Rent vs. Buy

Here's how much money homeowners save over renters in Houston

It pays to own instead of rent.

Photo courtesy of AmCap

We already know how many years it takes to save up a down payment for a home in Houston, but getting that money together equals even bigger savings down the road than previously thought.

A recent study by real estate site Zillow ran the numbers in 36 of the largest U.S. metros and compared how much Americans spend on rent compared to mortgage payments, and the news for Texas homeowners is especially good. In Houston, homeowners spend 13.9 percent less on their monthly housing than renters do, representing one of the biggest gaps in the country.

According to Zillow, the median monthly mortgage bill (minus taxes and insurance) in Houston is only $814.05, which translates to a homeowner spending only 14.8 percent of their income on their home. Renters, however, shell out 28.7 percent of their income on rent.

In San Antonio, homeowners spend 15.7 percent of their income on an average mortgage payment of $766.37, compared to residents who spend 28 percent of their earnings on rent — a difference of 12.3 percent.

There's an 11.6 percent difference in Dallas-Fort Worth, where homeowners spend 16.4 percent of their income on an average mortgage of $965.74, compared to renters who sign away 28 percent of their income each month.

Austin, however, has the smallest gap at 7.4 percent, with homeowners spending 19.2 percent of their income on a $1,230.13 mortgage, while renters pay 26.6 percent of their income.

The country's biggest discrepancies can be found in New Orleans and Miami-Fort Lauderdale, Florida, which tied at a 16.9 percent gap. In the Miami area, homeowners spend 23.8 percent of their earnings on a $1,122.56 mortgage bill, while renters spend 40.7 percent of their income on rent. In New Orleans, paying the mortgage sets homeowners back only 15.8 percent of their income, compared to 32.7 percent of a renters.

Meanwhile, San Jose and San Francisco in California have gaps going in the opposite direction. Homeowners in San Jose spend 45.8 percent of their income on their $4,766.46 mortgage, while renters spend 34.2 percent — an 11.6 percent gap. And homeowners in San Francisco spend 41.6 percent of their income on a $3,741.22 mortgage bill, while renters spend 38.3 percent, for a difference of 3.3 percent.

Now, the original intent of this Zillow study was to see what level of education is typically needed to afford owning a home in each market, but we found the mortgage and rent numbers way more interesting. But if you're still wondering, a high school diploma or GED is all that's needed in each Texas city.

rent zillow reports

HAUTE PROPERTIES

NBA champion Jordan Clarkson lists San Antonio mansion for $7.5M

Photo courtesy of Barlowe Daly Realty

The spacious open area is roomy enough for an oversized sectional.

Another NBA player has listed his San Antonio home, but this one never housed a Spur. New York Knicks guard Jordan Clarkson is selling his Dominion estate for $7.5 million.

After the still-stinging finals, maybe it’s for the best.

Having a Knick embedded in Silver and Black country might seem as unlikely as finding a Connecticut Yankee in King Arthur’s court. But the shooting guard has a long history in the Alamo City. His parents, both in the Air Force, moved there when he was six. Later, he was named San Antonio High School Player of the Year while attending Karen Wagner High School.

His sprawling five-bedroom, seven-bath mansion, listed by Janay Bankston of Barlowe Daly Realty, naturally contains touches tailored to a pro baller. Photos show customized closets with shelving for caps and a huge collection of kicks. And the property makes space for a private gym and a half basketball court.

Jordan Clarkson home Half-court basketball kept Clarkson in shape.Photo courtesy of Barlowe Daly Realty

During downtime, Clarkson could relax in a jacuzzi, sip Champagne in a wine lounge, or watch Space Jam from the comfort of a theater room outfitted with stadium seating. Other luxe features include a four-car garage and elevator for those days when he did too many line sprints.

Photo courtesy of Barlowe Daly Realty

The spacious open area is roomy enough for an oversized sectional.

Outside, resort-style landscaping surrounds an infinity pool deck outfitted with an Italian pizza oven. A detached casita — built with its own bar — gives guests privacy but easy access to a quick dip.

Although the home is mostly in neutral grays and whites, the listing does give a peek of some of Clarkson’s personality. A zippy blue stove is installed in the marble island, an oversized Swatch hangs near the living room, and one room features a funky purple shag rug. A mischievous Pokémon is pictured on another rug.

Interested parties must book a showing 24 hours in advance. Inquiries may be made through Realtor.com. There’s no word on whether the many lanterns scattered across the living areas are included in the sale.

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