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 | Hempstead County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $20,514 | $123,805 | $242,182 |
| Price Trend (Annual %) | -10.8% | 5.2% | 8.2% |
| Median Gross Rent | $780 | $913 | $1,342 |
| Rent Trend (Annual %) | 4.0% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hempstead County is about 83% lower than in Arkansas. Rent is about 15% lower than the Arkansas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Hempstead County: home prices fell about 10.8% a year while rent rose about 4.0% a year. That is an unusual pattern worth watching.
Median rent in Hempstead County rose about 36.8% between 2015 and 2023, from $570 to $780. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 0.4 yearly household incomes in Hempstead County.
Buying the median-priced home in Hempstead County costs roughly 2.2 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 Hempstead County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Hempstead County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $20,514 | $123,805 | $242,182 |
| Median Household Income | $47,713 | $58,772 | $78,145 |
| Price-to-Income Ratio | 0.4 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hempstead County fell about 74.7%, while median household income rose about 34.1% 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 | Hempstead County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.8% | 56.9% | 58.2% |
| Rental Rate | 23.5% | 29.1% | 31.3% |
| Vacancy Rate | 22.7% | 14.0% | 10.6% |
| Median Tenure (years) | 17.0 | 14.0 | 15.0 |
| Median Year Moved In | 2009 | 2012 | 2011 |
Hempstead County has a homeownership rate of 53.8%, lower than the Arkansas average of 56.9%. Its housing vacancy rate is 22.7%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Hempstead County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1980 | 1986 | 1978 |
| Median Number of Rooms | 5.4 | 5.5 | 5.5 |
The typical housing unit in Hempstead County was built around 1980. On average, 2.6 people live in a home with about 5.4 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hempstead County, Arkansas.
What is the median home price in Hempstead County, Arkansas?
The median home price in Hempstead County, Arkansas is $20,514, lower than the Arkansas average of $123,805.
What is the average home price in Hempstead 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 Hempstead County, Arkansas?
The median gross rent in Hempstead County, Arkansas is $780 per month, lower than the Arkansas average of $913.
What was the median gross rent in Hempstead County in 2020?
In 2020, the median gross rent in Hempstead County, Arkansas was $681 per month.
What is the price-to-rent ratio in Hempstead County, Arkansas?
The price-to-rent ratio in Hempstead County, Arkansas is about 2.2, meaning it would take roughly 2.2 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 Hempstead County.
Are home prices or rent rising faster in Hempstead County, Arkansas?
Home prices and rent are moving in opposite directions in Hempstead County: home prices fell about 10.8% a year while rent rose about 4.0% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Hempstead County, Arkansas?
53.8% of households in Hempstead County, Arkansas own their home, lower than the Arkansas average of 56.9%.
What is the vacancy rate in Hempstead County, Arkansas?
The housing vacancy rate in Hempstead County, Arkansas is 22.7%, higher than the Arkansas average of 14.0%.