They lived high on the hog in Bubble McMansions near Houston and elsewhere, the economy tied to the oil industry. And now, a very different story all over Texas.
That is not a huge drop in housing prices compared to the changes in other areas in the chart. But, the potential link between oil money and McMansions is an interesting one. Houston has long been known as a major city tied to the oil industry; I remember reading works by sociologist Joe Feagin about the effects of the oil industry on Houston written in the 1990s. The stereotype is that all of this cash was spent on Texas-sized items, like huge homes in sprawling suburbs. However, I’ve never seen data on whether Texas has more McMansions per capita than other metropolitan areas. For example, are there more McMansions in the Houston area compared to the New York area (which has its own money-printing industry in Wall Street)? Or, in the Atlanta or Las Vegas area? Going further with the chart provided, what about McMansions in Midland and Odessa?