“Houston Housing Hits Hurdle,” reports the Wall Street Journal. The rapid growth of fastest-growing metropolitan area in America–gaining more than 120,000 people per year in the last decade–is fueled by cheap housing, but prices rose 12 percent last year.
Housing in the Woodlands, the Houston area’s oldest and largest master-planned community. Developers usually dedicate at least 20 percent of the land in such communities to parks and open space.
What’s made rapid growth possible is the growth of master-planned communities in which developers assemble thousands of acres, install streets, water, and sewer lines, and then sell individual lots to homebuilders and homebuyers. One the infrastructure is installed, a homebuyer can purchase a lot, get construction permits, have the house built, and move in within 120 days of closing on the land.
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