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.
Housing Market Overview
| Metric | West Memphis | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $165,553 | $123,805 | $242,182 |
| Price Trend (Annual %) | 15.5% | 5.2% | 8.2% |
| Median Gross Rent | $856 | $913 | $1,342 |
| Rent Trend (Annual %) | 3.2% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in West Memphis is about 34% higher than in Arkansas. Rent is about 6% 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 West Memphis, up about 15.5% and 3.2% a year respectively. Home prices are changing faster.
Median rent in West Memphis rose about 24.6% between 2015 and 2023, from $687 to $856. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in West Memphis.
Buying the median-priced home in West Memphis costs roughly 16.1 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in West Memphis. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | West Memphis | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $165,553 | $123,805 | $242,182 |
| Median Household Income | $46,975 | $58,772 | $78,145 |
| Price-to-Income Ratio | 3.5 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in West Memphis rose about 9.8%, while median household income rose about 65.4% 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 | West Memphis | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.0% | 56.9% | 58.2% |
| Rental Rate | 42.7% | 29.1% | 31.3% |
| Vacancy Rate | 15.3% | 14.0% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
West Memphis has a homeownership rate of 42.0%, lower than the Arkansas average of 56.9%. Its housing vacancy rate is 15.3%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | West Memphis | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1976 | 1986 | 1978 |
| Median Number of Rooms | 5.1 | 5.5 | 5.5 |
The typical housing unit in West Memphis was built around 1976. On average, 2.5 people live in a home with about 5.1 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in West Memphis, Arkansas.
What is the median home price in West Memphis, Arkansas?
The median home price in West Memphis, Arkansas is $165,553, higher than the Arkansas average of $123,805.
What is the average home price in West Memphis, 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 West Memphis, Arkansas?
The median gross rent in West Memphis, Arkansas is $856 per month, lower than the Arkansas average of $913.
What was the median gross rent in West Memphis in 2020?
In 2020, the median gross rent in West Memphis, Arkansas was $719 per month.
What is the price-to-rent ratio in West Memphis, Arkansas?
The price-to-rent ratio in West Memphis, Arkansas is about 16.1, meaning it would take roughly 16.1 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in West Memphis.
Are home prices or rent rising faster in West Memphis, Arkansas?
Both home prices and rent are rising in West Memphis, up about 15.5% and 3.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in West Memphis, Arkansas?
42.0% of households in West Memphis, Arkansas own their home, lower than the Arkansas average of 56.9%.
What is the vacancy rate in West Memphis, Arkansas?
The housing vacancy rate in West Memphis, Arkansas is 15.3%, higher than the Arkansas average of 14.0%.