40.42% of people in Corpus Christi are renters. Whether they rent their homes or rent an apartment, they stay renters for the affordability.
Corpus Christi, Texas attracts people from all over the state and nation for the low cost of living, but that's not all. The city offers pleasant weather, especially in the winter, and proximity to the coast.
The laid-back lifestyle of Corpus Christi makes it a great place to live and, therefore, invest. This guide on real estate news can help investors understand the current market better. Keep reading to learn more.
Cost of Living
Many people are attracted to Corpus Christi for the low cost of living. The cost of living in this city is lower than the national average by 10%. The cost of living is calculated by using these factors:
- Housing
- Groceries
- Transportation
- Utilities
- Lifestyle
- Healthcare
Housing expenses in Corpus Christi are some of the most affordable. People can buy homes or rent apartments for 18% less than the national average.
Current Housing Market
The cost of living has a big impact on real estate news and the current market. Homes are selling for almost $300,000, an increase from the year before.
Across the nation, homes are experiencing a price increase. Real estate trends in Corpus Christi are no different.
The real estate market is less competitive in this city compared to others in Texas. Still, homes are selling in about two months or less. Buyers often get multiple offers.
However, the market is currently transitioning to a buyer's market. This means the demand for homes is less than the homes available on the market. Buyers have the upper hand and can get a great price for their dream house.
Investors can also utilize the current market by buying a home to use as a rental property.
Current Rental Market
A real estate investor can make passive income in Corpus Christi. Renters are consistently demanding rentals because of the affordable rent prices.
Compared to the national average, rent in Corpus Christi is $620 less. The median rent price in the current rental market is $1,500. Renters can find rooms for rent for as little as $320 in some neighborhoods.
While there are more homeowners than renters in this city, the rental market is catching up. If mortgage rates climb again, the rental market could see another increase in demand in the coming years.
Consider selling your rental property if vacancies are hurting your bottom line.
Don't Miss Important Real Estate News
Staying up to date on real estate news will help you make better investment decisions. Make an amazing investment decision by hiring a rental property management company.
PMI Corpus Christi has offered the highest quality property management services for over 20 years. Our dedication to the local area makes our services the best option for Corpus Christi investors.
We know the area up and down, and always keep up with new market trends. Our property managers follow a proven process that helps you reach your financial goals.
We've got you covered on all ends. Contact us now to learn more.
