This article looks at the best place to retire in Houston. Check out our full list of Best Places to Retire in Houston.
Houston Housing Market
Redfin Corporation (NASDAQ:RDFN) reports the median price of a home in Houston to be $360,000; up 3.7% since last year. According to the real estate company, the housing market in the region is somewhat competitive, with average homes selling 2% below the list price. Redfin Corporation (NASDAQ:RDFN) is a Seattle-based residential real estate brokerage and mortgage origination services. The company operates in more than 100 markets in the United States as well as Canada. In Q1 2024, the company generated a revenue of $225.5 million, a 5% increase from the year-ago period. This is a considerable win for the company considering the business has been operating in the wake of soaring interest rates and declining home sales. Meanwhile, the management of Redfin is also predicting $2 million in positive EBITDA in the current second quarter (ending June 30), as well as a positive full-year result. Wall Street is currently forecasting two interest rate cuts from the Fed by the end of 2024. With interest rate cuts in speculation, there might be an increased activity from home-buyers in turn benefiting the company.
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Zillow notes that housing markets that have “long been hot” such as that of Houston, will comparatively cool down in 2024. Rightly so, those in Austin, Dallas, and San Antonio have been slipping since last year. In another study conducted by Smart Asset, Houston has made it to the list of top 10 Where Retirees Are Moving – 2024 Study. Whether or not Houston is in demand or not, the one thing that is established is that Houston is a good place to retire for senior residents.
There are many pros of retiring to Houston. For example, it lies in the state of Texas, one of the most tax-friendly states to retire to. The state doesn’t have an income tax, which is why all retirement income in the state goes tax-free to retirees. Houston in particular is also recognized for its affordable cost of living. The cost of living index for Houston is 96, which indicates that living expenses in the area are 4% lower than the national average. Warm weather is another reason senior residents prefer living in the area. There is a thriving arts and music scene, numerous incredible restaurants, and lots of senior-friendly amenities and activities to do.
However, when looking for a home in Houston, it’s wise to do some homework on neighborhoods that have a historically low risk of flooding. The latest risk to the area is Tropical Storm Beryl, the first-ever storm to reach Category 4 in June that has weakened to a tropical storm after passing over Mexico’s Yucatan Peninsula. Flood risks like these mean that residents should be wary of houses they choose to live in, ensure thorough research on flood zones and invest in appropriate flood insurance. The key is to look for best places to live in Houston without flooding, such as the neighborhoods of Briargrove and Houston Heights. Despite its risk of floods, Houston remains a desirable place to live due to its diverse culture, strong job market, and vibrant arts scene. The city’s resilience and ongoing flood mitigation efforts further enhance its appeal for residents.
Pixabay/Public domain
Methodology
To compile the list of best places to retire in Houston, we began by rounding up a list of suburbs and destinations within the Houston metropolitan area. Next, we used various websites and forums to garner consensus on the best places to retire, awarding 1 point to a destination to a place each time it was recommended by a source. Scores were summed and places were ranked based on their total scores.
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1. The Woodlands
Insider Monkey Score: 19
IM Cost of Living Index: 112
Median Home Price: $618,000
Median Rent: $1,806
Based on our methodology, the best place to retire in Houston is The Woodlands. This award-winning luxury master planned community is a special-purpose district and census-designated place (CDP) in the U.S. state of Texas in the Houston–The Woodlands–Sugar Land metropolitan statistical area. Downtown Houston is just 28 miles away, but the Woodlands is a complete world of its own. Built in and around 28,000 tree-filled acres, this destination is the perfect place to experience nature, countless leisure activities, and outstanding medical care. There are more than 200 miles of biking and hiking trails, popular lakes and nature parks, and many shopping destinations as well. Art shows, concerts and music festivals keep residents busy all year-long, while there is a bustling nightlife for the young at heart as well. Overall, The Woodlands can be an ideal place for retirees.
Check our complete list of 12 Best Places to Retire in Houston.
At Insider Monkey, we delve into a variety of topics, ranging from the best places to retire to the best MBA programs; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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