Speaking at the Re/Code Code Conference in California, Houston said: "We always think about making (Dropbox) more affordable, but we're not cutting prices."
His reasoning was that Dropbox offers services in cloud storage that competitors, like Google and Box, just can't match.
Speaking to Re/Code's Liz Gannes and Walt Mossberg at the conference, Houston said: "Our users go try these things and often they come back."
Dropbox charges $9.99 for 100GB of storage, higher than both Google and Microsoft. In March, Google cut its prices in efforts to lure cloud storage consumers away from competitors.
Google's Cloud Storage is now $1.99 a month for 100GB, which is 68% less for the majority of consumers, while its Compute Engine services will now be priced 32% less across all sizes, regions and classes.
Google SVP Urs Holzle said that the company has focused a lot on productivity and wants to make it easier to build and test in the cloud.
"And on top of all of that, we're making it more affordable than it's ever been before, reintroducing Moore's Law to the cloud: the cost of virtualised hardware should fall in line with the cost of the underlying real hardware," Holzle added.