NO SPACE TO WASTE

This is how big Houston apartments get for $1,500 a month

Houston renters can find apartments that span 997 square feet for $1,500 a month.

cdngeneral.rentcafe.com

We all know what renters dream about when they’re not thinking about the logistics of owning a home: low rent prices with the perfect amount of space. In a city like Houston, that’s getting harder and harder to come by.

In fact, for renters who have a budget of $1,500 a month, the average apartment size they can get in Houston spans about 997 square feet. That’s according to a new study by apartment rental marketplace RentCafe. The study looked at data from their sister site, Yardi Matrix, to determine the average size and price per square foot for a $1,500 monthly budget in 200 of the largest American cities.

H-Town is just outside the top 10 in a ranking of Texas cities with the most space for the same budget, at No. 11. If you head to neighboring Pasadena, residents get an average of 1,180 square feet of space for the same price.

The worst offender, with the smallest space for the price, is Austin. Austin renters have to make do with an average apartment size of 714 square feet, which is a 283-square-foot difference in comparison to Houston. In Killeen, which is only 70 miles north of Austin, renters can find an average apartment size of 1,095 square feet. The Capital City is at the bottom of the list in the overall analysis of Texas cities; adding to the ever-growing list of reasons to be glad we don't live there.

Renters looking to live in Fort Worth or Dallas will notice a nearly 100 square foot difference between apartments, at 909 and 805 square feet, respectively. Residents can get the most bang for their buck in the suburbs with an average apartment size well into the 900-square-foot range. Mesquite residents, by far, get the most space, at 999 square feet, whereas renters in Garland and Arlington get an average of 937 and 928 square feet for the same budget.

Elsewhere in Texas, apartments in the Rio Grande Valley have the best price per square foot in the state. McAllen residents get the most space out of any other Texas city with an average apartment size of 1,471 square feet. Renters in Brownsville, which is 60 miles east on the border, can get a similarly sized apartment that’s 1,307 square feet for the same $1,500 a month budget.

Here’s how much space you can rent for $1,500 a month in other Texas cities:

Amarillo – 1,318 square feet
El Paso – 1,222 square feet
Lubbock – 1,218 square feet
Corpus Christi – 1,126 square feet
Grand Prairie – 873 square feet
Denton – 868 square feet
Irving – 848 square feet
McKinney – 809 square feet
Plano – 766 square feet
Frisco – 740 square feet

The full report can be found on rentcafe.com.

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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.