General manager Dana Brown, 48, introduced Espada during a press conference at Minute Maid Park.
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The move means Espada will take over as the 20th full-time manager in the ball club's history.
SEE ALSO: Who is Joe Espada? Astros give managerial job to longtime MLB coach with international experience
It's also his first managerial position.
"I think, without a question, Joe is a good fit for this job," Brown said on Monday.
"I like that ring," Espada said, referencing the team's previous championship hardware. "Let's get another one, man."
The promotion also makes Espada the second Latino manager, according to The Athletic's Chandler Rome. Preston Gómez was the first, managing the club in 1974 and 1975.
"This is a very exciting day for me and my family. I'm humbled by this. This is a dream come true, and I can't express my feelings about how happy I am to stay home and get to manage this team," Espada said.
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Multiple outlets began to report the news Sunday of Espada taking over as skipper.
USA Today's Bob Nightengale was first to report that Espada, a fixture in the Astros' dugout since 2018, would get the nod to succeed Dusty Baker, who retired after 26 seasons managing baseball, including four in Houston.
The Associated Press and ESPN's Jeff Passan also reported Espada's promotion, citing sources.
The hiring closes a nearly three-week search that reports linked to names like former Brewers manager Craig Counsell and former Braves third-base coach Ron Washington, who both were hired elsewhere in the last week.
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Espada has attracted interest for other managerial jobs dating back to after the 2019 season, but he has remained a reliable hand not just for Baker but also for former Houston manager AJ Hinch.
Espada began his coaching career in the Marlins organization, working in the minors until moving to the big-league club as the third base coach in 2010.
He remained with the Marlins through the 2013 season before taking a job as a special assistant to New York Yankees general manager Brian Cashman. He joined the Yankees coaching staff in 2015 and worked as their infield and third base coach through the 2017 season.
Espada, who was born in Puerto Rico, was drafted by the Oakland Athletics in the second round of the 1996 amateur draft and spent nine seasons in the minors. He advanced to Triple-A as a player, but retired at age 29 after failing to reach the majors before beginning his coaching career.
He also coached the Puerto Rican national team in two World Baseball Classic tournaments in 2013 and 2017.
The Associated Press contributed to this report.
SEE MORE: Meet Joe Espada, Houston bench coach who served under AJ Hinch, Dusty Baker