Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Benton County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $297,358 | $123,805 | $242,182 |
| Price Trend (Annual %) | 10.9% | 5.2% | 8.2% |
| Median Gross Rent | $1,192 | $913 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Benton County is about 140% higher than in Arkansas. Rent is about 30% higher than the Arkansas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Benton County, up about 10.9% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Benton County rose about 49.9% between 2015 and 2023, from $795 to $1,192. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Benton County.
Buying the median-priced home in Benton County costs roughly 20.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Benton County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Benton County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $297,358 | $123,805 | $242,182 |
| Median Household Income | $89,828 | $58,772 | $78,145 |
| Price-to-Income Ratio | 3.3 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Benton County rose about 97.4%, while median household income rose about 78.2% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Benton County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.1% | 56.9% | 58.2% |
| Rental Rate | 29.8% | 29.1% | 31.3% |
| Vacancy Rate | 9.1% | 14.0% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Benton County has a homeownership rate of 61.1%, higher than the Arkansas average of 56.9%. Its housing vacancy rate is 9.1%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Benton County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.71 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1996 | 1986 | 1978 |
| Median Number of Rooms | 5.8 | 5.5 | 5.5 |
The typical housing unit in Benton County was built around 1996. On average, 2.7 people live in a home with about 5.8 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Benton County, Arkansas.
What is the median home price in Benton County, Arkansas?
The median home price in Benton County, Arkansas is $297,358, higher than the Arkansas average of $123,805.
What is the average home price in Benton County, Arkansas?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Benton County, Arkansas?
The median gross rent in Benton County, Arkansas is $1,192 per month, higher than the Arkansas average of $913.
What was the median gross rent in Benton County in 2020?
In 2020, the median gross rent in Benton County, Arkansas was $945 per month.
What is the price-to-rent ratio in Benton County, Arkansas?
The price-to-rent ratio in Benton County, Arkansas is about 20.8, meaning it would take roughly 20.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Benton County.
Are home prices or rent rising faster in Benton County, Arkansas?
Both home prices and rent are rising in Benton County, up about 10.9% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Benton County, Arkansas?
61.1% of households in Benton County, Arkansas own their home, higher than the Arkansas average of 56.9%.
What is the vacancy rate in Benton County, Arkansas?
The housing vacancy rate in Benton County, Arkansas is 9.1%, lower than the Arkansas average of 14.0%.