New developments aim to meet affordable housing demand in Cameron County
In Cameron County, there are more buyers than homes available - and developers broke ground Wednesday on a project that aims to meet a growing demand and need for affordable housing in the Rio Grande Valley.
From 2011 to 2020, the Valley's average home price rose over seven percent, compared to the state’s six-and-a-half percent.
During the pandemic, prices soared by 26%.
Nick Rhodes, CEO of Esperanza Homes, says his developments are hoping to help ease the pain for potential home buyers.
“The valley's been great for business, population growth, new jobs, and it's just a very diverse culture and economy,” Rhodes said.
The company plans to sell new homes in Harlingen near the $200,000 price point.
“We've seen a lot of demand and success getting those families into homes that have a desire that don't have a great option at the moment,” Rhodes said, adding that these price-points should help get individuals a home they can afford in a community they serve.
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