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 | Mills County | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $172,499 | $143,535 | $242,182 |
| Price Trend (Annual %) | 21.1% | 7.5% | 8.2% |
| Median Gross Rent | $887 | $948 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mills County is about 20% higher than in Iowa. Rent is about 6% 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 Mills County, up about 21.1% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Mills County rose about 26.6% between 2015 and 2023, from $701 to $887. Over the same span, rent in Iowa rose about 36.3%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Mills County.
Buying the median-priced home in Mills County costs roughly 16.2 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 Mills County. The price-to-rent ratio in Iowa is about 12.6.
| Metric | Mills County | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $172,499 | $143,535 | $242,182 |
| Median Household Income | $87,568 | $73,286 | $78,145 |
| Price-to-Income Ratio | 2.0 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Mills County rose about 209.6%, while median household income rose about 53.6% 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 | Mills County | Iowa Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 73.6% | 65.3% | 58.2% |
| Rental Rate | 13.8% | 26.0% | 31.3% |
| Vacancy Rate | 12.6% | 8.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Mills County has a homeownership rate of 73.6%, higher than the Iowa average of 65.3%. Its housing vacancy rate is 12.6%, compared with 8.6% in Iowa.
Housing Stock
| Metric | Mills County | Iowa Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.64 people | 2.37 people | 2.54 people |
| Median Structure Built Year | 1974 | 1970 | 1978 |
| Median Number of Rooms | 6.6 | 5.9 | 5.5 |
The typical housing unit in Mills County was built around 1974. On average, 2.6 people live in a home with about 6.6 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mills County, Iowa.
What is the median home price in Mills County, Iowa?
The median home price in Mills County, Iowa is $172,499, higher than the Iowa average of $143,535.
What is the average home price in Mills 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 Mills County, Iowa?
The median gross rent in Mills County, Iowa is $887 per month, lower than the Iowa average of $948.
What was the median gross rent in Mills County in 2020?
In 2020, the median gross rent in Mills County, Iowa was $836 per month.
What is the price-to-rent ratio in Mills County, Iowa?
The price-to-rent ratio in Mills County, Iowa is about 16.2, meaning it would take roughly 16.2 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 Mills County.
Are home prices or rent rising faster in Mills County, Iowa?
Both home prices and rent are rising in Mills County, up about 21.1% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mills County, Iowa?
73.6% of households in Mills County, Iowa own their home, higher than the Iowa average of 65.3%.
What is the vacancy rate in Mills County, Iowa?
The housing vacancy rate in Mills County, Iowa is 12.6%, higher than the Iowa average of 8.6%.