Houston single-family rental prices increase 6.8% in the second quarter of 2024

Single-family home lease prices in Houston increased 6.8% in the second quarter of this year, rising to $2,190, while 39% of Houston-area households could afford a median-priced home, according to the Houston Association of Realtors’ Housing and Rental Affordability report released Aug. 13.

The overview

43% of households could afford the lease of a single-family home, down from 47% last year, according to the report. Houston-area households need to make $87,600 to afford the median lease payment of $2,190, according to the report. The median lease payment does not include security deposits or costs of water, electricity, internet or other utilities.

Also of note

The percentage of households that could afford a median-priced home remains unchanged at 39% since July 2023, according to the report. The report also states:

• Interest rates dropped 0.06% from 6.5% to 6.44%.
• The monthly mortgage payment on a 30-year, fixed-rate loan, including taxes and insurance, increased to $2,410 from $2,380 a year ago.
• Households needed to make a minimum annual income of $96,400 to buy a median-priced home.

One more thing

To read the full report from HAR, visit its website.