Ranking it number 4 on our list of cheapest cities to rent in Texas! Texas House and Senate reach a deal on how to cut property taxes The town of fewer than 900 residents lies 90 minutes from both San Antonio and Austin and about two hours from Houston in Lavaca County. Click on your region in the list below or on the map to see a more detailed break down of rental prices. With that logic in mind, we derived several cost of living statistics from the latest Census American Community Survey 2017-2021 for Texas. The five-year rent increase is $247 and rent as a percentage of income is 27%, both below average. Required fields are marked *, FastExpert, Inc is a California Licensed Broker. Austins median household income is lower than some other cities listed above, so people have a little less income to spend. After years of steady increases, the median list price for a home in the United States has finally dropped if only a little, according to Realtor.com's June Housing Report. It has a typical monthly rent of $983, the third-lowest on our list and well below the average rent of all cities in the study ($1,629). The average home value in Marlin is $46,100, the lowest in the state. The average Fair Market Rent for a 2-bedroom home in Texas is $907 per month. This list of the most affordable cities to rent in Texas does not just focus on rental prices alone. Considering Texas has three of the 10 largest cities in the nation and more than 40 cities with populations above 100,000, you might think finding a cheap place to live would post a challenge. However, the citys spirit is still rooted in rodeo, keeping it an epicenter for livestock shows, equestrian competitions, and plenty of live country music. From an investment perspective, the strong demand for rental housing, coupled with below-average rental rates, positions Texas as a promising market. Farmer's Branch in Dallas County is one of the best places to live in the Lone Star State, which also makes it one of the best places to invest in Texas. With a typical monthly rent of $1,189, a five-year rent increase of $168, and a rent as percentage of income of 25.9%, Milwaukee, WI is eighth on our list of best cities with affordable apartments for rent. Average annual income is above average at $57,680, and cost of living is below average at 96.4 (using the regional price parities metric, where the national average is 100). $907 for a 2-bedroom apartment in On average, rents are higher in Austin; however, the lower range of rent prices is still very affordable. While average annual income is below the average of the cities in our study at $48,460, cost of living is also low at 89.3 (using the regional price parities metric, where the national average is 100). You can download the entre cost of living data set for Texas here. We excluded cities with insufficient inventory from this report. Average Texas Renters Insurance Costs. With a population of 12,612, Borger enjoys a median home value of $78,500 and a median rent of $789. The Lubbock area is the largest cotton-producing region in the entire world. As jazz virtuoso Pat Metheny sang in his 21-minute opus, As falls Wichita, so falls Wichita Falls. But even with rents not falling (up 3.36 percent year to year), rents are still minuscule. We do our best to ensure that this information is up-to-date and accurate. The median rent price in Dallas, TX for July 2023 is $1,954. As the second-largest state in the U.S., Texas has a lot to offer any prospective renter. Renters, Rejoice! Landlords Are Dropping Prices the Most in These 10 Cities Average annual income is below average at $48,450, but cost of living is also below average at 87.7 (using the regional price parities metric, where the national average is 100). Wichita Falls has a bustling downtown anchored by the Professional Wrestling Hall of Fame, a performing arts center and the infamous Worlds Littlest Skyscraper. A century ago, a swindler convinced locals into investing in a 480-foot building downtown but instead received a 480-inch skyscraper, which still stands. Average number of days on the market: 25 days, Average number of days on the market: 39 days, Average number of days on the market: 38 days, Average number of days on the market: 43 days, Average number of days on the market: 30 days. Center is home to some of the major employers, including Brookshire Brothers, Farmers State Bank, and Panola Community College. Texas is a diverse and enormous state.
