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 | Paloma Creek South | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | — | $248,418 | $242,182 |
| Price Trend (Annual %) | — | 9.9% | 8.2% |
| Median Gross Rent | $2,016 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 1.9% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
Rent is about 51% higher than the Texas average.
Affordability
| Metric | Paloma Creek South | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | — | $248,418 | $242,182 |
| Median Household Income | $129,882 | $76,510 | $78,145 |
| Price-to-Income Ratio | — | 3.2 | 3.1 |
Occupancy & Tenure
| Metric | Paloma Creek South | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.9% | 56.5% | 58.2% |
| Rental Rate | 25.5% | 33.8% | 31.3% |
| Vacancy Rate | 1.6% | 9.6% | 10.6% |
| Median Tenure (years) | 10.0 | 14.0 | 15.0 |
| Median Year Moved In | 2016 | 2012 | 2011 |
Paloma Creek South has a homeownership rate of 72.9%, higher than the Texas average of 56.5%. Its housing vacancy rate is 1.6%, compared with 9.6% in Texas.
Housing Stock
| Metric | Paloma Creek South | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.05 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 2012 | 1989 | 1978 |
| Median Number of Rooms | 6.5 | 5.4 | 5.5 |
The typical housing unit in Paloma Creek South was built around 2012. On average, 3.0 people live in a home with about 6.5 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Paloma Creek South, Texas.
What is the median rent in Paloma Creek South, Texas?
The median gross rent in Paloma Creek South, Texas is $2,016 per month, higher than the Texas average of $1,338.
What was the median gross rent in Paloma Creek South in 2020?
In 2020, the median gross rent in Paloma Creek South, Texas was $1,719 per month.
What is the homeownership rate in Paloma Creek South, Texas?
72.9% of households in Paloma Creek South, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Paloma Creek South, Texas?
The housing vacancy rate in Paloma Creek South, Texas is 1.6%, lower than the Texas average of 9.6%.