How much you need to earn to live in these Houston neighborhoods

by Claire Brennan

Houston has been ranked one of the most affordable cities in the United States to live in by Forbes. Out of the top 20 metro areas in the country, Houston has the sixth best cost of living. Although as a whole Houston ranks as one of the most economical cities, the salary requirements for living in the Houston area vary widely depending on neighborhood and suburb. While some neighborhoods require a salary as low as $47,453 to live comfortably, others require a salary upwards of $250,000.

The salary needed to live in 52 of Houston’s neighborhoods was recently estimated in a study done by Paige Martin at HoustonProperties.com.

The study analyzed the median price of mainly single family homes, using a 20 percent down payment, 3.8 percent interest rate, 2.54 percent effective property tax rate, 0.5 percent annual insurance cost and a 30 year mortgage to calculate estimates.

The most affordable neighborhood in the central Houston area is in the Medical Center, where the estimated salary needed is $63,438. The neighborhood requiring the highest estimated salary is  River Oaks with $515,646.

See the table below to see where Neighborhoods marked with an asterisks below are where condos, townhomes and single family homes are considered included in the median home price due to the fact that there’s an above average of condos and townhomes in these market areas.

Salary Range Central Houston Suburbs
Under $80k *Downtown, *EaDo, Galleria, *Medical Center, Riverside
Copperfield, Champions, Clear Lake, Cypress, Eldridge North, Friendswood, Jersey Village, Katy, Kingwood, League City, Missouri City, Northwest Houston, Pearland, Spring
$80k-$150k Briargrove Park, Cottage Grove, Garden Oaks, Heights, Knollwood, *Memorial Close In, *Memorial West, Meyerland, *Midtown, Oak Forest, Rice Military, Spring Branch, Timbergrove, Washington / East Sabine
Energy Corridor, Fall Creek, *Sienna Plantation, The Woodlands, Sugar Land
$150k-$250k *Braeswood Place, Briargrove, Highland Village, Hyde Park, Montrose, *Museum District, River Oaks Shopping Area, Royden Oaks Royal Oaks
Over $250k Bellaire, Memorial Park, Memorial Villages, River Oaks, Tanglewood, West University Carlton Woods

 

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...