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<br />Real Estate Sector <br />Single-family building permit activity has been healthy in La Porte over the past decade. Data <br />provided by the Texas A&M Real Estate Center and u.S. Census Bureau, however, indicates <br />that La Porte single-family buildings permits lag the rapid growth in some peer communities. <br />This is not a surprise given the limited amount of land available for development. Future <br />development will likely take place near the Bay Forest golf course or as large lots in the <br />western portion of the city are subdivided. Over the past few years, approximately 100 <br />single-family building permits were issued. <br /> <br />Figure 13: La Porte Single-Family Building Permit Activity <br />350 <br /> <br />50 <br /> <br /> <br />300 <br /> <br />250 <br /> <br />200 <br /> <br />150 <br /> <br />100 <br /> <br />o <br /> <br /><D <br />0'\ <br />0'\ <br />...... <br /> <br />" <br />0'\ <br />0'\ <br />...... <br /> <br />00 <br />0'\ <br />0'\ <br />...... <br /> <br />0'\ <br />0'\ <br />0'\ <br />...... <br /> <br />o <br />o <br />o <br />N <br /> <br />...... <br />o <br />o <br />N <br /> <br />N <br />o <br />o <br />N <br /> <br />rt1 <br />o <br />o <br />N <br /> <br />'<l" <br />o <br />o <br />N <br /> <br />'" <br />o <br />o <br />N <br /> <br /><D <br />o <br />o <br />N <br /> <br />" <br />o <br />o <br />N <br /> <br />Soul"Ce: U:S. Census Bureau <br /> <br />The average value of a ne\lll single~fcttnily home in 2007 was $136,321. Using an industry <br />standard of 28 percent of gross income, the maximum percentage of monthly gross income <br />that a lender allows for housing expenses plus recurring debt, a new home buyer would need <br />to earn $40,000 p~r year to qualify for a traditional loan. Compared to peer communities, La <br />Porte offers one ofthelo~~stprices for a new single-family home. The most expensive peer <br />community was DeerParkat $181,123 per new home. It is worth noting even with La Porte's <br />relatively low housing costs, the majority of La Porte business workers do not live in the city. <br /> <br />City of La Porte, Texas - Economic & Demographic Assessment I January 2009_ <br />