How housing affordability is changing in Corpus Christi

Kirsten Crow, Corpus Christi Caller Times
·3 min read

How much it costs to live in Corpus Christi – and whether that cost is affordable – has been debated in a toughening real estate landscape, despite slight drops in home sale prices.

The median price for a single-family home was about $261,000 in April, according to a report maintained by the Corpus Christi Association of Realtors. The data is based on the Texas Realtor Data Relevance Project.

Although home sale prices dropped slightly in April, the median cost – about $261,000 – is still out of reach for many Corpus Christi families. U.S. Census Bureau data shows the city’s area median income at about $60,000 between 2017 to 2021.
Although home sale prices dropped slightly in April, the median cost – about $261,000 – is still out of reach for many Corpus Christi families. U.S. Census Bureau data shows the city’s area median income at about $60,000 between 2017 to 2021.

The figure represents a 3.5% dip compared to April 2022, according to that data. That's a price that would remain out of reach for many families in the city, where the area median income rings in at about $60,000 per year.

Developers of a proposed manufactured home subdivision in Corpus Christi say their project – unsuccessfully pitched recently to the city’s Planning Commission – could help to fill the gap. They described that alternative to building brick-and-mortar homes from scratch as “basically the new affordable housing.”

Proposal boosts manufactured houses

As originally presented by developers, the 95-acre property off Old Brownsville Road could have a layout of between 250 and 350 spaces for new manufactured homes, placed on rented five-acre lots.

In current market conditions, the manufactured homes could be priced at wholesale for about $100,000, said Rob Murray, a mobile home dealer and among the potential buyers of the property.

A nearby mobile home park has a wait list of about 30 people, he told commissioners.

“There’s a good demand for what we do,” Murray said.

A request to rezone the plot was denied last week by the planners. Future use of the land was intended to be light industrial, and a portion of it is within the boundaries of an area near the Corpus Christi International Airport considered at risk for air traffic crashes.

An amended request to forgo developing on that portion of land is being explored. There isn’t interest in developing an area that could potentially be unsafe, Murray said.

The adjusted proposal could come before the Planning Commission later this month.

Neighborhoods with traditional single-family homes usually cost about double compared to the manufactured home subdivisions he’s been involved in, Murray said.

Buyers usually handle their own financing, but there are options that can be made available, he added.

“We can still finance it for them so they can actually get a home instead of being on the street,” Murray said.

Affordability

What’s considered affordable is relative, but usually means paying no more than 30% of household income for housing.

Area median income in Corpus Christi stood at about $60,000 between 2017 and 2021, according to U.S. Census Bureau data.

Speaking generally, there’s a need for housing for anyone making less than 120% area median income, said Jennifer Buxton, assistant director of the city’s Neighborhood Services department.

That includes – but is not exclusive to – housing for low-income families to purchase or rent, she said.

“There's almost no part of the spectrum that we don't need some housing, for where we can't identify a gap,” Buxton said. “We have a need for market housing as well, and the need for market housing is kind of pushing out some of the people who need the affordable units.”

The cost of homes

About 36% of Corpus Christi’s home sale prices in April fell between $200,000 and $300,000 – while those under $200,000 made up about 28%, according to the Corpus Christi Association of Realtors’ report.

There are homes that are affordable available for purchase – a key factor is working with a Realtor who can help with the process, said Elke Gonzalez, CEO of the Corpus Christi Association of Realtors and South Texas MLS.

“It’s still a good time to buy a home,” she said. “There are different options. … It’s just connecting with the right resources.”

More: Debate likely in zoning request that would put low-cost housing in air traffic safety zone

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This article originally appeared on Corpus Christi Caller Times: How affordable is housing in Corpus Christi?