HOUSTON – Pasadena is one of America’s most affordable suburbs with a city feel, according to a report on the “Cityness Index” created by Zillow and Yelp Inc.
Pasadena offers an affordability edge over Houston. The typical home value in Pasadena is $168,080, which is about 14% lower than in Houston, according to the report.
Located about 15 miles southeast of downtown Houston, Pasadena is ranked No. 5 on the list of affordable suburbs. Waterbury, Conn., near New Haven and Hartford, topped the list while Lowell, Mass. came in second. Followed by Joliet, Ill. and Sunrise, Fla.
The “Cityness Index” measures a city’s housing affordability compared to the nearest big cities and to the country at large, housing availability, the mix and diversity of businesses — including restaurants, nightlife and the arts — and consumer reviews and check-ins, according to the report.
The housing demand is strong due to low mortgage interest rates and more millennials and Gen Zers reaching prime home-buying age, according to Zillow.
The flexibility to work from home occasionally amid the pandemic is driving more people to consider moving, per the report. The opportunity to telework could give almost 2 million current renters an opportunity to relocate and buy a home in a more affordable area.