"}}]}. We make it easy for you to hire the right real estate agent, and we provide convenient options to easily compare top agents to simplify your selection. So far in 2023, Phoenix has seen about a 40% spike in filings compared with the years before the pandemic, according to the Eviction Lab. Over two-thirds of New Yorkers (67%) [2] are renters, and none of them would be surprised that the Big Apple doesnt make the cut for the best cities for cheap rent. These activities include a climbing wall, a disc golf course, a Johnson Park Youth Center swimming pool, and the Borger Municipal Golf Course. While the demand for affordable rentals is high, not all cities in Texas can be classified as cheap. Expert advice protecting yourself as a renter, from Policygenius experts: Homeowners who take out a mortgage are required to have homeowners insurance, and states require car owners to have a minimum amount of auto insurance, but unless your landlord requires it, no one will make you buy renters insurance. Population: 5,890Rank Last Year: 41 (Up 33)Home Price To Income Ratio: 1.6x (11th most affordable)Income To Rent Ratio: 66.9x (82nd cheapest)More On Edna: Real Estate|Crime Rate|Cost Of Living. Many people move to Texas because it provides an affordable lifestyle allowing you to experience the best of the state without breaking the bank. It allows individuals and families to adjust their living arrangements based on changes in their lifestyle, job location, or financial situation. Real estate investors can potentially reap significant returns by providing affordable housing options to the large percentage of Texans who prefer to rent. But its also the cheapest place to live in Texas and the second cheapest in the nation. 6. Heres a look at the most expensive cities in Texas according to the data: Chris Kolmar has been in the real estate business for almost ten years now. One consolation for New Yorkers? Sounds like a win-win to me. Located in the Rio Grande Valley, Alamo is the ninth cheapest city in Texas, with a super low median rent of $625. Learn more about how we use and vet external sources as part of oureditorial standards. The average home value in Texas is $187,200, almost 4.1 times higher than Marlin. Bay Citys downtown revitalization project has helped open a bevy of western shops, quaint stores, restaurants, cafs and apartment houses, particularly around the County Courthouse Square. Rents here are the lowest in North Texas, with a one-bedroom apartment leasing for only $619 monthly on average. Rent for a 2 Bedroom Apartment: $1,560. Click on a region to view more detailed rent data. Cost of Living in Texas 2023 With its unique combination of exciting nightlife, beautiful outdoor scenery, and robust employment opportunities, residents of this city can have it all. Hit up Big Texan Steak Ranch restaurant for a free steak dinner. Rental vacancy is slightly below average at 5.8%, unemployment is below average at 2.8%, and commute time is below average at 19 minutes. Also below average: annual income at $50,010, cost of living at 89.8 (using the regional price parities metric, where the national average is 100), and rent as percentage of income at 28.7%. Rent as percentage of income is 24.9%, also below the average for the 111 cities in our study. The cheapest places to live in Texas include Elsa and Muleshoe based on real estate prices and incomes from the most recent Census. Population: 5,783Rank Last Year: 2 (Up 1)Home Price To Income Ratio: 1.3x (2nd most affordable)Income To Rent Ratio: 74.6x (43rd cheapest)More On Elsa: Real Estate|Cost Of Living. Five-year change in rent costs: Using data from the Zillow Observed Rent Index (ZORI), we found the change in rent values from August 2016 to August 2021. The cheapest renters insurance company in Texas is Chubb, according to NerdWallet's rate analysis. Uvalde County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Texas as a whole.
Book an appointment today. Annual income is below average at $47,590, but cost of living is also low at 87.9 (using the regional price parities metric, where the national average is 100). Elsa We're heading to Hidalgo County, near the Mexico border, to reach the most affordable place in Texas, Elsa. Residential areas are scattered throughout the town along the lakes 80 miles of shoreline and throughout the neighboring hills. While the average home price is higher than other cities, homes in this area typically appreciate well in value and are a good investment. Not many live in the town of fewer than 400 households, but those who rent, do so on the cheap. According to MIT, the required living wage for a family of four with two working parents in Texas is $86,749 vs the national average for a family of four with two working parents of $89,744. Just because Elsa is cheap, dont think that it skimps on quality. Is it cheaper to live in Texas or Florida? This guide will help you navigate the diverse rental market in the Lone Star State. Housing costs, defined as a blend of