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 | Boone County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $77,136 | $123,805 | $242,182 |
| Price Trend (Annual %) | 4.4% | 5.2% | 8.2% |
| Median Gross Rent | $715 | $913 | $1,342 |
| Rent Trend (Annual %) | 2.4% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Boone County is about 38% lower than in Arkansas. Rent is about 22% lower 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 Boone County, up about 4.4% and 2.4% a year respectively. Home prices are changing faster.
Median rent in Boone County rose about 20.1% between 2015 and 2023, from $595 to $715. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in Boone County.
Buying the median-priced home in Boone County costs roughly 9.0 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Boone County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Boone County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $77,136 | $123,805 | $242,182 |
| Median Household Income | $54,229 | $58,772 | $78,145 |
| Price-to-Income Ratio | 1.4 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Boone County fell about 24.9%, while median household income rose about 46.2% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Boone County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.6% | 56.9% | 58.2% |
| Rental Rate | 26.0% | 29.1% | 31.3% |
| Vacancy Rate | 12.4% | 14.0% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Boone County has a homeownership rate of 61.6%, higher than the Arkansas average of 56.9%. Its housing vacancy rate is 12.4%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Boone County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1984 | 1986 | 1978 |
| Median Number of Rooms | 5.6 | 5.5 | 5.5 |
The typical housing unit in Boone County was built around 1984. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Boone County, Arkansas.
What is the median home price in Boone County, Arkansas?
The median home price in Boone County, Arkansas is $77,136, lower than the Arkansas average of $123,805.
What is the average home price in Boone 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 Boone County, Arkansas?
The median gross rent in Boone County, Arkansas is $715 per month, lower than the Arkansas average of $913.
What was the median gross rent in Boone County in 2020?
In 2020, the median gross rent in Boone County, Arkansas was $637 per month.
What is the price-to-rent ratio in Boone County, Arkansas?
The price-to-rent ratio in Boone County, Arkansas is about 9.0, meaning it would take roughly 9.0 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Boone County.
Are home prices or rent rising faster in Boone County, Arkansas?
Both home prices and rent are rising in Boone County, up about 4.4% and 2.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Boone County, Arkansas?
61.6% of households in Boone County, Arkansas own their home, higher than the Arkansas average of 56.9%.
What is the vacancy rate in Boone County, Arkansas?
The housing vacancy rate in Boone County, Arkansas is 12.4%, lower than the Arkansas average of 14.0%.