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 | Lakewood Village | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | — | $248,418 | $242,182 |
| Price Trend (Annual %) | — | 9.9% | 8.2% |
| Median Gross Rent | $2,014 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 10.1% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
Rent is about 51% higher than the Texas average.
Affordability
| Metric | Lakewood Village | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | — | $248,418 | $242,182 |
| Median Household Income | $117,918 | $76,510 | $78,145 |
| Price-to-Income Ratio | — | 3.2 | 3.1 |
Occupancy & Tenure
| Metric | Lakewood Village | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 76.6% | 56.5% | 58.2% |
| Rental Rate | 16.1% | 33.8% | 31.3% |
| Vacancy Rate | 7.3% | 9.6% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Lakewood Village has a homeownership rate of 76.6%, higher than the Texas average of 56.5%. Its housing vacancy rate is 7.3%, compared with 9.6% in Texas.
Housing Stock
| Metric | Lakewood Village | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.74 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 2002 | 1989 | 1978 |
| Median Number of Rooms | 6.6 | 5.4 | 5.5 |
The typical housing unit in Lakewood Village was built around 2002. On average, 2.7 people live in a home with about 6.6 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lakewood Village, Texas.
What is the median rent in Lakewood Village, Texas?
The median gross rent in Lakewood Village, Texas is $2,014 per month, higher than the Texas average of $1,338.
What was the median gross rent in Lakewood Village in 2020?
In 2020, the median gross rent in Lakewood Village, Texas was $1,985 per month.
What is the homeownership rate in Lakewood Village, Texas?
76.6% of households in Lakewood Village, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Lakewood Village, Texas?
The housing vacancy rate in Lakewood Village, Texas is 7.3%, lower than the Texas average of 9.6%.