City limitsPlace boundary

Curated city comparison

HoustonSan Antonio

Texas population centers whose renter pressure, housing stock and recent local demand evidence point to different leasing checks.

Houston, TX city briefSan Antonio, TX city brief

Decision memo

The trade-off before property underwriting

The interpretation uses direct city records only. County and metro averages are not substituted into this comparison.

Houston, TX better fits cash-flow screening: its 7.10% gross yield exceeds San Antonio, TX at 6.61%, supported by higher Zillow rent despite a higher Zillow value. That spread is only a first-pass signal because gross yield excludes every major operating and capital cost. Underwrite achievable unit rent, taxes, insurance, repairs, management and vacancy before advancing a Houston property.

San Antonio better fits entry affordability, with a $250,887.77 Zillow value and 3.86 price-to-income measure versus Houston’s $265,009.98 and 4.09. Renter pressure is mixed: Houston has the larger renter share, while San Antonio has the lower vacancy rate. Houston’s housing stock is more aligned with large-multifamily sourcing; San Antonio is more single-family-oriented. The next check is neighborhood-level inventory, concessions, lease velocity and property condition.

Local demand remains unresolved rather than favoring Houston. Its ACS population change was 0.77%, versus -1.87% for San Antonio, but these compare overlapping ACS vintages, are not annualized and should not be treated as current leasing momentum. Houston also carries the higher 10.59% vacancy rate, compared with 9.52% in San Antonio. Require current property-level applications, renewals, delinquency, competing listings and days-to-lease evidence in both cities.

Direct city matrix

The same definition on both sides

“n/a” remains missing. Zillow indexes and ACS survey measures stay visibly separate.

Decision evidence	Houston, TX	San Antonio, TX
Typical home valueZillow ZHVI · city	$265,010	$250,888
Observed market rentZillow ZORI · city	$1,567	$1,382
Gross yieldZORI × 12 ÷ ZHVI · before costs	7.1%	6.6%
Price to household incomeZillow value ÷ ACS income	4.09x	3.86x
Annual rent to incomeZillow rent × 12 ÷ ACS income	29.0%	25.5%
Rent burdenACS renter households paying 30%+	54.1%	53.7%
Renter shareACS occupied housing	57.9%	47.8%
Vacancy rateACS all housing units	10.6%	9.5%
Population changebetween ACS vintages · not annualized	▲ 0.8%	▼ 1.9%
UnemploymentACS civilian labor force	6.9%	6.2%

Entry and income screen

Price, rent and yield do not tell the same story

Bars begin at zero within each measure. Gross yield remains a before-cost screen.

Zillow city ZHVI and ZORI · 2026-06 / 2026-06

Price and rent history

Two city paths, each rebased to 100

Each panel keeps price and rent in its own city; no level is borrowed across geographies.

Five-year path

Price and rent, rebased to 100

ZHVI +14.3%ZORI +13.8%

Each series starts at 100 so their direction can be compared without pretending that a home value and a monthly rent share the same unit.

Five-year path

Price and rent, rebased to 100

ZHVI +8.2%ZORI +7.7%

Each series starts at 100 so their direction can be compared without pretending that a home value and a monthly rent share the same unit.

Fit by objective

There is no universal city winner

Five city questions remain separate so a yield lead cannot erase affordability or demand risk.

Cash-flow screenHouston

Houston, TX better fits initial cash-flow screening with a 7.10% gross yield versus 6.61% in San Antonio, TX. Houston’s Zillow rent is $1,567.28 compared with $1,381.64, although its Zillow value is also higher. The advantage is not operating cash flow: verify property taxes, insurance, vacancy, concessions, management, repairs, utilities, financing and capital work for each candidate.

Entry affordabilitySan Antonio

San Antonio, TX better fits entry affordability. Its Zillow city value is $250,887.77 versus $265,009.98 in Houston, TX, and its price-to-income measure is 3.86 versus 4.09. Use those indexes for city-level screening, then check the actual purchase basis, closing costs, immediate repairs and insurance quote. ACS median home value is a survey measure, not a competing appraisal.

Renter pressureDepends on the property

Houston, TX shows broader renter orientation, with a 57.92% renter share versus 47.82% in San Antonio, TX. San Antonio counters with a lower 9.52% vacancy rate versus Houston’s 10.59%. Rent burden is close at 54.06% and 53.66%, respectively. Because these signals split, inspect current concessions, qualified applications, renewals and nearby available units rather than assuming the larger renter base ensures tighter leasing.

Housing stockDepends on the property

Fit depends on property strategy. Houston, TX has a 27.01% large-multifamily share versus 13.48% in San Antonio, TX, making Houston the better hunting ground for that format but potentially exposing candidates to more apartment competition. San Antonio has a 61.14% single-family share versus Houston’s 47.60%, favoring single-family sourcing. Check each submarket’s competing stock, construction, deferred maintenance and unit-level differentiation.

Local demand riskDepends on the property

Local demand cannot be ranked confidently. Houston, TX records 0.77% population change while San Antonio, TX records -1.87%, but these are changes between overlapping ACS vintages and are not annualized or reliable evidence of current leasing momentum. Houston also has the higher 10.59% vacancy rate versus 9.52%. Require recent applications, lease velocity, renewals, delinquency, concessions and competing listings for both cities before underwriting.

Household pressure

Acquisition and renter affordability

Zillow city indexes divided by direct ACS city household measures.

Housing system

Tenure, vacancy and structure

ACS citywide housing characteristics; not rentable inventory or lease-up speed.

Underwriting boundary

What this city comparison cannot decide

City evidence narrows a search; it does not appraise, inspect or finance a property.

01
The 7.10% Houston and 6.61% San Antonio gross yields exclude vacancy, management, repairs, taxes, insurance, utilities, financing and capital work. They are screening metrics, not projected returns.
02
Zillow city indexes describe market value and rent trends, while ACS median rent and home value describe surveyed housing. They should not be averaged or treated as interchangeable property appraisals.
03
Population change uses overlapping ACS vintages and is not annualized. It does not establish current tenant demand, particularly because Houston’s 10.59% vacancy rate exceeds San Antonio’s 9.52%.

Figure-level provenance

The direct sources behind both records

Release period and retrieval date remain separate. Open either city brief for its complete geography ledger.

Census ACS 5-year — city population, households and housingACS 2024 5-yearPulled 2026-07-29 Census ACS 5-year — cities and communitiesACS 2024 5-yearPulled 2026-07-30 Zillow ZHVI — city home valueszillow_zhvi_city.csvPulled 2026-07-29 Zillow ZORI — city market rentszillow_zori_city.csvPulled 2026-07-29

Houston, TXOpen the complete city brief2,328,253 residents in the current ACS record San Antonio, TXOpen the complete city brief1,479,835 residents in the current ACS record Property testStress-test the same assumptionsReplace city averages with an actual deal