The cost of living in any city is directly related to that city’s real estate market. The most expensive neighborhoods in any city are typically where you will find the most exclusive properties with the highest price tags attached.
These areas are home to some of the city’s most famous residents, as well as its most prominent landmarks and institutions.
When searching for the most expensive neighborhoods in Houston, one must look no further than a few of its prime downtown districts such as River Oaks, Montrose, and Memorial.
Unsurprisingly, these are also some of Houston’s best-known communities with considerable historical significance. A combination of factors has led to these upscale and prestigious areas becoming some of the costliest neighborhoods in all of Houston.
This article delves into greater detail about which specific areas meet this description and why they command such a high real estate value.
Most Expensive Neighborhoods in Houston
Secondary market residential real estate brokers have identified the most expensive neighborhoods in any given city based on several factors. Those factors include cost of living, real estate taxes, home value, and median income.
Expenses such as utilities, groceries, and housing all factor into the final analysis. When it comes to the most expensive neighborhoods in Houston, the city has a few areas that stand above the rest.
Each of the top five neighborhoods listed below is located within a 10-mile radius from downtown or inside Loop 610. If you’re looking for an upscale place to live with an exceptional standard of living and amenities, this list is for you.
These are the top 10 most expensive neighborhoods in Houston:
1. River Oaks
River Oaks is an affluent neighborhood located in Houston. The area is home to some of the city’s most prestigious schools, including River Oaks Academy and St. John’s School, as well as numerous private clubs and amenities.
It is home to some of the city’s most expensive real estate, and many of its residents are among the richest in the Houston area. The median household income in River Oaks is over $58,696, and the median home value is over $1.7 million.
River Oaks is also one of the most desirable places to live in Houston, thanks to its excellent schools, low crime rate, and close proximity to downtown.
2. Memorial
Memorial is one of the most expensive neighborhoods in Houston with an average home price of $1,260,000, and a median household income is $104,395.
The area is home to many of Houston’s wealthiest residents, and it is known for its luxurious homes and upscale lifestyle.
Memorial is also home to some of the city’s best schools, including Memorial High School and The Kinkaid School. The area’s close proximity to downtown Houston and the energy corridor make it a desirable place to live for many business professionals.
In addition to its high cost of living, Memorial is also known for its high crime rate. The area has one of the highest rates of violent crime in the city, and residents have been victims of burglaries, robberies, and carjackings.
3. Montrose
Montrose is one of the most desirable and expensive neighborhoods centrally located and close to many of the city’s best amenities, including restaurants, shopping, and nightlife.
The homes in Montrose are also some of the most sought-after in Houston, with many historic properties dating back to the early 20th century.
Prices for a home in Montrose can easily exceed $1 million, making it one of the most expensive areas in Houston.
However, the high cost of living is offset by the neighborhood’s strong sense of community and its commitment to preserving its historic character.
For those looking for an upscale neighborhood with a lot to offer, Montrose is an ideal option to go for in Houston.
4. Piney Point Village
Piney Point Village is a small, affluent neighborhood located in west Houston. Though it is only a few square miles in size, Piney Point Village is home to some of the most expensive real estate in the city.
The average home price in Piney Point Village is well over $1 million, and many homes sell for much more. piney point village residents enjoy access to excellent schools, upscale shopping and dining, and beautiful parks and green space.
It’s no wonder that Piney Point Village is one of the most desirable places to live in Houston. Given its location and amenities, it’s no surprise that Piney Point Village is one of the most expensive neighborhoods in Houston.
5. Boulevard Oaks
Located just west of downtown Houston, Boulevard Oaks is one of the city’s most desirable neighborhoods.
The tree-lined streets and stately homes give the area a sense of elegance and charm, while the proximity to the city’s business and cultural centers make it an ideal location for families and professionals alike.
Not surprisingly, Boulevard Oaks is one of the most expensive neighborhoods in Houston, with median home prices well above the city average.
While the high cost of living may be a deterrent for some, those who can afford to live in Boulevard Oaks enjoy all that the area has to offer. From its beautiful homes to its convenient location, it’s no wonder that this neighborhood is so coveted.
6. Afton Oaks
Afton Oaks is considered one of the most expensive neighborhoods in Houston. The average home price in Afton Oaks is $975,000, and the median household income is $159,792.
The neighborhood is located in southwest Houston and is known for its large homes and green spaces. Many of the houses in Afton Oaks were built in the 1950s and 1960s, and the area has a longstanding reputation as a haven for families and professionals.
In recent years, Afton Oaks has seen an influx of young families and high-income earners, attracted by its excellent schools and convenient location. As a result, the neighborhood has become even more expensive and exclusive.
The neighborhood is known for its tree-lined streets, manicured lawns, and well-kept homes. It is also convenient to downtown Houston and other major attractions.
7. Braeswood Place
Braeswood Place is an affluent neighborhood located in Houston with a median home price of over $600,000, making it one of the most expensive neighborhoods in the city.
The area is known for its spacious houses and private schools, as well as its proximity to downtown Houston. Though the cost of living in Braeswood Place is high, residents enjoy a higher quality of life than in many other parts of Houston.
In addition to being a safe and quiet neighborhood, Braeswood Place also offers residents easy access to all of the city’s major attractions.
8. University Place
University Place is one of the most expensive neighborhoods and home to many wealthy residents in Houston.
The average home price in University Place is over $954,500 million, and the median household income is over $250,000.
The high cost of living in University Place is due to the neighborhood’s proximity to downtown Houston and the Texas Medical Center. University Place is also home to Rice University, one of the nation’s top research universities.
This University makes University Place an attractive neighborhood for affluent families and professionals who can afford to live there.
While the high cost of living may be a barrier for some, those who can afford it will find that University Place offers an upscale lifestyle and access to some of Houston’s best schools, restaurants, and cultural attractions.
9. Hunters Creek
The average home price in Hunters Creek is over $1 million, and the median household income is over $250,001 making it one of the most expensive neighborhoods in Houston.
The neighborhood is situated just south of downtown Houston, and it is home to many of the city’s most affluent residents. The area is known for its high-end shops and restaurants, as well as its prestigious private schools.
Hunters Creek is also home to several large employers, including Energy Transfer Partners and JPMorgan Chase. In addition to its upscale amenities, Hunters Creek also offers easy access to major highways and airports.
10. Woodlake
Woodlake is one of the most sought-after neighborhoods in Houston and is known for its lush landscaping, spacious homes, and convenient location.
It’s not surprising that Woodlake is one of the most expensive neighborhoods in Houston. The average home price in the neighborhood is $4.2 million, and many of the homes are priced above $5 million.
Despite the high price tag, Woodlake remains a popular destination for families and professionals who are looking for a safe and secure community. The area is also close to many of Houston’s best schools, shopping centers, and parks.