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 | Miller County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $109,091 | $123,805 | $242,182 |
| Price Trend (Annual %) | 14.5% | 5.2% | 8.2% |
| Median Gross Rent | $882 | $913 | $1,342 |
| Rent Trend (Annual %) | 3.6% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Miller County is about 12% lower than in Arkansas. Rent is about 3% 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 Miller County, up about 14.5% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Miller County rose about 24.6% between 2015 and 2023, from $707 to $882. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Miller County.
Buying the median-priced home in Miller County costs roughly 10.3 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 Miller County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Miller County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $109,091 | $123,805 | $242,182 |
| Median Household Income | $49,978 | $58,772 | $78,145 |
| Price-to-Income Ratio | 2.2 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Miller County rose about 29.7%, while median household income rose about 28.0% 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 | Miller County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.8% | 56.9% | 58.2% |
| Rental Rate | 28.5% | 29.1% | 31.3% |
| Vacancy Rate | 17.7% | 14.0% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Miller County has a homeownership rate of 53.8%, lower than the Arkansas average of 56.9%. Its housing vacancy rate is 17.7%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Miller County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.53 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1983 | 1986 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 | 5.5 |
The typical housing unit in Miller County was built around 1983. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Miller County, Arkansas.
What is the median home price in Miller County, Arkansas?
The median home price in Miller County, Arkansas is $109,091, lower than the Arkansas average of $123,805.
What is the average home price in Miller 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 Miller County, Arkansas?
The median gross rent in Miller County, Arkansas is $882 per month, lower than the Arkansas average of $913.
What was the median gross rent in Miller County in 2020?
In 2020, the median gross rent in Miller County, Arkansas was $742 per month.
What is the price-to-rent ratio in Miller County, Arkansas?
The price-to-rent ratio in Miller County, Arkansas is about 10.3, meaning it would take roughly 10.3 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 Miller County.
Are home prices or rent rising faster in Miller County, Arkansas?
Both home prices and rent are rising in Miller County, up about 14.5% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Miller County, Arkansas?
53.8% of households in Miller County, Arkansas own their home, lower than the Arkansas average of 56.9%.
What is the vacancy rate in Miller County, Arkansas?
The housing vacancy rate in Miller County, Arkansas is 17.7%, higher than the Arkansas average of 14.0%.