The Priciest Zip Codes in Texas
- Aug 30, 2017
By Nadia Balint
Texas rents are slowing down, especially in once-booming major markets Dallas-Fort Worth, Houston and Austin. However, prices are still above the national average in many parts of the Lone Star state, as a new report from RENTCafé confirms. The apartment search portal ranked the top 50 most expensive zip codes in Texas in 2017 and Central Austin’s 78701 takes the number 1 spot.
Of the top 50 most expensive zips, 15 are located in Houston, 10 in Austin and 10 in Dallas. The top two priciest in the state, 78701 and 78703 in Austin have actually seen rents decrease since 2016, by 3 percent and 5 percent, respectively, a consequence of the massive supply of new apartments in the city. Nonetheless, with average prices of $2,475 and $2,393 respectively, these centrally located neighborhoods are much above the average cost of rent in Austin, which is $1,215/month.
The third most expensive are apartments in Dallas’ 75225, with an average rent of $2,188/month. The apartment stock in the area has increased by 6 percent year-over-year and the price of rent went up by the same rate over the same period of time.
Texas continues to be popular with renters, as it is more affordable overall than other major cities on the West and the East Coast. California and the Northeast continue to be the priciest U.S. markets for renters, where the most expensive zip codes command prices well above $3,000 per month. Texas, on the other hand, is in the same league with Georgia, Washington, Oregon, Minnesota, Michigan, Missouri, Virginia, Maryland, Pennsylvania and Rhode Island as far as apartment rents go.