Houston is the 4th largest city in the U.S. and the most populous city in Texas. It is home to around 2,320,000 people. What makes this area appealing are extensive resources for education, jobs, recreation, healthcare, culture, and housing. There are a number of big companies headquartered here.
Situated in the center of Houston, Texas Medical Center has a huge network of research and healthcare facilities. The Johnson Space Center in Houston is a NASA-owned hub of aerospace and human spaceflight activities. This city is also home to the famous University of Houston that offers many renowned programs.
The Houston Ship Channel also made its headquarter in Houston. It is one of the busiest seaports not only in North America but also around the world. However, Houston doesn’t only offer job and business opportunities.
There are tons of recreation and entertainment options here, too. Some amenities that lure people to Houston include the Museum District, Kemah Boardwalk, Houston Livestock Show & Rodeo, Downtown Aquarium, and Houston Zoo.
Are you looking for homes for sale in this area? Read on to learn more about the local rental market and the cost of living in Houston before moving to “Space City.”
2345 Listing Found in Houston, TX
Purchasing a Home in Houston, Texas
Homebuyers have a whole host of options in Houston. There are roughly 30,000 homes on the market at any time. These are available at different price points, ranging from $200,000 to $1,000,000. The home sale prices are somewhere between $280,00 and $300,000 on average.
The price increase is evident at homes valued from $250,000-$450,000 in particular. Those houses have been experiencing a 1-month price increase of nearly 10%. Houses that sell between $150,000 and $250,000 feature a 1-month price increase of 9.7%.
Popular Neighborhoods
It goes without saying that home prices will depend on the neighborhood you pick out. For example, sale prices differ greatly between trendy urban areas and refined districts.
Houston comprises 88 neighborhoods, each of which offers a distinct spirit of the city and benefits.
- Downtown lofts are great for people craving hectic urban experience.
- Houston Heights community is ideal for those who love the small-town ambience.
- Montrose is a coveted neighborhood for people with an eclectic taste. It boasts luxury condos, stately mansions, as well as hip stores and boutiques.
- The Washington Corridor and Rice Military neighborhoods are a real paradise for young couples and those appreciating the excitement.
- Garden Oaks features a suburban feel that is particularly appealing to people looking for a ranch home on a large lot.
- River Oaks is one of the most popular enclaves in Houston for sure. Its high rise condominium buildings attract a lot of young professionals.
Renting to Own a Home
Renters need to get a mortgage pre-approval from their seller or landlord before signing a rent- to-own contract. It ensures that they are capable of affording the house. This option is only recommended for those who can get approved for a home loan and afford it.
Some homebuyers can’t afford this but still want to rent out their dream home. They should ask the landlord/seller to decrease the rent without entering into any rent-to-own contract.
A good thing about renting-to-own is that your rental payment will go towards a down payment over time. For instance, let’s assume the purchase price of your home is $220,000, while your rent payment is set at $1,300. If you save up $300 toward your down payment every month, you will end up accruing $10,800 over 3 years.
If the current homeowner is in the process of foreclosure, you will not be able to sign an RTO contract as a potential tenant or buyer. You’ll have to reach out to an investor who is ready to buy the foreclosure and accept the offer on a short sale. If you don’t want to bother with this, it’s best to avoid homes that are in pre-foreclosure.
Living Expenses in Houston, Texas
Housing is quite affordable compared to other major cities in the United States. From transportation and healthcare to grocery and utility, expenses are less than national averages.
The cost of living is slightly higher than the living costs in Southern smaller cities, though. Nevertheless, living expenses in Houston are 5.6% lower than in more than 300 urban areas out there. That makes Houston a fairly affordable city to live in Texas.
The Bottom Line
Houston has always been an attractive city to explore, work, and live. In comparison with other major cities in the United States, Houston is a quite affordable city to live in.
This thriving place is home to world-renowned energy, aerospace, and healthcare institutions. These facilities offer lots of employment opportunities for the residents. Furthermore, Houston boasts top-notch recreation, shopping, dining, and entertainment venues. These provide extra benefits to residents.
When it comes to housing, house sale prices vary widely between neighborhoods. There are a lot of delightful condos and homes for sale at a variety of price points. So you need to choose one that best suits your lifestyle and budget alike.
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City of Houston, TX Demographic Information
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Population: 2,571,090
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White Population: 1,330,213
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Black Population: 586,693
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Hispanic Population: 925,196
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Asian Population: 156,670
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Hawaiian Population: 1,527
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Indian Population: 11,300
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Other Population: 403,406
- Male Population:1,281,398
- Female Population:1,289,692
- Avg House Value:$84,309
- Avg Household Income:$41,686