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 | The Colony | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $430,810 | $248,418 | $242,182 |
| Price Trend (Annual %) | 10.2% | 9.9% | 8.2% |
| Median Gross Rent | $1,882 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 5.5% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in The Colony is about 73% higher than in Texas. Rent is about 41% 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 The Colony, up about 10.2% and 5.5% a year respectively. Home prices are changing faster.
Median rent in The Colony rose about 56.2% between 2015 and 2023, from $1,205 to $1,882. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in The Colony.
Buying the median-priced home in The Colony costs roughly 19.1 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 The Colony. The price-to-rent ratio in Texas is about 15.5.
| Metric | The Colony | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $430,810 | $248,418 | $242,182 |
| Median Household Income | $111,210 | $76,510 | $78,145 |
| Price-to-Income Ratio | 3.9 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in The Colony rose about 182.3%, while median household income rose about 31.2% 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 | The Colony | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.2% | 56.5% | 58.2% |
| Rental Rate | 37.5% | 33.8% | 31.3% |
| Vacancy Rate | 5.3% | 9.6% | 10.6% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
The Colony has a homeownership rate of 57.2%, higher than the Texas average of 56.5%. Its housing vacancy rate is 5.3%, compared with 9.6% in Texas.
Housing Stock
| Metric | The Colony | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1998 | 1989 | 1978 |
| Median Number of Rooms | 5.5 | 5.4 | 5.5 |
The typical housing unit in The Colony was built around 1998. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in The Colony, Texas.
What is the median home price in The Colony, Texas?
The median home price in The Colony, Texas is $430,810, higher than the Texas average of $248,418.
What is the average home price in The Colony, 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 The Colony, Texas?
The median gross rent in The Colony, Texas is $1,882 per month, higher than the Texas average of $1,338.
What was the median gross rent in The Colony in 2020?
In 2020, the median gross rent in The Colony, Texas was $1,481 per month.
What is the price-to-rent ratio in The Colony, Texas?
The price-to-rent ratio in The Colony, Texas is about 19.1, meaning it would take roughly 19.1 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 The Colony.
Are home prices or rent rising faster in The Colony, Texas?
Both home prices and rent are rising in The Colony, up about 10.2% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in The Colony, Texas?
57.2% of households in The Colony, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in The Colony, Texas?
The housing vacancy rate in The Colony, Texas is 5.3%, lower than the Texas average of 9.6%.