According to the United States Census Bureau, selling a house in Houston is the equivalent to 2.1 million persons. That makes it Texas’s most populous city and the fourth in the country. Sam Houston, president of the former Republic of Texas, is named after this sprawling metropolis. That said, giving a move to the city enough contemplation necessitates the general knowledge of the average cost of living in Houston. For the long-term financial plans, this will help immensely.
Cost of Housing
Houston’s homeownership rate is 43.3 percent, meaning tenants constitute more than half of the population. This is significantly lower than the 60.7 percent Texas average. Houston house prices are still rising, as data reveals a 123.94 percent rate of appreciation between 2000 to 2018, one of the world’s highest rates.
While homes in Houston typically hold more value than other areas in Texas, according to the National Association of Realtors, several housing markets beat it out in the Lone Star State (2018). Austin has a median price of $310,400, and Dallas has a median price of $254,900, relative to the $237,900 mark in Houston.
If owning a house is beyond your financial resources or is not ready to commit to the city, renting is the way to go. The March 2019 study by Apartment List reveals a rental market in Houston that is cheaper than the national average.
You’ll pay a median of $735 for a studio apartment in the area, which is nearly $100 cheaper than the national median. The difference is even wider for two-bedroom apartments. In Houston, the median is $1,019, while the median in the US is $1,175.
Restaurants in Houston are a little bit more expensive than the average one in the country. A meal at an affordable restaurant would cost about $15 while dinner for two at a mid-range restaurant goes for $50, according to numbeo.com data. The US averages, for reference, are $14 and $50.
If you prefer cooking your food, a single adult with no children in Harris County has typical annual food costs of $2,994. The estimate leaps to $8,822 for a married couple with two children.
It costs $90 for a 30-day unlimited pass on Houston METRO public transport system. However, if you are living in Houston, you will discover that it is a driving city with an average commute time of an hour.
Houston is one of the few US cities where “slugging” is popular. This is casual ride-sharing for strangers. Strangers queue up to accept trips from others on weekdays at Houston’s park-and-ride hubs. When they use the High Occupancy Vehicle (HOV) lane and beat traffic, drivers benefit from this system while passengers have a free ride.
Utility costs will become a big part of your monthly spending after you’ve settled into your new home. A simple service plan for a 915-square-foot apartment in Houston would cost you $133.47 a month. That is $18.58 below the national average of $152.05 and includes power, heating, water, and waste. It would be best if you planned to spend an additional $60.13 by connecting the internet to your monthly bill.