The Best Place to Retire in Houston

This article looks at the best place to retire in Houston. Check out our full list Best Places to Retire in Houston.

Houston Real Estate Market

Redfin Corporation (NASDAQ: RDFN) reports that the median home price in Houston is $360,000, up 3.7% from last year. According to the real estate company, the area’s housing market is somewhat competitive, with the average home selling for 2% below list price. Redfin Corporation (NASDAQ: RDFN) is a Seattle-based residential real estate brokerage and mortgage origination services company. The company operates in more than 100 markets across the United States and Canada. In the first quarter of 2024, the company generated revenue of $225.5 million, up 5% from the same period last year. This is a significant win for the company, considering that the business was driven in the wake of soaring interest rates and declining home sales. At the same time, Redfin management is also forecasting positive EBITDA of $2 million in the current second quarter (ending June 30), as well as positive results for the full year. Wall Street is currently predicting two interest rate cuts from the Fed by the end of 2024. Speculation about interest rate cuts could lead to an increase in homebuyer activity, which would benefit the company.

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Zillow notes that housing markets that have been “long-term hot,” like Houston, will cool off in 2024. Fittingly, Austin, Dallas, and San Antonio have been down since last year. In another study by Smart Asset, Houston made the list of the top 10 places for retirees to move to – 2024 Study. Whether or not Houston is in demand, one thing is for sure: Houston is a good place to retire for senior residents.

There are many benefits to retiring in Houston. For example, the city is located in the state of Texas, which is one of the most tax-friendly states for retirement. The state has no income tax, so all retirement income from the state is tax-free for retirees. Houston in particular is also known for its affordable cost of living. Houston’s cost of living index is 96, indicating that living expenses in the area are 4% lower than the national average. The warm climate is another reason why senior residents prefer to live in the area. It has a thriving arts and music scene, many incredible restaurants, and plenty of amenities and activities that are geared toward seniors.

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However, when looking for a home in Houston, it’s a good idea to do some research on neighborhoods that have a historically low risk of flooding. The latest risk to the area is Tropical Storm Beryl, the first storm to reach Category 4 in June, which weakened to a tropical storm after passing over Mexico’s Yucatan Peninsula. Such flood risks mean residents should be wary of the homes they choose to live in, be sure to thoroughly research flood zones, and invest in proper flood insurance. The key is to research the best places to live in Houston without flooding, such as the Briargrove and Houston Heights neighborhoods. Despite its flood risk, 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 to residents.

Pixabay/Public domain

Methodology

To compile the list of best places to retire in houstonWe started by compiling a list of suburbs and destinations in the Houston metro area. Then, we used various websites and forums to come to a consensus on the best places to retire, giving a destination 1 point for each time it was recommended by a source. The scores were added up and the places were ranked based on their total scores.

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1. The woods

Insider Monkey Rating: 19

Cost of Living Index IM: 112

Median home price: $618,000

Median rent: $1,806

Based on our methodology, the best place to retire in houston The Woodlands is an award-winning, purpose-built, luxury community located in the Houston-The Woodlands-Sugar Land Metropolitan Statistical Area of ​​Texas. Downtown Houston is just 28 miles away, but The Woodlands is a world of its own. Built on 28,000 tree-filled acres, this destination is the perfect place to experience nature, endless recreational activities, and exceptional medical care. It features over 200 miles of biking and hiking trails, popular lakes and nature parks, and numerous shopping destinations. Art exhibits, concerts, and music festivals keep residents busy year-round, while a vibrant nightlife scene will delight the young at heart as well. Overall, The Woodlands can be a great place for retirees.

Check out our full list of 12 Best Places to Retire in Houston.

At Insider Monkey, we cover a variety of topics, from the best places to retire to the best MBA programs; however, our expertise lies in identifying the best-performing stocks. Currently, artificial intelligence (AI) technology stands out as one of the most promising areas. If you’re looking for an AI stock that’s more promising than NVDA but is trading at less than 5x earnings, check out our AI report. the cheapest AI stock.

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