the average rent and average mortgage payment, are $8,808 per year in Uvalde County compared to $13,442 on average in Texas. Specials. The average living wage in Uvalde County is $75,965 according to MIT data. His background includes a decade as a programming executive in network television, six years as a marketing executive at a technology company, and time at two magazines and two advertising agencies. Located in western Texas near the New Mexico border, Muleshoe ranks as the second most affordable city in the state. The rental price for a one-bedroom apartment in Wolfforth lists for just $573 a month on average. #1 Odessa #2 McAllen #3 Midland #4 Amarillo #5 Richmond #6 Lubbock #7 Breckenridge #8 College Station #9 Killeen #10 El Paso #11 Waco #12 Temple Where should you not live in Texas? Borger, tx, is a great place to call home for those looking for affordable living. Monthly rent is $1,266, five-year rent increase is $237, and rent as percentage of income is 29.8%, all below average. The place in Texas with the lowest cost of living according to the data is Elsa. 12 Cheapest Places to Live in Texas with Cost of Living (2023) Gov. The cost of living in Elsa is 25% lower than the Texas average, so youll pay less for things like healthcare, services, and transportation. Average annual income is average at $55,660, and cost of living is below average at 92.3 (using the regional price parities metric, where the national average is 100). You can make up for the expense on your affordable rent. Surprisingly, San Francisco ranked better than NYC for affordable rent, coming in at number 94, even with a typical monthly rent of $2,945, the second-highest on our list after San Jose, CA, where typical rent per month is $3,023. 10 Gorgeous Apartment Courtyards and Gardens in D.C. 10 Gorgeous Apartment Courtyards and Gardens in New Orleans, Do Not Share or Sell My Personal Information. Cities in Texas with the Cheapest Rent - HomeArea.com Rental vacancy is above average at 8.9%, unemployment is above average at 7.6%, and commute time is below average at 20 minutes. Typical rent is $1,098, the five-year rent increase is $204, and rent as percentage of income is 26.8%, all below average. HomeSnacks is reader-supported. [8] Cities with lower commute times ranked higher. Dog & Cat Friendly In Unit Washer & Dryer Stainless Steel Appliances Granite Countertops Rooftop Deck. Clute is a Houston-area suburb with some interesting claims to fame. If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already. Its the best way for renters to protect themselves and their stuff, he says. The cheapest place to live in Texas is Breckenridge. Looking for a cheap apartment in Texas? Much of the small towns commerce lies around its three interchanges with the U.S. Route 63/82 freeway. Best Cheap Renters Insurance In Texas 2023 - Forbes Advisor The lease price for a one-bedroom runs a sparse $611 a month on average. Population: 6,078Rank Last Year: 3 (Down 2)Home Price To Income Ratio: 1.3x (4th most affordable)Income To Rent Ratio: 70.4x (49th cheapest)More On Kermit: Real Estate|Crime Rate|Cost Of Living. Traditional Cap Rate: 2.57%. Homes in Crystal City are relatively cheap at a median price of $63,900, and with residents earning a median income of $44,328, Crystal City has the eighth best ratio of home price to income in texas. Fair Market Rents (FMRs) are published by the US Department of Housing & Urban Development (HUD) each year. [4] Cities with higher annual incomes ranked higher. Average annual income is below average at $49,100, but cost of living is also below average at 86.2 (using the regional price parities metric, where the national average is 100). With $1,232 typical monthly rent, Cleveland, OH is 15 on our list of best cities with affordable rent. The Fair Market Rent in Texas El Paso stands currently as the cheapest city to rent in Texas! Number 24 on our list of most affordable cities for renters is Jackson, MS. Its typical rent is $1,279, five-year rent increase is $169, and rent as percentage of income is 33.9%, all below average. 1. Rent as a percentage of income is also below average at 27.8%. 