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RealEstateSector <br />SinglefamilybuildingpermitactivityhasbeenhealthyinLaPorteoverthepastdecade.Data <br />providedbytheTexasA&MRealEstateCenterandU.S.CensusBureau,however,indicates <br />thatLaPortesinglefamilybuildingspermitslagtherapidgrowthinsomepeercommunities. <br />Thisisnotasurprisegiventhelimitedamountoflandavailablefordevelopment.Future <br />developmentwilllikelytakeplaceneartheBayForestgolfcourseoraslargelotsinthe <br />westernportionofthecityaresubdivided.Overthepastfewyears,approximately100 <br />singlefamilybuildingpermitswereissued. <br />Figure13:LaPorteSingleFamilyBuildingPermitActivity <br />350 <br />300 <br />250 <br />200 <br />150 <br />100 <br />50 <br />0 <br />Source:U.S.CensusBureau <br />Theaveragevalueofanewsinglefamilyhomein2007was$136,321.Usinganindustry <br />standardof28percentofgrossincome,themaximumpercentageofmonthlygrossincome <br />thatalenderallowsforhousingexpensesplusrecurringdebt,anewhomebuyerwouldneed <br />toearn$40,000peryeartoqualifyforatraditionalloan.Comparedtopeercommunities,La <br />Porteoffersoneofthelowestpricesforanewsinglefamilyhome.Themostexpensivepeer <br />communitywasDeerParkat$181,123pernewhome.ItisworthnotingevenwithLatƚƩƷĻ͸ƭ <br />relativelylowhousingcosts,themajorityofLaPortebusinessworkersdonotliveinthecity. <br />22 <br />| <br />City of La Porte, Texas - Economic & Demographic Assessment January 2009 <br /> <br />