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 | Oak Point | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,762 | $248,418 | $242,182 |
| Price Trend (Annual %) | -1.4% | 9.9% | 8.2% |
| Median Gross Rent | $2,084 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 8.5% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Oak Point is about 46% lower than in Texas. Rent is about 56% higher than the Texas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2017
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Oak Point: home prices fell about 1.4% a year while rent rose about 8.5% a year. That is an unusual pattern worth watching.
Median rent in Oak Point rose about 79.7% between 2015 and 2023, from $1,160 to $2,084. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 1.2 yearly household incomes in Oak Point.
Buying the median-priced home in Oak Point costs roughly 5.4 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Oak Point. The price-to-rent ratio in Texas is about 15.5.
| Metric | Oak Point | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,762 | $248,418 | $242,182 |
| Median Household Income | $113,244 | $76,510 | $78,145 |
| Price-to-Income Ratio | 1.2 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2017, the median home price in Oak Point fell about 0.0%, while median household income rose about 45.0% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Oak Point | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 77.5% | 56.5% | 58.2% |
| Rental Rate | 17.4% | 33.8% | 31.3% |
| Vacancy Rate | 5.1% | 9.6% | 10.6% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
Oak Point has a homeownership rate of 77.5%, higher than the Texas average of 56.5%. Its housing vacancy rate is 5.1%, compared with 9.6% in Texas.
Housing Stock
| Metric | Oak Point | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.72 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 2006 | 1989 | 1978 |
| Median Number of Rooms | 6.6 | 5.4 | 5.5 |
The typical housing unit in Oak Point was built around 2006. On average, 2.7 people live in a home with about 6.6 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Oak Point, Texas.
What is the median home price in Oak Point, Texas?
The median home price in Oak Point, Texas is $134,762, lower than the Texas average of $248,418.
What is the average home price in Oak Point, 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 Oak Point, Texas?
The median gross rent in Oak Point, Texas is $2,084 per month, higher than the Texas average of $1,338.
What was the median gross rent in Oak Point in 2020?
In 2020, the median gross rent in Oak Point, Texas was $1,933 per month.
What is the price-to-rent ratio in Oak Point, Texas?
The price-to-rent ratio in Oak Point, Texas is about 5.4, meaning it would take roughly 5.4 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Oak Point.
Are home prices or rent rising faster in Oak Point, Texas?
Home prices and rent are moving in opposite directions in Oak Point: home prices fell about 1.4% a year while rent rose about 8.5% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Oak Point, Texas?
77.5% of households in Oak Point, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Oak Point, Texas?
The housing vacancy rate in Oak Point, Texas is 5.1%, lower than the Texas average of 9.6%.