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 | Howard County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $103,884 | $123,805 | $242,182 |
| Price Trend (Annual %) | 149.3% | 5.2% | 8.2% |
| Median Gross Rent | $702 | $913 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Howard County is about 16% lower than in Arkansas. Rent is about 23% 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 Howard County, up about 149.3% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Howard County rose about 25.5% between 2015 and 2023, from $560 to $702. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Howard County.
Buying the median-priced home in Howard County costs roughly 12.3 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 Howard County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Howard County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $103,884 | $123,805 | $242,182 |
| Median Household Income | $44,709 | $58,772 | $78,145 |
| Price-to-Income Ratio | 2.3 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Howard County rose about 95.5%, while median household income rose about 36.7% 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 | Howard County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.7% | 56.9% | 58.2% |
| Rental Rate | 24.2% | 29.1% | 31.3% |
| Vacancy Rate | 16.1% | 14.0% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Howard County has a homeownership rate of 59.7%, higher than the Arkansas average of 56.9%. Its housing vacancy rate is 16.1%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Howard County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1982 | 1986 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 | 5.5 |
The typical housing unit in Howard County was built around 1982. On average, 2.4 people live in a home with about 5.5 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Howard County, Arkansas.
What is the median home price in Howard County, Arkansas?
The median home price in Howard County, Arkansas is $103,884, lower than the Arkansas average of $123,805.
What is the average home price in Howard 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 Howard County, Arkansas?
The median gross rent in Howard County, Arkansas is $702 per month, lower than the Arkansas average of $913.
What was the median gross rent in Howard County in 2020?
In 2020, the median gross rent in Howard County, Arkansas was $648 per month.
What is the price-to-rent ratio in Howard County, Arkansas?
The price-to-rent ratio in Howard County, Arkansas is about 12.3, meaning it would take roughly 12.3 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 Howard County.
Are home prices or rent rising faster in Howard County, Arkansas?
Both home prices and rent are rising in Howard County, up about 149.3% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Howard County, Arkansas?
59.7% of households in Howard County, Arkansas own their home, higher than the Arkansas average of 56.9%.
What is the vacancy rate in Howard County, Arkansas?
The housing vacancy rate in Howard County, Arkansas is 16.1%, higher than the Arkansas average of 14.0%.