HOUSTON – Renting continues to be a viable housing option as interest continue to rise, but not all Texas cities are priced the same – for sure. However, there is one Texas city that remains relatively affordable.
A recent study ranks Odessa as the fourth most affordable metro area to rent in the country.
With a population of around 112,483, according to the U.S. Census Bureau, Odessa, Texas, follows other smaller towns and areas at the top of the affordability list.
“Smaller, more affordable metros dotted the bottom of our ranking because they lack move-in demand compared with bigger, trendier cities,” the study said. “North Dakota-Minnesota metros Grand Forks (No. 184) and Fargo (No. 183) fall in line along the bottom, alongside Odessa, Texas (No. 182).”
The study conducted by Lawn Love, a lawn care services company, considered factors such as average rent prices, renters insurance premiums and the amount of renters in a metro area who are spending over 30% of their income on rent and utility costs. Real estate investment trusts, or companies that produce a profit off owning real estate -- which can include renting out spaces -- were also factored into the rankings. Go here to learn more about the methodology of the study.
If Odessa isn’t where you’re led, Houston -- as the fourth largest city in the country -- is on the opposite end of the spectrum. Houston – grouped in with The Woodlands and Sugar Land – lands as No. 86 on the most expensive cities list by Lawn Love.
Other Texas cities on the expensive side listed include the Greater Austin area which ranked as No. 29 on the most expensive list and the Greater Dallas area which ranked No. 45 on the most expensive list.
Affordable Texas cities ranked include Midland, Texas at No. 175 on the most expensive cities list, and San Angelo and the Beaumont-Port Arthur area which came in at No. 163 and No. 162 on the most expensive list, respectively.
What do you think about the ranking? Where do you think is an affordable place to live that’s underrated in Texas? Let us know in the comments.