Rent to Own Homes in Houston

Named for General Sam Houston, the city is also home to the Houston Ship Channel, one of the most-used seaports in the United States. It’s not all work in Houston, though; there’s plenty of entertainment and recreation to be found here as well. Whether it’s rooting for the university Houston Cougars teams and the major league Astros or wandering through the Downtown Aquarium and the city’s bountiful museums, there’s never a dull moment in Houston.

Buying a home in Houston

With nearly 30,000 local homes for sale, house hunters have plenty of options in a wide range of price points. The average home sale price is $281,724, rising a moderate 1.9 to 4.3 percent. That’s well below the national average home price increase of 8.9 percent over the past year. This measured pace is starting to quicken, particularly in homes ranging from $250,000 to $500,000. These homes recently experienced a one-month price increase of 9.9 percent, and homes valued from $150,000 to $250,000 escalated in price 9.7 percent.

Popular neighborhoods in Houston

From refined districts to trendy urban areas, each of Houston's 88 neighborhoods offers a unique taste of the city. The blue-blood enclave of River Oaks is always a coveted neighborhood, just as Uptown’s chic high-rise condos lure up-and-coming professionals. Inviting ranch homes on large lots give Garden Oaks an appealing suburban feel, but young couples appreciate the excitement found in Rice Military and the Washington Corridor. Those with eclectic tastes often prefer the historic Montrose neighborhood, where stately mansions reside alongside swanky condos and hip boutiques. Those looking for small-town ambiance can find a little oasis in The Heights, while those looking for a more urban experience enjoy Downtown’s lofts.

Buying vs. Rent to Own Homes

Buying a home outright is often filled with some of life's biggest stressors, from applying for a mortgage to gathering a sufficient down payment. Renting to own eliminates some of that pressure, giving prospective buyers a chance to contribute to a down payment over time and paying a more affordable option fee. Often lasting one to three years, rent-to-own contracts also give home buyers time to build or restore personal credit ratings, test out the neighborhood and prepare for homeownership.

Cost of Living in Houston

Housing isn't the only affordable aspect of living in Houston. Offering the 3rd lowest living costs of all major American cities, Houston’s grocery, health care, utility and transportation expenses are all below the national average. While Houston living may be slightly more expensive than some smaller Southern cities, its overall living costs are 5.6 percent lower than 308 other urban areas.

Summary

Long before the Apollo 13 crew reported, “Houston, we've had a problem here,” Houston was a legendary place to live, work, explore and discover. Its notable aerospace, healthcare and energy institutions are some of the best in the world and provide excellent employment for the region's residents. Even with these first-rate endeavors, Houston remains a remarkably affordable place to live, especially compared to other major cities. This affordability isn't at the expense of amenities or housing though. Houston neighborhoods are filled with delightful homes and world-class dining, shopping, events and recreation that provide a little something extra for local residents.