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 | Providence Village | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | — | $248,418 | $242,182 |
| Price Trend (Annual %) | — | 9.9% | 8.2% |
| Median Gross Rent | $2,400 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 5.4% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
Rent is about 79% higher than the Texas average.
Affordability
| Metric | Providence Village | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | — | $248,418 | $242,182 |
| Median Household Income | $99,802 | $76,510 | $78,145 |
| Price-to-Income Ratio | — | 3.2 | 3.1 |
Occupancy & Tenure
| Metric | Providence Village | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.1% | 56.5% | 58.2% |
| Rental Rate | 26.8% | 33.8% | 31.3% |
| Vacancy Rate | 3.1% | 9.6% | 10.6% |
| Median Tenure (years) | 8.0 | 14.0 | 15.0 |
| Median Year Moved In | 2018 | 2012 | 2011 |
Providence Village has a homeownership rate of 70.1%, higher than the Texas average of 56.5%. Its housing vacancy rate is 3.1%, compared with 9.6% in Texas.
Housing Stock
| Metric | Providence Village | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.00 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 2009 | 1989 | 1978 |
| Median Number of Rooms | 6.3 | 5.4 | 5.5 |
The typical housing unit in Providence Village was built around 2009. On average, 3.0 people live in a home with about 6.3 rooms, staying for about 8.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Providence Village, Texas.
What is the median rent in Providence Village, Texas?
The median gross rent in Providence Village, Texas is $2,400 per month, higher than the Texas average of $1,338.
What was the median gross rent in Providence Village in 2020?
In 2020, the median gross rent in Providence Village, Texas was $1,828 per month.
What is the homeownership rate in Providence Village, Texas?
70.1% of households in Providence Village, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Providence Village, Texas?
The housing vacancy rate in Providence Village, Texas is 3.1%, lower than the Texas average of 9.6%.