Houston home to fifth-largest concentration of upper income homeowners

Houston is well to-do town, based on recent data from the Census Bureau.Luxury homes have a way of improving a?community’s real estate values, and according to new analysis performed by the government, many of these properties are in the Houston real estate domain.According to the Census Bureau, the Houston area has the fifth-highest concentration of upper income households. Of the 6 million people living in the Houston-Sugar Land-Baytown area, 6 percent of homeowners are among the top 5 percent of income earners.Leading the way in this category is New York City, where 10 percent of households are in the top 5 percent, followed by Los Angeles, Chicago and Dallas.Houston homes set a number of milestones last year with regards to property values. As recently noted in the year-end report card by the Houston Association of Realtors, single-family home values hit their highest point ever in 2012, averaging just under $243,800, while median home prices also hit their climax at $172,500.Numbers for how the Houston housing market fared in the first month of the year are expected to be released soon, as they are typically unveiled by HAR right around this time.
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