Memorial, Houston, is nestled just west of the city’s thriving downtown center and is widely known for its abundance of architectural styles, welcoming community atmosphere, and high-end shopping districts. This upscale neighborhood is home to an enormous range of amenities, from well-maintained, verdant parks and renowned cultural sites to bustling offices catering to industry professionals of all stripes.
Memorial’s unique blend of convenience, unrefined luxury, and charm make it an attractive place to live for many Houston residents. If you are considering a move, you will want to gain a better understanding of the cost of living in Memorial, Houston, to make well-educated decisions.
Average housing prices in Memorial
Memorial, Houston, features a distinct mix of urban amenities and suburban serenity, creating a high quality of life. Memorial boasts an array of housing options for new, returning, and longtime residents, from single-family homes to ultramodern condos and apartments. Buyers on the market will find numerous tree-lined cul-de-sacs complete with quiet, peaceful atmospheres ideal for couples, families, and retirees seeking a respite from the hustle and bustle of city life without sacrificing immediate access to everyday essentials.
In May of this year, Houston claimed the number one spot for most active real estate markets in the country, and this increase in buyer and seller activity has affected Memorial — and thus its housing prices. Many high-end homes for sale in Memorial range in the multi-millions, boasting picture-perfect yards and a variety of architectural styles.
In June 2023, the median sales price of Memorial homes on the market centered around $973,000. While this number is still higher than the national average, sale prices have dipped in recent months, providing relief for those considering a move here. In May 2023, homes sold in Memorial sat at an average price of $1,112,000.
Housing prices undoubtedly play a factor in the cost of living in Memorial, Houston. Market fluctuations, interest rates, housing supply, buyer demand, and economic conditions all significantly impact Memorial’s housing prices. To get an in-depth look at the local market, consult a real estate professional.
The cost of utilities
The cost of housing may be one of the most important factors to consider when judging if a city is affordable for you and your family, but it’s not the only one. When determining whether living in Memorial is financially feasible, consider the day-to-day cost of living, such as the bills and charges associated with utilities you will be responsible for paying regularly. Utilities include electricity, water, sewage, heating and air, garbage disposal, and more. In April of this year, Houston residents saw an increase of about 15% in their water bills.
The cost of utilities will vary greatly depending on various factors, such as the size of your home, your lifestyle preferences, and your lack of or increase in sustainability efforts. To reduce the cost of utilities, consider replacing lights and appliances in the home with energy-efficient products to limit consumption. Smart home technology, such as custom-tailored thermostats and lighting, can reduce your utility costs.
Goods and services costs
There’s perhaps no quicker way to determine whether or not a particular city fits your budget (and, therefore, your lifestyle) than the cost of food. Before moving to Memorial, research local grocery stores and compare prices. Grocery and dining out costs can vary depending on lifestyle preferences. While there are plenty of extravagant restaurants in the city, Memorial locals also have an array of budget-friendly eateries, cafes, and bars at their fingertips. Southern cuisine cooked to perfection can be found at nearby Treebeards, whose menu includes lower-cost options such as fried chicken entrees paired with two sides for $10.
Goods and services are a part of daily life. Gym memberships, vet visits, haircuts, cleaning services, and other common essentials must be taken into account when considering the cost of living in Memorial, Houston.
Commute times can be notoriously long in many parts of Houston, which comes as no surprise since the city is ranked the fourth largest in the entire country. Longer commute times for Memorial residents are commonplace here, with 32% of locals averaging a commute time of 30 to 59 minutes. Because of this, gas prices should be a major factor when considering the cost of living. Located along Memorial Drive, Memorial residents are within close proximity to the city’s main thoroughfares, including I-10 and Beltway 8.
The city also offers a plethora of public transportation options for locals, including the Houston MetroRail and an extensive bus system. Residents can reload their Metro Q card regularly to access train and bus services. Metro fares begin at $1.25.
One of the most important factors to consider when looking at the cost of living in any city is its local economic health. A good way to look into this is by researching the median incomes of individuals in the area. The average salary for residents living in Memorial is around $77,000, with a median household size of two reaching $154,000. This is significantly higher than the national average for individuals, which sits just above $59,000.
Ready to find your next home in Memorial?
Before you begin your home search, you will want to work alongside a trusted and highly qualified local real estate agent who knows the ins and outs of the market. The team at C&K Properties is here to help. With years of experience under their belts and a deep-rooted dedication to client satisfaction, C&K Properties’ real estate professionals are equipped with the necessary skills and expertise to help guide you through Memorial’s real estate market and find the home of your dreams.
If you want to buy or sell a home, would like more information about the local real estate market, have more questions about the cost of living in Memorial, Houston, or wish to consult with an industry specialist, contact C&K Properties today.