Even though Houston is known as an affordable real estate market in the country, some of the neighborhoods throughout the city have some high-end price tags.
Houston Properties analyzed the median home prices in 52 Houston neighborhoods and estimated the salary necessary to own a single-family home in those neighborhoods based on a 20 percent down payment.
Only five neighborhoods in central Houston are affordable for owners who earn $80,000 or less annually. This included Downtown, which currently has a median home price of $255,000, East Downtown with a median home price of $301,000, the Galleria at $293,500, the Medical Center at $237,900 and Riverside at $245,000.
The most exclusive and expensive neighborhood in the city is River Oaks, which has a median home price of $2.05 million, which requires a $542,000 salary. The 1,100-acre neighborhood is filled with mansions and estates, as well as the River Oaks Country Club.
Out of the city’s 52 neighborhoods, the average appreciation rate was 3.7 percent over the past year. The neighborhoods with the highest median price increases were Memorial Park (26 percent), Highland Village/Mid Lane (19 percent), Memorial West (13 percent), Bellaire (11 percent) and West University (10 percent).
Five of the neighborhoods saw a significant price decreases: Garden Oaks (9 percent decrease), Sienna Area (6 percent), Champions Area (5 percent), University/Riverside (4 percent) and Northwest Houston (3 percent).
|Salary Range||Central Houston Neighborhoods||Suburban Neighborhoods|
|$80,000 to $150,000||Briargrove Park
Memorial Close In
|$150,000 to $250,000||Braeswood Place