15. Renting can offer flexibility and freedom from the costs and responsibilities of home ownership, making it a preferred option for many. Austin offers plenty to do, with a wide range of cultural and recreational offerings. Our list of the best cities for affordable rent continues with Syracuse, N.Y. at number 11. Rent as percentage of income is 30.6%, below average. The rental vacancy rate is above average at 9.4%, unemployment is below average at 1.9%, and commute time is below average at 21 minutes. Port Lavacas median rent of $719/month is less than half of the statewide average. RentData.org 2023. You can attend the annual Houston Livestock Show and Rodeo or go out for Tex-Mex while still finding a cheap place to live. If the agent you hired through FastExpert does not perform up to your expectations, we will help resolve the problem. Number five on our list of best cities with cheap rent is Oklahoma City, OK. In the heart of oil country, Bay City is home to a multi-billion dollar seamless-pipe mill manufacturing parts for the drilling industry. But are rent prices? Unemployment rate: Unemployment rates, which were available at the level of metropolitan area, came from the BLS and were for October 2021. What is flood insurance, and why do you need it? | CNN Business 1. The city has a hospital, library, museum, golf course, retirement community, and a thriving agricultural sector with petroleum and natural gas production, making it a prosperous and vibrant community. The local community is active and health-conscious, making it the perfect area to stay fit and enjoy the Texas heat. Not only is Texarkana cheap, but it is also a great area for students. Muleshoe really shines by having some of the lowest home prices in the state, with a median price tag of a measly $94,100. Rental vacancy is average at 6.2%, unemployment is below average at 3%, and commute time is below average at 22 minutes. You might be interested in: 5 major cities in the US with the cheapest rent in 2023 What are the cities with the cheapest rent in Texas? Life insurance teamMonday-Thursday 9am-10pm ETFriday-Sunday 9am-8pm ET, Home & auto insurance teamMonday-Friday 9am-9pm ET, Disability insurance teamMonday-Friday 9am-6pm ET, 555 S. Mangum St., 6th FlDurham, NC 27701. Average annual income is just below average at $54,210, though cost of living is also below average 90.1 (using the regional price parities metric, where the national average is 100). Home prices are very reasonable in El Paso compared to the rest of the state, which makes investing in rental property here a sound choice. Average Rental Price in Dallas, TX & Market Trends For the remaining . El Paso also possesses a robust job market, making it the perfect place to find affordable living and employment opportunities. The city of Clute is in a highly industrialized region of Texas along the coastal plains. St. Louis, MO is number nine on our list of most affordable cities for renters with a typical rent of $1,181. While average annual income is below average at $47,100, cost of living is also below average at 90.7 (using the regional price parities metric, where the national average is 100). Forth Worth, Texas. Site Map | FastExpert, inc. 2021. A town harboring a classic cowboy attitude, Odessa is another one of the cheapest places to live in Texas. Rental vacancy is above average at 9%, unemployment is below average at 2.2%, and average commute time is below average at 19 minutes. But where Elsa stands out is housing costs, which are only 31% of the national average. These Cities Have the Cheapest Rent in the U.S.: August 2022 The Fair Market Rent in Texas is $907 for a 2-bedroom apartment in Anderson County, TX . Rent prices are based on a rolling weighted average from Apartment Guide and Rent.s multifamily rental property inventory of one-bedroom apartments. Best First Time Home Buyer Programs & Grants in NYC, Buying a House With an LLC: Step By Step Guide. Previously, he was a staff writer at SmartAsset. The data on this page is updated bi-annually and it was last published in March 2023. Edna ranks as the 11th best in the state for the ratio of home price to income. But the cheapest places across the state reached every corner of Texas. We crunched the numbers to find the best cities with cheap apartments to rent in the U.S. Policygenius content follows strict guidelines for editorial accuracy and integrity. Typical rent per month is $1,135, the five-year rent increase is $213, and rent as a percentage of income is 25.7%, all below average. 13 Cheapest Places To Live in Texas (2023) 2023 Fair Market Rent in Texas | RentData.org The 25 cheapest places to live in Texas spread out all around the state, from the High Plains to the Piney Woods to Big Bend. Lubbock also has cotton and a lot of it. CA License #01950016. Purchasing a home here and renting it out provides a reasonably good return on investment. Price to Rent Ratio: 21. Houses here sell at a more extended pace, being on the market an average of 49 days, but the real estate market is still healthy, and good deals can be found by savvy investors. Over one-third of Americas households are renters, [1] but the size, quality, and price of their apartments and homes vary widely. However, there are areas where the average rent is notably lower than in the rest of the