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Housing


El Paso Housing

From brick to wood, contemporary to Victorian, whether it's in a new development or old neighborhood, housing is available for every taste and budget.

Fortune Magazine ranks El Paso’s housing market the second strongest in the nation(2006). The median housing price is estimated at $124,410.

Six distinct areas have their own characteristics and attractions to consider when choosing where you want to live. No matter where you live or where you are in El Paso, you are never lost as long as the Franklin Mountains, the end of the Rockies, are in sight.

  • Central El Paso is the historic section of the city with beautiful old mansions, dating back more than one hundred years.
  • The Eastside, this hilly scenic part of town has a host of parks, schools, and various housing developments. In the past few years, a tremendeous development has taken place in this part of the city.
  • For a rural feel, complete with pecan, chile and onion fars, the Lower Valley is the place to buy.
  • Located on the eastern foothills of the mountains, is the Northeast- one of the fastest growing areas of town.
  • Nestled along the Rio Grande is the quiet, tree-shaded community of the Upper Valley.
  • Among the quieter neighborhoods with a close, dramatic view of the Franklin Mountains you'll find the Westside.

Price Distribution of MLS Homes Sold, El Paso, TX (in percent)

2005 Housing Affordability Index


*The HAI is the ration of the median family income to the income required to buy the median-priced house using standard mortgage financing at the current interest rate. Standard financing is a fixed-rate, 30-634 loan covering 80 percent of the cost of the home. A HAI of 1.00 indicates that the median family income is exactly equal to the required income to qualify for the standard loan to purchase the median-priced house.
** First-time home buyer is assumed to purchase a home equal to the first quartile home price using a 90% home loan at an interest rate 0.5 percent greater than the standard current rate.

Source: Real Estate Center at Texas A&M University

Apartments

  • The average cost for a two-bedroom, two bath apartments is about $550 per month.
  • El Paso offers more than 300 apartment complexes providing furnished and unfurnished accommodations.

Regardless the area you choose to call home, there's easy access to and from one of the two freeways that divide the city. Interstate 10, which enters and exits El Paso from East to West, rounds the mountain on the South. The Patriot Freeway intersects I-10 on the South and heads directly North and into New Mexico. Even at rush hour, the trip from one side of town to the other side may take you all of "30 minutes." Short commutes to and from work or play, make for an easy lifestyle for residents and draw people in search of an agreeable life. "El Paso offers a life with time to enjoy family and friends, home, recreation, or civic involvement."


El Paso Apartment Statistics

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