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 | North Richland Hills | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $334,189 | $248,418 | $242,182 |
| Price Trend (Annual %) | 17.8% | 9.9% | 8.2% |
| Median Gross Rent | $1,603 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 7.1% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in North Richland Hills is about 35% higher than in Texas. Rent is about 20% higher 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 North Richland Hills, up about 17.8% and 7.1% a year respectively. Home prices are changing faster.
Median rent in North Richland Hills rose about 63.5% between 2015 and 2023, from $980 to $1,603. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in North Richland Hills.
Buying the median-priced home in North Richland Hills costs roughly 17.4 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 North Richland Hills. The price-to-rent ratio in Texas is about 15.5.
| Metric | North Richland Hills | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $334,189 | $248,418 | $242,182 |
| Median Household Income | $93,829 | $76,510 | $78,145 |
| Price-to-Income Ratio | 3.6 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in North Richland Hills rose about 206.8%, while median household income rose about 43.1% 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 | North Richland Hills | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.3% | 56.5% | 58.2% |
| Rental Rate | 33.5% | 33.8% | 31.3% |
| Vacancy Rate | 4.2% | 9.6% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
North Richland Hills has a homeownership rate of 62.3%, higher than the Texas average of 56.5%. Its housing vacancy rate is 4.2%, compared with 9.6% in Texas.
Housing Stock
| Metric | North Richland Hills | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.57 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1988 | 1989 | 1978 |
| Median Number of Rooms | 5.7 | 5.4 | 5.5 |
The typical housing unit in North Richland Hills was built around 1988. On average, 2.6 people live in a home with about 5.7 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in North Richland Hills, Texas.
What is the median home price in North Richland Hills, Texas?
The median home price in North Richland Hills, Texas is $334,189, higher than the Texas average of $248,418.
What is the average home price in North Richland Hills, 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 North Richland Hills, Texas?
The median gross rent in North Richland Hills, Texas is $1,603 per month, higher than the Texas average of $1,338.
What was the median gross rent in North Richland Hills in 2020?
In 2020, the median gross rent in North Richland Hills, Texas was $1,207 per month.
What is the price-to-rent ratio in North Richland Hills, Texas?
The price-to-rent ratio in North Richland Hills, Texas is about 17.4, meaning it would take roughly 17.4 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 North Richland Hills.
Are home prices or rent rising faster in North Richland Hills, Texas?
Both home prices and rent are rising in North Richland Hills, up about 17.8% and 7.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in North Richland Hills, Texas?
62.3% of households in North Richland Hills, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in North Richland Hills, Texas?
The housing vacancy rate in North Richland Hills, Texas is 4.2%, lower than the Texas average of 9.6%.