Moving to Houston in the near future? With its expanding job market encouraging large-scale migration to the city from other states and abroad,the question of where to live in or around the area becomes an issue. An even more pressing question is this: with Houston, Texas real estate becoming more sought-after in recent times, would it be better to buy or to rent a home here?
For this article,we’ve listed down several points to consider with regard to buying or renting your new living space here in Space City. Look at your short-term and long-term goals, how you prefer to use your space, and the expenses you’ll be making in and out of your residence. It’s also a great idea to get in touch with local real estate experts to help you in exploring your options and finding the best fit for your real estate needs.
The job market in Houston is steaming-hot, especially with more than two dozen Fortune 500 companies headquartered here, as well as the many manufacturing industries needing more manpower. Then, of course, you have the Houston job staples for qualified professionals – oil and gas exploration and aerospace.
Employment opportunities such as these have attracted many out-of-towners to migrate to Space City and search for living spaces in and around it. What’s astounding is that even with the rise in demand for real estate here, there are no registered increases in home values. In fact, it’s still comparatively cheaper to live in Houston than in other Texas cities.
Now comes the difficult question: should you buy or rent a home in Houston?Let’s look at each option and find out which among these two will fit your needs best.
Why should you rent a home in Houston?
Are you ready for the long-term commitment that comes with putting your money in residential real estate? Or are you the kind who prefers the ease of renting over the hands-on work of owning a home? This is a valid question to think about. Rent a home here if the following conditions apply to you:
- Flexibility and convenience
- Convenience at the center
- Less up-front expenses
- No maintenance and repair costs
Renting a home is less of a commitment, which may be preferable for those moving to Texas for the first time. With the growing job market in Houston, many opt to rent to see how they will adjust to their new city. If they’re unhappy with both their job and the property, it will be easier to move to another one.
Apartments are mostly situated in areas near or within the commercial districts of a city. The biggest advantage of being situated here is easy access to nearby amenities and all the conveniences a city can provide. And if your home is just a stone’s throw away from your place of work, there’s no hassle maneuvering through traffic!
The median rental prices of one and two-bedroom apartments are $1,100 and $1,350, respectively, making Houston cheaper to rent in than in over 40 major U.S. cities.Moreover, if you don’t see yourself staying in the same place for a long time, renting a home would be more viablethan buying one, the latter of which is replete with other mind-boggling expenses.Speaking of expenses…
No need to worry about the above-mentioned costs – your landlord has your back for those. All you need to worry about is your furniture, stuff you need for your particular lifestyle, and other personal effects.
Why should youbuy a home in Houston?
Some might be intimidated by the long-term investment of buying a home. True, it does take a bit more work and money to buy and maintain your own property. Then again,there’s a sense of security and personal accomplishment that comes with home ownership.
- More affordable housing costs
- Comfortable cost of living
- Reliable value increase
- Something truly yours
Thanks to lower-than-ever mortgage rates, month-to-month housing costs are more affordable than they’ve been in the last three years. Buying a home is nearly at par with renting one. That said, owning real estate generates income –especially in the long run – while renting does not. This is where investing in a home has a clear advantage.
Move.org conducted a survey on the cost of living, covering the top 75 cities in the US. They looked into the average monthly costs of the most common expenses, including rent for a one-bedroom apartment, utilities, internet, gasoline, and food. Survey results show that Houston is ranked somewhere in the middle, with an average total of $1,918.94. At the very top of the list is San Francisco, averaging at $4,210.60 — almost a 120% jump!
Real estate can only appreciateover time. Its value may fluctuate, but historically speaking, you can expect it to bounce backafter a while. Rest assured that in the long run, your investment will be well worth the wait.
Considering the blistering heat that bears down inHouston, Texasespecially during summer,many houses in the area come with a pool or have one installed. Many homeowners also opt for remodeling toaMediterranean home design that sits well in Houston’s humid subtropical climate. Whatever you choose to do to your home,you’re free to do so because it’s truly yours.
With the many things to consider about homeownership, probably your best guide is to look at where you expect yourself to be five to ten years down the line. If you still see yourself enjoying the Houston life then buying a home is your best bet. But if you see yourself elsewhere, then renting will be a viable option.
Whether the best way for you is to buy a house or to rent one, you can rely on my personalized real estate services to help you out. Reach out to one of the best Realtors in the Houston area, Jenna D’Amico,by calling me at 832.381.4121 or sending an email to jenna(at)jennadamico(dotted)com today.