state. Crystal City, located in Zavala County, ranks as the third most affordable place in Florida. Rental vacancy is below average at 3.1%, unemployment is below average at 1.8%, and commute time is below average at 20 minutes. How do rent prices in Dallas, TX compare with the national average? Alexan Riverside. Rent costs as a percentage of income: Using the typical monthly rent for August 2021 from Zillow and the average annual income from the BLS (both as described above), we found the annual cost of rent in a city as a percentage of the average income in that city. Population: 19,644Rank Last Year: 19 (Up 10)Home Price To Income Ratio: 1.9x (49th most affordable)Income To Rent Ratio: 71.0x (332nd cheapest)More On Alamo: Real Estate|Crime Rate|Cost Of Living. Its also the cheapest place to live in Texas Hill Country. They rent in dusty rural communities along farms to market roads and in massive bedroom suburbs. Rental vacancy is above average at 7.1%, unemployment is below average at 3.2%, and commute time is average at 23 minutes. The region also produces 80 percent of the states wine grapes thanks to a unique soil composition and offers five wineries open to the public. Your email address will not be published. Just $640 a month will snag you an average one-bedroom apartment. {"@context": "https://schema.org","@type": "FAQPage", "mainEntity": [{"@type": "Question", "name": "What county in Texas has the lowest cost of living? In addition to industries such as agriculture, medicine, and energy, Amarillo also has a strong artistic community, which includes attractions such as Cadillac Ranch and the Amarillo Museum of Arts. The ratio of income to home prices is higher in the first example. What is the cheapest housing market in Texas? Research These Cities Have the Cheapest Rent in the U.S.: August 2022 Muriel Vega 9.20.2022 This past spring, new U.S. census data showed an increase in population movement away from major urban hubs to smaller cities for affordability and more space. The Colorado River of Texas, the longest within the state, runs from west of Bay City to the Gulf. Apartments for Rent in Texas ", "acceptedAnswer": { "@type": "Answer", "text": " Residents can enjoy outdoor activities like beaches, marinas, swimming, and various local restaurants and shops. Cities with lower ratings ranked higher. The citys grid system is highly residential, radiating out from the center of the town surrounding the Clay County Courthouse downtown. Renters insurance policies come with liability coverage which protects you if you accidentally injure someone, and it also applies if your pet hurts someone. Just a half-hour south of town lies the Matagorda Bay along the Gulf of Mexico, the citys namesake body of water. @media(min-width:0px){#div-gpt-ad-homesnacks_com-large-leaderboard-2-0-asloaded{max-width:250px!important;max-height:250px!important}}if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'homesnacks_com-large-leaderboard-2','ezslot_12',111,'0','0'])};__ez_fad_position('div-gpt-ad-homesnacks_com-large-leaderboard-2-0');@media(min-width:0px){#div-gpt-ad-homesnacks_com-large-leaderboard-2-0_1-asloaded{max-width:250px!important;max-height:250px!important}}if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'homesnacks_com-large-leaderboard-2','ezslot_13',111,'0','1'])};__ez_fad_position('div-gpt-ad-homesnacks_com-large-leaderboard-2-0_1');.large-leaderboard-2-multi-111{border:none!important;display:block!important;float:none!important;line-height:0;margin-bottom:10px!important;margin-left:auto!important;margin-right:auto!important;margin-top:10px!important;max-width:100%!important;min-height:250px;min-width:250px;padding:0;text-align:center!important}. Cheap Apartments For Rent in Texas The city hosts annual events like the Watermelon Festival and the East Texas Poultry Festival, which crown annual festival queens. Average annual cost . He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks. Highland Park; As a company that connects people buying or selling a home with top real estate agents, we can match you with the perfect real estate agent who understands your motivation for investing in Texas. Rental vacancy is above average at 7.3%, unemployment is below average at 2.7%, and commute is below average at 20 minutes. Sign In. The city of nearly 18,000 features two museums, a regional airport and a popular downtown. We pulled our data in December 2020, and it goes back for one year. Low monthly rent ($1,257) and low five-year rent increase ($106) help put Baton Rouge, LA at 13 on our list of best cities with affordable apartments. The Austin real estate market is hot. There are eight designated park areas around the lake, available for swimming, boating, camping and