On the beautiful shores of Galveston bay in the great state of Texas lies a city that has been gaining a lot of attention recently. This thriving metropolis isn’t as ubiquitous or widely known as other cities of similar size, such as Miami or Chicago, but it has still managed to grow into a very lively, bustling city with a happy and healthy populace.
What city is this, you ask? Why, it’s the city of Houston TX of course! While it may not have the notoriety and name recognition that other similarly populous cities do, it more than makes up for it by being a great place to visit, and a great place to live. It’s got an abundance of attractions, a warm and welcoming populace and one of the most well developed public transportation systems around. You’d be hard pressed to find anything wrong with it!
After you’ve spent a bit of time in this charming city, you might begin to notice something: people are buying homes hand over fist! The reason for this is something that might surprise you. As it turns out, Houston isn’t just a great place to live: it’s a great place to buy a home! The real estate market in this city is booming, plain and simple.
So what has caused this real estate boom? Why are people buying real estate at such an astounding rate? When is the best time to buy a home in Houston? If you’re looking for the answers to these questions, you’ve come to the right place, because this article is all about the real estate market in Houston TX. Let’s get started!
Houston: the hottest real estate market in Texas
If you’ve got any experience in the world of real estate, you might look at the city of Houston and think that real estate prices must be exorbitant. This couldn’t be further from the truth! While demand for homes and other types of property is at an all time high in Houston, prices are actually surprisingly affordable, making it much easier for limited-budget home buyers to find something within their price range.
Buying a home in Houston TX
If you’re looking to make the city of Houston your home, you may be wondering what a home costs, and whether or not buying is a good idea right now. When you’re buying a home in a new and unfamiliar city, you’re no doubt going to be wondering about things like median home price, property appreciation rates and other such concerns. If that’s the case, you’re in luck, because this next section is all about the things you need to know before you buy a home in Houston TX!
First up, we’re going to be taking a look at the average cost of a home in Houston TX. Despite unparalleled demand for housing in the city, the median home price is actually unbelievably inexpensive considering the large population and job market. With most homes selling for an average price of just $204,000, this is the perfect market for home buyers on limited budgets.
If you’re concerned about investment value, don’t be; Houston TX has one of the highest appreciation rates of any city in the state! Houston TX has an appreciation rate of 8.4% as of 2020, which is substantially higher than the national average. If you were concerned you’d lose money investing in a home in Houston, we hope we’ve set your mind at ease.
These appreciation rates aren’t confined just to residential real estate though; commercial real estate listings are also rising in price every day! If you’re thinking of investing in property aimed at commercial clients, there’s a good chance you’ll have plenty of business once you’ve put the initial investment forward.
If you’re interested in purchasing property in this beautiful city, you’re going to want to get in touch with one of the real estate agents in Houston TX. With a bit of help from these skilled, experienced real estate professionals, you’ll be able to find a home that suits your needs and your budget. You’ll be moved in before you know it! They’ll also help you sell your home!
Renting in Houston TX
If you aren’t fully committed to putting down roots in Houston, then you might want to consider renting. Renting has a lot of upsides when compared to buying, and for those on extremely limited budgets it may be the only option available. So is Houston a good place to be a renter? How much do rental properties cost? Is this a good place to turn your landlord side hustle into a full time job? Let’s find out!
Let’s start with the median rent price. After seeing how cheap homes are in Houston, you may be disappointed to learn that the median rent price, while still relatively affordable, is a lot higher than the median rent price you’ll find in many cities across the country. On the bright side, when you compare it to other large cities, the median monthly rent price of $1,100 is still somewhat lower than you might expect.
While this high median price may deflate the enthusiasm of some hopeful buyers, we’ve got some good news: there are plenty of more affordable apartments available in the city! 41% of the apartments in Houston TX are priced between $700 and $1,000 a month, with an additional 10% priced between $500 and $700. While these lower-priced options may lack some of the amenities and open spaces that you may want, they’re definitely worth your consideration.
If you’re an investor looking for a good investment opportunity, then this might be just the place for you. With such high demand for rental properties and such a low median home price, there’s a good chance that you’ll be able to get a good deal on one or more properties that will make great rentals. With a bit of luck, you could be one of the rising stars in the world of real estate before too long!
Well, there you have it. It’s one of the most rapidly growing real estate markets in the country, and you may not have ever even heard about it! If you’re thinking about moving to this charming city, we hope we’ve given you a better idea of what to expect, and hopefully helped you make your decision. This is a great place to make your home: before too long, you might be walking the streets of Houston as a resident rather than a visitor!
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