Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Houston | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,117 | $248,418 | $242,182 |
| Price Trend (Annual %) | 10.8% | 9.9% | 8.2% |
| Median Gross Rent | $1,314 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 5.5% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Houston is about 11% higher than in Texas. Rent is about 2% lower than the Texas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Houston, up about 10.8% and 5.5% a year respectively. Home prices are changing faster.
Median rent in Houston rose about 50.1% between 2015 and 2023, from $875 to $1,314. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in Houston.
Buying the median-priced home in Houston costs roughly 17.5 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Houston. The price-to-rent ratio in Texas is about 15.5.
| Metric | Houston | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,117 | $248,418 | $242,182 |
| Median Household Income | $65,753 | $76,510 | $78,145 |
| Price-to-Income Ratio | 4.2 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Houston rose about 118.8%, while median household income rose about 48.5% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Houston | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 40.3% | 56.5% | 58.2% |
| Rental Rate | 49.6% | 33.8% | 31.3% |
| Vacancy Rate | 10.1% | 9.6% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Houston has a homeownership rate of 40.3%, lower than the Texas average of 56.5%. Its housing vacancy rate is 10.1%, compared with 9.6% in Texas.
Housing Stock
| Metric | Houston | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.52 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1983 | 1989 | 1978 |
| Median Number of Rooms | 4.6 | 5.4 | 5.5 |
The typical housing unit in Houston was built around 1983. On average, 2.5 people live in a home with about 4.6 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Houston, Texas.
What is the median home price in Houston, Texas?
The median home price in Houston, Texas is $275,117, higher than the Texas average of $248,418.
What is the average home price in Houston, Texas?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Houston, Texas?
The median gross rent in Houston, Texas is $1,314 per month, lower than the Texas average of $1,338.
What was the median gross rent in Houston in 2020?
In 2020, the median gross rent in Houston, Texas was $1,089 per month.
What is the price-to-rent ratio in Houston, Texas?
The price-to-rent ratio in Houston, Texas is about 17.5, meaning it would take roughly 17.5 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Houston.
Are home prices or rent rising faster in Houston, Texas?
Both home prices and rent are rising in Houston, up about 10.8% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Houston, Texas?
40.3% of households in Houston, Texas own their home, lower than the Texas average of 56.5%.
What is the vacancy rate in Houston, Texas?
The housing vacancy rate in Houston, Texas is 10.1%, higher than the Texas average of 9.6%.