Unlocking affordability

Houston homes deliver sizable bang for the buck at $350K, says report

An example of what $350,000 gets you in Houston.

When it comes to buying a home that supplies the most space for the price, Houston reigns as one of the most desirable big cities in the U.S., a new study indicates.

For the study, real estate platform RealtyHop looked at how much square footage a homebuyer could get for a median price of $350,000 in the country’s 100 largest cities. The study found that in Houston, a buyer could pick up a 1,804-square-foot home for $350,000, or $194.06 per square foot.

Among the largest cities in Texas, Houston sits at No. 9 on the most-bang-for-the-buck scale. Austin fares worst in that regard in Texas, with $350,000 buying a 1,056-square-foot home. That works out to $332.10 per square foot. RealtyHop cites Houston and San Antonio as two of the standouts in the U.S. for affordable housing.

Nationally, San Francisco tops the list of least affordable cities. There, $350,000 will get you a measly 349 square feet of space ($1,003.18 per square foot). At the other end of the spectrum, that sum will get you the most space (4,769 square feet, close to the size of a small mansion) in Detroit. That adds up to just $73.39 per square foot.

“For many, the tradeoff between space and cost is a deciding factor on where they choose to settle down. Should you buy a tiny studio in Manhattan or a large townhouse in Atlanta?” RealtyHop observes. “The reality is that living in certain places often means downsizing your expectations.”

Here’s what $350,000 will buy you in the largest cities in Texas, according to RealtyHop:

Austin, 1,056 square feet, $332.10 per square foot.
Dallas, 1,574 square feet, $222.36 per square foot.
Plano, 1,741 square feet, $201.03 per square foot.
Irving, 1,769 square feet, $197.81 per square foot.
Houston, 1,804 square feet, $194.06 per square foot.
Garland, 2,013 square feet, $173.91 per square foot. (The median home size in Texas is around 2,000 square feet.)
Fort Worth, 2,204 square feet, $172.92 per square foot.
Arlington, 2,056 square feet, $170.26 per square foot.
Corpus Christi, 2,092 square feet, $167.27 per square foot.
San Antonio, 2,116 square feet, $165.38 per square foot.
El Paso, 2,742 square feet, $127.65 per square foot.
Laredo, 2,842 square feet, $123.13 per square foot.
Lubbock, 3,569 square feet, $98.07 per square foot.

home-for-sale reports

No Cap

Houston ranked No. 3 destination for Gen Zers on the move for 2023

Photo by Alexander Londoño on Unsplash

undefined

As Gen Z enters adulthood, many are flocking to the nation's biggest cultural hubs like New York City, Los Angeles, and now Houston, which had the third-highest inflow of Gen Zers in 2023.

H-Town's new reputation as a Gen Z hotspot was unveiled in a recent report by American home improvement brand This Old House, which analyzed migration trends across multiple generations using 2023 U.S. Census Bureau data.

Houston saw an influx of 22,868 Gen Z residents last year to become the generations third most popular city. That's up from ranking as the No. 11 most popular city in 2022. Houston gained fewer than 7,600 new Gen Z residents during that time in comparison to 2023's migration trend.

Houston started gaining traction as an up-and-coming destination for Gen Zers last year, when the "experience-hungry generation" was on the hunt for an affordable place to live with vast opportunities for entertainment, education, or employment.

Real estate marketplace Zillow seems to agree on a statewide scale, declaring Texas as the No. 1 destination for Gen Zers on the move in 2024.

While Houston saw big gains in its Gen Z population last year, many other big cities saw a mass exodus.

"El Paso, Texas, has lost the most residents from this generation, with a drop of 5,607, a sharp turn from 2022 when the city saw an increase," the report said. "Other cities, including Plano, Texas; Memphis, Tennessee; McKinney, Texas; and Wichita, Kansas, are seeing similar declines."

The report also surprisingly revealed that Houston is also one of the top destinations for millennials and Gen X, whereas both New York City and Los Angeles lost more residents among those two generations in comparison.

Houston ranked as the No. 1 city for Gen Xers and No. 4 for millennials based on their respective migration trends in 2023. Houston gained 6,312 new Gen X residents last year – the most nationwide – and the fourth-highest amount of millennials (5,301 new residents).

"Gen X, baby boomers, and the Silent Generation are also moving away from major cities, particularly New York City and Washington, D.C.," the report said. "They’re heading to some of the same cities as Gen Z, including Houston and Jacksonville, Florida."

The top 10 cities that gained the most Gen Z residents in 2023 are:

No. 1 – New York City, New York
No. 2 – Los Angeles, California
No. 3 – Houston, Texas
No. 4 – Philadelphia, Pennsylvania
No. 5 – Chicago, Illinois
No. 6 – San Diego, California
No. 7 – Seattle, Washington
No. 8 – Charlotte, North Carolina
No. 9 – Dallas, Texas
No. 10 – Minneapolis, Minnesota