Real Estate Investing in Houston, Texas (77023)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 77023 (Houston, TX)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 13.5% of homes vacant — above national norms.
- Declining values: -0.2% 5-year CAGR — values have moved lower.
- 1-year downturn: Values declined 3.3% in the last year.
What’s happening in Houston, TX (77023)?
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Market Analysis: 77023 Houston
Meanwhile, ZIP 77023 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $250K median. It rewards specialists, not generalists.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 77023 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
Statewide comparisons place 77023 among TX's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Employment concentration in 77023 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
Distressed ZIPs reward experience. sturdy returns are possible in 77023, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Houston:
Property Strategy for 77023
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $217,948 | $1,230 | 4.1% | +1.6% | $108,974 |
| 3BR | $272,814 | $1,650 | 4.4% | +1.8% | $90,938 |
| 4BR | $328,161 | $2,060 | 4.5% | +2.4% | $82,040 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 77023 Compare?
| Metric | 77023 | Houston | Houston-The Woodlands-Sugar Land, TX | Texas |
|---|---|---|---|---|
| Home Value | $249,636 | $318,356 | N/A | $297,000 |
| 5-Year CAGR | N/A | 2.6% | N/A | 5.4% |
| Avg Rent | $1,397 | $1,555 | N/A | - |
| Cap Rate | 4.4% | 4.6% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 77023 (Houston, TX). Anonymous, moderated, never written by AI.
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Property managers serving Harris County
Manage rentals here? List your business →SBB Community Management provides Texas HOA management services, including financial management, property maintenance, and technology solutions, serving Dallas, Fort Worth, and Houston since 1974. summary from their website
KPM Property Management offers end-to-end solutions including pre-acquisition due diligence, on-site property management, and development of townhomes in the Houston area. summary from their website
SBB Community Management provides Texas HOA management services for homeowners associations, condominium associations, and master-planned communities across Dallas, Fort Worth, and Houston. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $249,636 |
| Monthly Rent | $1,397 |
| Price-to-Rent | 14.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.7% |
| Cap Rate | 4.4% |
| 5-Year IRR | 4.2% |
📈 Home Appreciation
| 1-Year | -3.3% ▼ |
| 3-Year CAGR | -2.3% ▼ |
| 5-Year CAGR | -0.2% ▼ |
| 10-Year CAGR | +4.1% ▲ |
🏠 Rent Trends
| 1-Year | +1.5% ▲ |
| 3-Year CAGR | +2.4% ▲ |
| 5-Year CAGR | +4.3% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.4%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 77023
Population: 24,962
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 77023
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 33,841 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How strong is Houston, TX for real estate investors?
Houston, TX clocks in at an investability rating of 3.0/5, with median home values near $250K and average rents around $1,397/mo. That combination puts it in the resilient tier for investor interest.
Where do rents currently stand in Houston, TX?
Rents in Houston, TX run near $1,397/mo. Compared with median home prices of $250K that produces solid gross yields for typical rentals.
Is housing expensive in Houston, TX?
Homes in Houston, TX typically sell near $250K. Prices have moved at a 0.0% 5-year CAGR, which consistent long-term demand.
What approach is best for Houston, TX real estate?
In Houston, TX the robust play is typically careful cash-flow rentals with hands-on management. The combination of $250K prices and $1,397/mo rents suits that approach.
Can I house hack in Houston, TX?
The a challenging house-hack environment in Houston, TX reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
You know 77023 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 77023 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 77023 ranks in Houston-The Woodlands-Sugar Land, TX
Every ZIP in this metro, ranked. Free.
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