picnicking. Additionally, the city played an important role in Mexican American political self-determination as the birthplace of the La Raza Unida Party. We aim to deliver bite-sized pieces of infotainment about where you live. Population: The size of the citys population can impact the availability and pricing of rental properties. Best Rental Markets in Texas: 2023 Guide Fair Market Rent is the 40th-percentile of typical rentals in a given region. Louisville, KY is 16 on our list of best cities with good deals on rent with a typical rent of $1,141 and a five-year rent increase of $200, both below average. Home prices are steep in Edna, with a median price tag of $92,000. Rental vacancy is average at 6.6%, unemployment is below average at 2.8%, and commute time is below average at 22 minutes. Average annual income is below average at $53,820, but cost of living is also below average at 87.6 (using the regional price parities metric, where the national average is 100). Monthly rent is below average at $1,115 and the five-year rent increase is $250, both below average. The average rent for a one-bedroom unit is just a buck less than $600. Before we dive into the most affordable cities to rent in Texas, lets look at a few general rental facts and statistics: Its clear that Texas is a more affordable living option than the national average and presents attractive opportunities for renters and real estate investors alike. Derek is a former senior editor and personal finance expert at Policygenius, where he specialized in financial data, taxes, estate planning, and investing. Rental vacancy is above average at 9.4%, unemployment is below average at 2.5%, and commute time is below average at 22 minutes. Rent for a 2 . To ensure we created a list of places with good job prospects, we also looked at average annual income, average unemployment rate, cost of living, and average commute time, so you can find a cheap apartment and a job to pay for it. Cost of living: The cost of living in a city is represented by regional price parities from the Bureau of Economic Analysis (BEA), [6] which measure the relative cost of all goods and rents in a metro area for 2020, on a scale where the U.S. average is 100. Michael is a Philadelphia-based writer with a variety of interests, including music, concerts, TV, politics, travel and sports. The cheapest housing market in Texas is Marlin. You then compare these cost of living metrics for each place in Texas to figure out which is the least expensive. How does long-term disability insurance work? Still not enough beef? The cheapest major city in Texas is Harlingen, with a cost of living 16% lower below the state average and 23% lower than the national average . But rents have beefed up in Amarillo, too, over the last year. A suburb of Brownsville, Harlingen is one of the cheapest places to live in Texas for families. Lets dive in! Located just north of I-70 and the Colorado River in the western part of the state, Port Lavaca is the seventh most affordable place to call home in texas. And with all your leftover cash, you can easily take weekend trips over the border to Mexico, where your money will go even further. Harlingen, TX rose from #2 to #1, Mission, TX rose from #10 to #2, Brownsville, TX fell from #1 to #3, McAllen, TX rose from #7 to #5, and Wichita Falls, TX fell from #5 to #6. Commute time is below average at 19 minutes, unemployment is below average at 2.5%, and the rental vacancy rate is above average at 14%, giving renters ample options to find a cheap apartment to rent that they love. Childcare costs $10,143 a year in Uvalde County for two children compared to the Texas average of $14,973. Rent prices will keep going up in 2023here's what to expect Just $1,276 a month on average will snag you a one-bedroom apartment statewide, from the Houston Skyline District to Throckmorton courthouse square. Rental vacancy is below average at 5.9%, unemployment is below average at 3.9%, and commute is below average at 22 minutes. Home to hundreds of thousands of residents, this major city offers a variety of dining options, from international cuisine to choice steakhouses. All of them attract new residents thanks to affordable rent, strong employment opportunities, good public schools, and proximity to outstanding attractions worldwide. Browse through the largest marketplace of Real Estate professionals, We have an in-house team that will guide you through the process. Breckenridge The cheapest place to live in Texas is Breckenridge. is Aside from affordability, Vidor has a lot to offer its residents. For example, imagine a place in Texas where median incomes are $100,000 and housing costs $200,000 to buy. For Rent; Texas; CHEAP APARTMENTS IN TEXAS.