Even within one city, not all houses fall within the same price brackets. The cost of buying a property can vary significantly from one neighborhood to the next, and this depends on many factors. Some factors include the location, natural features of the area, and the size and style of homes in that neighborhood. The properties in the highest price brackets are out of the reach of those earning an average income or less, and only those with sizeable salaries can live in the most exclusive and desirable neighborhoods. Houston is just like any other city in the United States, as there are both cheap areas and desirable areas that have expensive housing and a high cost of living. Here are the 10 richest neighborhoods in Houston.
In terms of median household income, Home Snacks lists Rice as one of the richest neighborhoods in Houston although the property prices are not as high as the other locations on the list. Therefore, it is a neighborhood that attracts wealthy people who are looking for a bargain in terms of property prices.
The tenth richest neighborhood in Houston is Memorial, where the median home value is $675,481. Although it may seem like a hefty price tag to many people, it is significantly less than the figures people are paying to live in the richest neighborhoods in many other locations around the United States, such as New York and California. Those living in Memorial have a median household income of around $98,000. Memorial is home to 54,840 people, and it has an urban-suburban mixed fee. It is a good option for affluent families, as the public schools in this community are highly-rated. There are also activities for people of all ages, and the community is diverse.
8. Hyde Park
Hyde Park is a neighborhood in the Montrose area of Houston that is considered one of the best places to live in Houston and the surrounding area. Residents of Hyde Park have a median household income of $62,000, which affords them homes in this prestigious area, where the median home value is $743,879. It is a safe neighborhood that has visual appeal, and there is a diverse range of activities for residents to enjoy in the surrounding area.
7. Boulevard Oaks
The cost of properties in Boulevard Oaks only just falls short of the prices of homes in Woodlake, as the median home value in Boulevard Oaks is $853,327. To pay such high property prices requires a substantial income, and it is no coincidence that those who live there earn an average of $69,000 a year. The neighborhood was first developed in the 1920s and 1930s, so many of the properties in the area have character and boast period features. It is also a National Register historic district.
By a relatively small margin, Woodlake is the seventh richest neighborhood in Houston, and the median home value is $863,480. Despite the properties costing more than in Boulevard Oaks, the residents have a lower median household income of $54,000. Therefore, many who live in Woodlake are potentially stretching their budget boundaries to live in a desirable location.
5. University Place
University Place is the 77030 zip code area, and properties in this neighborhood have a median home price of $980,008, with many properties exceeding the million-dollar mark. The cost of living in this area is high as it is considered one of Houston’s best neighborhoods. It is particularly appealing to young professionals who enjoy the urban-suburban mixed feel, the employment opportunities, and the range of activities available. There are also good transport links and community diversity.
4. River Oaks
River Oaks is a large enough neighborhood to have several zip codes, and there are differences in the median home prices and household incomes vary. In the 77027 zip code area of the neighborhood, the median house price is $892,077, while the median household income is $80,000. The pricier zip code area is 77019, where the median home value of homes in River Oaks is $980,008, and the residents have healthy bank balances as the median household income is approximately $82,000.
3. West University Place
There is a big leap in property prices between the fourth-richest and third-richest on the list, as it is the first location where the property prices consistently exceed a million dollars. The median home value is $1,320,354, while the median household income is around $144,000. West University Place is a suburb of Houston with a population of 15,603. Although there is a semi-rural feel to this neighborhood, residents have access to coffee shops, restaurants, bars, and parks. It is an area that appeals to affluent families, as the schools are above average and there are various family-oriented activities to enjoy.
Those who live in the Galleria-Uptown neighborhood are stretching their median household income of $87,000, as the median home price is $1,370,342. Galleria-Uptown is a neighborhood that appeals to those who enjoy an urban lifestyle in an area that is vibrant and offers many leisure activities. It is the most expensive area that is directly within the city, rather than on the outskirts. However, the area has many appealing features that offer city-dwellers an amazing lifestyle. For example, there are upscale shops, outstanding restaurants, nice parks, and other outdoor spaces.
1. Piney Point Village
According to Investopedia, the richest neighborhood in Houston is Piney Point Village, where the median house price is $1,784,461. Unsurprisingly, the median household income is also high at approximately $108,000 per year. Piney Point Village has a population of 3,425 residents. Although the city amenities and attractions are within easy commuting distance, it has a rural feel, and it is this combination that makes Piney Village Point such a desirable location.