DataMarkets & Economy

Houston’s housing market less expensive than U.S. average

Greater Houston Partnership shows housing cost index falls below the nationwide average
  • Houston is the seventh least expensive region among the 20 most populous metros.
  • The average price for a new, 2,400-square-foot home is $275,356.
  • Houston’s median rent is $1,220 for a one-bedroom while two-bedrooms hit a median of $1,520 in June.

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Despite the inventory issue hitting the Houston housing market hard in the first quarter across all home categories, the region remains more affordable than the U.S. average. The Council for Community and Economic Research (C2ER) released its Cost of Living Index for Q1, surveying 260 urban areas total. C2ER delineates housing costs specifically, comprised of 73.8 percent homeownership and 26.2 percent apartment rent. For housing costs alone, Houston is the seventh least expensive region among the 20 most populous metros, which includes the three big hitters: Manhattan, San Francisco and San Diego.   At a 99.8 index, Houston’s index falls 0.2 percent lower than the U.S. average of all 260 areas. Houston’s housing costs are also 46.7 percent below the average within the top 20 cities. The average price for a new 2,400 square foot Houston home is $275,356, which includes four bedrooms, two bathrooms, a family room, two-car garage all on a 8,000 square foo...