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 | Clay County | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $104,911 | $143,535 | $242,182 |
| Price Trend (Annual %) | 4.6% | 7.5% | 8.2% |
| Median Gross Rent | $797 | $948 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Clay County is about 27% lower than in Iowa. Rent is about 16% lower than the Iowa 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 Clay County, up about 4.6% and 3.4% a year respectively. Home prices are changing faster.
Median rent in Clay County rose about 34.5% between 2015 and 2023, from $593 to $797. Over the same span, rent in Iowa rose about 36.3%.
Affordability
On average, housing unit costs 1.6 yearly household incomes in Clay County.
Buying the median-priced home in Clay County costs roughly 11.0 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 Clay County. The price-to-rent ratio in Iowa is about 12.6.
| Metric | Clay County | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $104,911 | $143,535 | $242,182 |
| Median Household Income | $64,830 | $73,286 | $78,145 |
| Price-to-Income Ratio | 1.6 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Clay County rose about 32.2%, while median household income rose about 49.6% between 2010 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 | Clay County | Iowa Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.7% | 65.3% | 58.2% |
| Rental Rate | 24.3% | 26.0% | 31.3% |
| Vacancy Rate | 11.0% | 8.6% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Clay County has a homeownership rate of 64.7%, lower than the Iowa average of 65.3%. Its housing vacancy rate is 11.0%, compared with 8.6% in Iowa.
Housing Stock
| Metric | Clay County | Iowa Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.22 people | 2.37 people | 2.54 people |
| Median Structure Built Year | 1969 | 1970 | 1978 |
| Median Number of Rooms | 6.0 | 5.9 | 5.5 |
The typical housing unit in Clay County was built around 1969. On average, 2.2 people live in a home with about 6.0 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Clay County, Iowa.
What is the median home price in Clay County, Iowa?
The median home price in Clay County, Iowa is $104,911, lower than the Iowa average of $143,535.
What is the average home price in Clay County, Iowa?
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 Clay County, Iowa?
The median gross rent in Clay County, Iowa is $797 per month, lower than the Iowa average of $948.
What was the median gross rent in Clay County in 2020?
In 2020, the median gross rent in Clay County, Iowa was $692 per month.
What is the price-to-rent ratio in Clay County, Iowa?
The price-to-rent ratio in Clay County, Iowa is about 11.0, meaning it would take roughly 11.0 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 Clay County.
Are home prices or rent rising faster in Clay County, Iowa?
Both home prices and rent are rising in Clay County, up about 4.6% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Clay County, Iowa?
64.7% of households in Clay County, Iowa own their home, lower than the Iowa average of 65.3%.
What is the vacancy rate in Clay County, Iowa?
The housing vacancy rate in Clay County, Iowa is 11.0%, higher than the Iowa average of 8.6%.