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 | Pike County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $84,999 | $123,805 | $242,182 |
| Price Trend (Annual %) | 11.3% | 5.2% | 8.2% |
| Median Gross Rent | $671 | $913 | $1,342 |
| Rent Trend (Annual %) | 4.0% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Pike County is about 31% lower than in Arkansas. Rent is about 27% 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 Pike County, up about 11.3% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Pike County rose about 37.5% between 2015 and 2023, from $488 to $671. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Pike County.
Buying the median-priced home in Pike County costs roughly 10.6 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 Pike County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Pike County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $84,999 | $123,805 | $242,182 |
| Median Household Income | $51,161 | $58,772 | $78,145 |
| Price-to-Income Ratio | 1.7 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Pike County rose about 19.6%, while median household income rose about 54.3% 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 | Pike County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.8% | 56.9% | 58.2% |
| Rental Rate | 18.7% | 29.1% | 31.3% |
| Vacancy Rate | 22.5% | 14.0% | 10.6% |
| Median Tenure (years) | 18.0 | 14.0 | 15.0 |
| Median Year Moved In | 2008 | 2012 | 2011 |
Pike County has a homeownership rate of 58.8%, higher than the Arkansas average of 56.9%. Its housing vacancy rate is 22.5%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Pike County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 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 Pike County was built around 1983. On average, 2.4 people live in a home with about 5.5 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Pike County, Arkansas.
What is the median home price in Pike County, Arkansas?
The median home price in Pike County, Arkansas is $84,999, lower than the Arkansas average of $123,805.
What is the average home price in Pike 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 Pike County, Arkansas?
The median gross rent in Pike County, Arkansas is $671 per month, lower than the Arkansas average of $913.
What was the median gross rent in Pike County in 2020?
In 2020, the median gross rent in Pike County, Arkansas was $621 per month.
What is the price-to-rent ratio in Pike County, Arkansas?
The price-to-rent ratio in Pike County, Arkansas is about 10.6, meaning it would take roughly 10.6 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 Pike County.
Are home prices or rent rising faster in Pike County, Arkansas?
Both home prices and rent are rising in Pike County, up about 11.3% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Pike County, Arkansas?
58.8% of households in Pike County, Arkansas own their home, higher than the Arkansas average of 56.9%.
What is the vacancy rate in Pike County, Arkansas?
The housing vacancy rate in Pike County, Arkansas is 22.5%, higher than the Arkansas average of 14.0%.