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 | Hancock County | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $13,055 | $238,631 | $242,182 |
| Price Trend (Annual %) | -14.9% | 9.0% | 8.2% |
| Median Gross Rent | $670 | $1,306 | $1,342 |
| Rent Trend (Annual %) | 1.5% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hancock County is about 95% lower than in Georgia. Rent is about 49% lower than the Georgia 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 Hancock County: home prices fell about 14.9% a year while rent rose about 1.5% a year. That is an unusual pattern worth watching.
Median rent in Hancock County rose about 6.4% between 2015 and 2023, from $630 to $670. Over the same span, rent in Georgia rose about 48.7%.
Affordability
On average, housing unit costs 0.4 yearly household incomes in Hancock County.
Buying the median-priced home in Hancock County costs roughly 1.6 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 Hancock County. The price-to-rent ratio in Georgia is about 15.2.
| Metric | Hancock County | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $13,055 | $238,631 | $242,182 |
| Median Household Income | $31,363 | $74,683 | $78,145 |
| Price-to-Income Ratio | 0.4 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hancock County fell about 86.2%, while median household income rose about 16.9% 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 | Hancock County | Georgia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 44.7% | 58.4% | 58.2% |
| Rental Rate | 13.0% | 31.0% | 31.3% |
| Vacancy Rate | 42.3% | 10.6% | 10.6% |
| Median Tenure (years) | 20.0 | 14.0 | 15.0 |
| Median Year Moved In | 2006 | 2012 | 2011 |
Hancock County has a homeownership rate of 44.7%, lower than the Georgia average of 58.4%. Its housing vacancy rate is 42.3%, compared with 10.6% in Georgia.
Housing Stock
| Metric | Hancock County | Georgia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.64 people | 2.54 people |
| Median Structure Built Year | 1988 | 1989 | 1978 |
| Median Number of Rooms | 5.3 | 5.9 | 5.5 |
The typical housing unit in Hancock County was built around 1988. On average, 2.5 people live in a home with about 5.3 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hancock County, Georgia.
What is the median home price in Hancock County, Georgia?
The median home price in Hancock County, Georgia is $13,055, lower than the Georgia average of $238,631.
What is the average home price in Hancock County, Georgia?
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 Hancock County, Georgia?
The median gross rent in Hancock County, Georgia is $670 per month, lower than the Georgia average of $1,306.
What was the median gross rent in Hancock County in 2020?
In 2020, the median gross rent in Hancock County, Georgia was $689 per month.
What is the price-to-rent ratio in Hancock County, Georgia?
The price-to-rent ratio in Hancock County, Georgia is about 1.6, meaning it would take roughly 1.6 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 Hancock County.
Are home prices or rent rising faster in Hancock County, Georgia?
Home prices and rent are moving in opposite directions in Hancock County: home prices fell about 14.9% a year while rent rose about 1.5% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Hancock County, Georgia?
44.7% of households in Hancock County, Georgia own their home, lower than the Georgia average of 58.4%.
What is the vacancy rate in Hancock County, Georgia?
The housing vacancy rate in Hancock County, Georgia is 42.3%, higher than the Georgia average of 10.6%.