introducing palm bay

New Galveston Island development floats active lifestyle for residents

Palm Bay promotes a lock and leave lifestyle.

Rendering courtesy of Palm Bay

As locals know, the real estate market in Galveston is red-hot and shows no sign of cooling. To that end, a Houston-based developer, Wan Bridge, has announced plans to develop a build-to-rent community in the area. Palm Bay on Galveston Island will boast 94 single family homes in the Bayside at Waterman’s community.

Located at the 4500 block of Stewart Road, Palm Bay is located on Lake Como, an inlet of Galveston Bay that features Galveston Country Club, the only golf club on the island.

Construction is set to begin in December 2020.

Homes will offer up a signature island aesthetic that will evoke the architectural style of other Gulf Coast resort communities such as Seaside, Texas and Water Color, Florida, according to a press release.

Palm Bay will feature both three- and four-bedrooms options with 2.5 bathrooms and living areas spanning 1,600 to 1,800 square feet. More than 20 condominiums located in the neighborhood’s “Fish Camp Reserve” are also planned.

Seafaring tenants can access amenities including access to the beach and direct access to the bay, plus boat rentals. With Palm Bay’s close proximity to the country club, state park, and Waterman’s Marina and Restaurant, tenants can lead an active lifestyle, without the hassle of homeownership, per a press release.

“Bringing the first BTR community to Galveston Island is an honor that we are excited about,” said Kevin Stuckey, senior vice president of development for Wan Bridge, in a statement. “Whether an island newcomer or longtime resident, we look forward to offering both long-term rental homes and condominiums that are always in demand on Galveston Island.”

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bang for your buck

These are the 6 most affordable ZIP codes for Houston renters

Facebook / City of Bellaire, Texas

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Trying to afford buying a home in Houston is difficult enough with current mortgage rates, and doubly so if you're already paying high rent on an apartment or a house. But there are six Houston ZIP codes where renters can get the most bang for their buck, according to a new study by financial services company CashNetUSA.

To find the most affordable ZIP codes to rent in the U.S., analysts compared median household incomes by ZIP code to the average annual rent costs using the Zillow Observed Rent Index. ZIP codes where the average annual rental costs required the lowest percentage of median household income were considered the "most affordable."

Two Houston-area ZIP codes specifically stood out in CashNetUSA's ranking of the most affordable ZIP codes for renters in America: 77401 in Bellaire (No. 9) and 77094 in the Energy Corridor (No. 12).

According to the study's findings, the average monthly cost of a rental in Bellaire comes out to $2,401.25, and the median annual income of a Bellaire household is $210,577. Analysts then calculated that the annual rent of a home in the Bellaire ZIP code only takes up 13.68 percent of a household's median income, which is the ninth-lowest in the nation.

But as Houstonians know all too well, Bellaire residents aren't exactly struggling to pay their rent, seeing as they live in one of the wealthiest places in America.

Meanwhile in Houston's 77094 ZIP, annual rent costs only represent 13.88 percent of a household's median annual income. The area – which encompasses the Kingsland Estates, Green Trails, Green Trails Oaks, Windsor Park Estates, Windsor Park Lakes, and Barker neighborhoods – has a median household income of over $168,000, and average rent costs add up to $1,944.58, according to the study.

CashNetUSA found the No. 1 most affordable ZIP code for renters nationwide is 66224 in Leawood, Kansas, where annual rent only takes a 10.57 percent cut out of a household's median annual income.

Elsewhere in Texas, San Antonio's 78248 ZIP ranked as the No. 4 most affordable ZIP code for renters in the U.S., and the No. 1 most affordable ZIP code statewide. The North Texas ZIP code 75013 in Allen ranked two spots behind Houston to claim the No. 14 spot nationally.

The most affordable Houston ZIP codes for renters
CashNetUSA further unveiled the five most affordable ZIP codes across major U.S. cities, including in Houston, Austin, and San Antonio.

Following 77094 (which took the No. 1 spot citywide) is 77008 (No. 2), which spans Greater Heights, Houston Heights, Shady Acres, and Lazybrook/Timbergrove. Rent costs in this ZIP code averaged out to $1,856 per month, the report found.

Landing in the No. 3 spot is 77024, which includes four of Houston's historic Memorial Villages, including Hedwig, Bunker Hill, Hunters Creek, and Piney Point. The report said average rent in the area comes out to $1,730 per month, which takes up 16.88 percent of a household's median annual income.

The remaining top two most affordable ZIP codes for Houston renters are located in 77007 (Washington Avenue Coalition/Memorial Park, Rice Military, and Crestwood/Glen Cove) and 77345 in Kingwood, which is about 30 miles north of downtown Houston.