anzio. Don’t know about any other streets but I would imagine they were the same.
… nice memories.
And times change.
I hope the future residents of the area also find similar rosy, ‘Beaver Cleaver’ experiences!
I drive through that area every day on Mykawa from Pearland. Isn’t $900 a little high for that area? I could certainly be wrong and maybe I’m out of touch but most of those houses don’t look like they’re worth that much per month.