Houston, TX is a great place for affordable rent-to-own homes! With a median household income of over $53,600 and a median rent of $1,086, the Houston, TX rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Houston, TX. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Houston, TX is seeing rapid growth and Houston, TX's' housing market remains optimal with an average home price that is -14% below the 2023 national average. Houston, TX is part of Harris county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Harris is 2.31% which is above the national average, which is 0.99%.
The average rent in Houston is $1,172 which represents a 5.0% increase year over year change.
If you’re looking for the most affordable neighborhoods for reasonable rental prices the areas of South Park, Golfcrest-Bellfort-Reveille, East Little York, Houston Suburban Heights and Greater Fifth Ward all have rents below the average of $1,172/month.
Houston has a competitively priced rental market which is 23.8% below the Austin average rental price of $1,539, 12.4% below the Dallas average rental price of $1,338 and 4.9% more than the average rental price in San Antonio.
Houston has an average of 55.7 crimes per 1,000 residents and is safer than 3% of U.S. cities.