What is the Real Cost of Living in Azalea District, TX?

What is the Real Cost of Living in Azalea District, TX?

Tucked neatly inside the city of Tyler, TX, is the luxurious historic neighborhood known as the Azalea District. This area boasts the largest concentration of historic homes in the city, many of them constructed in the early 20th century. The mansions that dot the tree-lined streets are set back within sweeping lawns that have had years of landscaping and manicuring. Many of the driveways are brick or cobblestone, as are some of the streets that wind through the Azalea District.

The neighborhood is designated as a national historic district

In 2003, the application for the Azalea District to become a national historic district was approved. In the two decades since being granted this designation, home prices here have seen substantial increases. Those who seek historic properties will typically pay a premium for them, even though they do command additional investments in keeping them maintained.

Historic property will add to the cost of living in the Azalea District. Further adding to these costs are the amenities that the city of Tyler invested in for the neighborhood’s residents. The neighborhood underwent beautification from the start, with mass plantings of several species of trees planned and completed. These included maples, pecans, and azaleas, from which the district earned its name.

Brick streets were laid, parks and green spaces were established, and severely restricted numbers of commercial and mixed-use properties were allowed. These gave the Azalea District the peacefulness and serenity that many folks crave, further increasing the demand for ownership here.

Home prices in the Azalea District are noticeably higher than other neighborhoods in Texas

Moving into this highly coveted neighborhood means paying more than the state average. In fact, the Azalea District has a median home price that is higher than nearly 58% of the rest of Texas. At a median home price of just over $308,000, you’ll find that these homes might be higher than you’d expect but still far under what you’d pay in the suburbs.

Renting a home here also has seen a jump in the price. Current data shows that the average rental in this neighborhood commands nearly $1,700 a month. And though these numbers are increasing, they don’t paint the full picture of the cost of living in the Azalea District.

The overall cost of living in the Azalea District is less than the national average

While the cost of a home in the Azalea District is higher than most of the neighborhoods in the state of Texas, the overall cost of living in this district is lower than in the rest of the nation. In Tyler, TX, as a whole, the median home price is 228,000, making it score 64.6 out of 100 on the livability score. The Azalea District homes command a median price of 308,000, which is still under the national median home price of 338,000. As the median home price is the most substantial factor in what drives an area’s cost of living, it’s easy to see that living in this neighborhood will have your dollar go much farther than it will in much of the rest of the United States.

The amount you’ll pay in taxes in the Azalea District is on par with the national average in the United States. This includes the cost of property taxes and sales taxes.

If you make the Azalea District home, you’ll also pay less for transportation, utilities, and groceries than the national average. Additionally, it costs less to live here than the Texas state average.

The median household income in the Azalea District remains under the national average

Data from the United States Census Bureau released after the last census shows that the median income in this area is far under the national numbers. The bureau reported that the median income here was only $58,385, while that number sits at $70,784 across the U.S. These numbers are in line with the overall cost of living in the Azalea District.

Ready to move to The Azalea District?

Moving into a historic neighborhood isn’t a decision to take lightly. Whether you are buying the property to use as your primary residence or purchasing it as an investment, you will be better served if you let the expertise of a professional real estate agent guide you. Registered historic districts will have restrictions on what can and cannot be done with the dwellings’ exteriors, will be governed by locally appointed oversight boards, and can make renovations and improvements take more time and investment.

Homes in these neighborhoods are not for everyone. But for those who are interested, a Realtor who specializes in historic homes and neighborhoods will be invaluable to you. The agents with The Crutcher & Hartley Team have the necessary contacts to refer you to virtually every professional you’ll need during the home-buying process. And if you are considering renovations, their network of trusted contractors will be of great use to you when the time comes to make improvements on your investment in the Azalea District.

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