Katy, Texas is a fast growing city located in the Houston metro area and is located at the meeting of Waller, Fort Bend and Harris Counties. A city that has seen significant growth within recent years, rent to own homes in Katy TX have become a hot commodity. The city has a thriving economy and offers job opportunities in the city and in the nearby Houston metro area as well. Many people are attracted to the area by the local economy, jobs, the nice climate and other available amenities. Here is a helpful profile of Katy to consider before deciding to choose lease purchase homes in the area.
The economy in the city of Katy is performing much better than other cities across the country. The average household income is over $70,000, which is significantly higher than the national average household income. Not only are people enjoying higher incomes, but also the cost of living is 5.9% lower than the national average, which is a benefit to those who choose rent to own homes in Katy TX. Various corporations are headquartered in the area, including BP America, Igloo Corporation and Academy Sports and Outdoors. Due to the residential growth in the area, retail centers are increasing in the area, growing the amount of retail in the area. Gadberry Group has actually named Katy as the number one growth area in the United States.
Rent to own homes in Katy TX are attractive to people looking for jobs, since the unemployment rate is only 7.5%, which is lower than the national unemployment rate. While many cities are seeing negative job growth, recent job growth has been at 1.93% and predictions for future job growth are extremely high.
Jobs in the area pay more than jobs around the country, which a high percentage of households bringing in over $100,000 a year. Although it’s not difficult to find good job opportunities in Katy, it’s important to note that the average commute time is 36 minutes, which is higher than the national average. However, many people are willing to deal with the higher commute time to enjoy the growing economy of Katy.
Real Estate in Katy
Real estate in Katy is higher priced than many other areas of Texas, with the median home cost coming in at $146,000. Although home appreciation has been at –0.64%, this is significantly better than many real estate markets around the country. Home values have held fairly steady at a time when many cities have seen values plummet significantly. Since the population is significantly increasing, the real estate market is still moving when other areas have seen the market come to a standstill. Those interested in rent to own homes in Katy TX will find an excellent real estate market.
For many families that consider rent to own homes in Katy TX, the local schools are an important consideration. The area is attractive to families because of the quality public school system in place. The student to teacher ratio is very low, which is important to many parents. The school district is one of the fastest growing ones within the state and the district was present the Gold Medal Award from Expansion Management in the past. It has also been one of only a few school districts to earn the Texas Education Agency’s “Recognized” rating. Several private schools are also available in the area for parents who prefer a private school for their children.
For those who are interested in higher learning, colleges and universities do serve the local area, including the University of Houston System at Cinco Ranch and the Houston Community College System, which has a Katy Campus.