Texasâ most populous city, Houston, might not be having the best of time these days when it comes to its economy. The oil bust in 2016 and Hurricane Harveyâs devastation in 2017 have hit Houstonâs economy hard. Harvey was so powerful it inflicted a loss of $125 billion to just the metropolitan area of Houston.
What made matters worse for the people living in the region was that it was not the hurricane per se but the resulting floods that caused the devastation. Why flooding devastation is worse is because most of the damage it does is not covered by insurance policies.
Getting back to normal life has not been easy for Houston residents. Flood insurance for homes in Harris County is only at 15%, which means households will receive a huge blow to their finances as they try to recover from the damages.
According to reports in 2017, housing issues are among the worst in Houston as only 18 units are available to every 100 people in the region. People are fighting a difficult battle in Houston to own their homes, meet monthly expenses, and live a debt-free life.