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 | University Park | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $350,000 | $248,418 | $242,182 |
| Price Trend (Annual %) | -8.4% | 9.9% | 8.2% |
| Median Gross Rent | $2,940 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 8.2% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in University Park is about 41% higher than in Texas. Rent is about 120% higher than the Texas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in University Park: home prices fell about 8.4% a year while rent rose about 8.2% a year. That is an unusual pattern worth watching.
Median rent in University Park rose about 55.9% between 2015 and 2023, from $1,885 to $2,940. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in University Park.
Buying the median-priced home in University Park costs roughly 9.9 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 University Park. The price-to-rent ratio in Texas is about 15.5.
| Metric | University Park | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $350,000 | $248,418 | $242,182 |
| Median Household Income | $200,000 | $76,510 | $78,145 |
| Price-to-Income Ratio | 1.7 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in University Park rose about 79.4%, while median household income rose about 128.3% 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 | University Park | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 80.2% | 56.5% | 58.2% |
| Rental Rate | 14.2% | 33.8% | 31.3% |
| Vacancy Rate | 5.6% | 9.6% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
University Park has a homeownership rate of 80.2%, higher than the Texas average of 56.5%. Its housing vacancy rate is 5.6%, compared with 9.6% in Texas.
Housing Stock
| Metric | University Park | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.06 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1988 | 1989 | 1978 |
| Median Number of Rooms | 8.6 | 5.4 | 5.5 |
The typical housing unit in University Park was built around 1988. On average, 3.1 people live in a home with about 8.6 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in University Park, Texas.
What is the median home price in University Park, Texas?
The median home price in University Park, Texas is $350,000, higher than the Texas average of $248,418.
What is the average home price in University Park, 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 University Park, Texas?
The median gross rent in University Park, Texas is $2,940 per month, higher than the Texas average of $1,338.
What was the median gross rent in University Park in 2020?
In 2020, the median gross rent in University Park, Texas was $2,096 per month.
What is the price-to-rent ratio in University Park, Texas?
The price-to-rent ratio in University Park, Texas is about 9.9, meaning it would take roughly 9.9 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 University Park.
Are home prices or rent rising faster in University Park, Texas?
Home prices and rent are moving in opposite directions in University Park: home prices fell about 8.4% a year while rent rose about 8.2% a year. That is an unusual pattern worth watching.
What is the homeownership rate in University Park, Texas?
80.2% of households in University Park, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in University Park, Texas?
The housing vacancy rate in University Park, Texas is 5.6%, lower than the Texas average of 9.6%.